Dubai, December 05 (QNA) - International carbon credit and sustainable development program Global Carbon Council (GCC) and Global Environmental Markets (GEM) have partnered together to acquire a cutting-edge, fully integrated carbon registry solution known as Global Carbon Registry (GCR).
This innovative registry scheduled to begin work in the first quarter of 2024,.marks a new era in reporting Article 6.2 credits known as Internationally Transferred Mitigation Outcomes (ITMOs), and to further develop voluntary carbon market solutions, offering a host of features designed to streamline transactions and provide an unparalleled user experience.
With the Global Carbon Registry , governments and countries can find their home for launching their own National Carbon Registries. This partnership offers a tailor-made package of service and technology solutions, based on Global Carbon Councils expertise and framework, to meet the diverse needs of countries in setting up their own registry.
The Global Carbon Registry will deliver more efficient transactions, by supporting the entire spectrum of carbon market transactions including credit issuance, transfers and retirements, enabling a seamless and efficient process for carbon market participants. The registry includes a novel and distinctive user interface, setting a new standard for user experience within the carbon market space.
Additionally, the registry establishes seamless connections with external exchanges, enhancing accessibility and facilitating a broader market reach, and is equipped with a benchmark public interface that aligns with CORSIA requirements, to ensure regulatory compliance for market participants.
Founding Chairman, Global Carbon Council, Dr. Youssef Al Horr said: "Today, our collaboration with Global Environmental Markets (GEM) Group reflects a culminating point in the acquisition of the cutting-edge Global Carbon Registry (GCR). It represents a significant leap forward in seamlessly integrating carbon credit certifications and insurance. Our partnership not only revolutionizes the issuance of carbon credits but also empowers nations to shape their own registries, influencing the very structure of carbon markets.
"From early-stage verification to monitoring and issuance, the Global Carbon Registry is designed to be an enabling force in the complex landscape of Article 6.2. We extend our heartfelt thanks to our development partners for their invaluable contributions to this exciting endeavor." - The Global Carbon Registry and Global Cabon Councils expert framework provide an all-encompassing solution with linkages to exchanges and auction facilities. It would also connect with CADT (Climate Action Data Trust ) and meta-registries directly.
CEO and founder of Global Environmental Markets Group, Wayne Sharpe, said: "Were proud to be partnering on this deal, to make sure the future of carbon markets looks like it should. Nations worldwide require a registry, and with Global Carbon Council boasting one of the best credit standards globally, they needed a sophisticated registry they could own. We've delivered just that through the Global Carbon Registry . This advanced technology, coupled with enhancements for world-class credit standard delivery and electronic functionality for global credit trading, positions us as leaders in the marketplace. This technology aims to assist nations in setting up sub-registries, providing a cost-effective solution." The announcement comes as part of Global Carbon Councils attendance at COP28, where its hosting a series of events and engaging with key stakeholders, business and government leaders on issues including whats needed to operationalize Article 6.2 of the Paris Agreement, industry efforts to improve the integrity of carbon credits, and how advancing digitization in carbon markets can enhance efficiency, transparency and traceability across carbon markets.
With over 118 governments pledging to triple renewable energy production by 2030, GCC is also utilizing COP28 to advocate for the vital role that carbon markets will have to play in financing the global renewable energy transition.
The Global Carbon Council is the first international program for carbon credit and sustainable development in countries of the South, the Council's program contributes to building a sustainable, low-carbon future by issuing carbon credits for eligible greenhouse gas emission reduction projects around the world, which contribute to achieving sustainable development.
While Global Environmental Markets (GEM), it is the first trading platform approved in 2011 for carbon trading markets. It facilitates the trading of carbon credits and carbon emission certificates. Since then, the group has developed markets for water and renewable energy certificates. (QNA)