Carbonbase, a climate-tech and carbon reduction solutions provider, has partnered with the HBAR Foundation and ImpactX to launch the Global Climate Registry (GCR), which will be Asia’s first digital native Carbon Registry. With the Asia-Pacific region accounting for over 50% of global carbon dioxide emissions in 2022, there is a need for a localized carbon registry to facilitate efficient emissions reduction projects. GCR will provide a digital-native platform for project developers, auditors, and buyers to register, verify, and purchase high-integrity data-driven carbon credits. The registry is built on the Hedera Hashgraph network, offering a cost-effective, transparent, and accessible solution for carbon-reducing projects. This will provide recognition for small and medium-sized developers and enhanced information and data reporting for corporate buyers.
Carbonbase CEO and Founder Max Song stated that the aim of the partnership is to co-create a next-gen carbon market infrastructure that will accelerate the digitization of the measurement, reporting, and verification (dMRV) process in the carbon credit market. This will boost transparency, credit integrity, and significantly drive market growth, supporting global carbon reduction efforts. ImpactX, a social impact catalyst, will bring its technology prowess to address climate change and other challenges, while the HBAR Foundation, which supports Web3 communities built on the Hedera network, will help build a digital native registry that enables digital MRV and streamlines project enablement and carbon credit management.
GCR will adopt the standards and methodology research of the IEEE Committee on MRV Standards for Climate Action. This digital native registry introduces an innovative framework that streamlines accurate measurement, reporting, and verification of carbon credits. The aim is to reshape the carbon market and promote broader engagement from businesses, industries, and governments in the collective effort to combat climate change.
Katherine Foster, Executive Director of the Green Digital Finance Alliance, noted that GCR represents a pivotal milestone in the intersection of climate change, digital green finance, and blockchain technology. By enabling transparent carbon credit issuance and trading, the initiative will drive greater accountability and unlock funding for impactful climate initiatives that support local communities.
The launch of GCR signifies an important step towards addressing climate change in the Asia-Pacific region. Carbonbase, in partnership with the HBAR Foundation and ImpactX, aims to provide an accessible and transparent platform for carbon reduction projects, driving market growth and facilitating effective climate action.