Two carbon registries have been launched in Hong Kong with the aim of boosting carbon credits trading in the Asia region. The non-profit Asia Carbon Institute (ACI) will focus on facilitating voluntary carbon credits trading to incentivize carbon reduction and removal projects. The second registry, called Global Climate Registry, was launched by Carbonbase in partnership with ImpactX and HBAR Foundation, and aims to reduce processing times for Asian project developers when applying to established overseas registries. This launch is seen as significant for Hong Kong’s ambition to become a regional carbon-trading center. Currently, Asian project developers face long processing times when trying to have their credit claims accepted by established registries such as Verra and Gold Standard. ACI and Carbonbase aim to streamline this process and increase transparency in the carbon credit market. ACI will implement a rigorous “additionality” test to ensure that credit revenues only finance innovative technologies that go beyond mandated decarbonization efforts. ACI’s panel of international experts will conduct the test, and the registry aims to achieve the same level of standards as Verra and Gold Standard. Carbonbase plans to use blockchain technology to ensure the immutability and auditability of emissions data from projects. ACI’s registry will start accepting credit claims submissions next month, and Carbonbase aims to start granting credits by the end of the year. The impact on the carbon credit market is still uncertain, but industry experts have welcomed the launch, emphasizing the importance of robust methodologies and acceptance in compliance markets.
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