HONG KONG, Aug. 27, 2023 /PRNewswire/ -- Carbonbase, a climate-tech and carbon reduction solutions provider, is excited to announce a groundbreaking partnership with the HBAR Foundation and ImpactX to launch Global Climate Registry (GCR), Asia's first digital native Carbon Registry.
The Asia-Pacific region accounted for over 50% of global carbon dioxide emissions in 2022, but lacks a localized carbon registry for efficient emissions reduction projects. GCR aims to offer a digital-native experience for project developers, auditors, and buyers to register, verify, and purchase high-integrity data-driven carbon credits. Developed on Hedera Hashgraph network, GCR offers a cost-effective, transparent, and accessible solution for carbon-reducing projects to attain verified credits. This enables small and medium-sized developers to gain recognition and provides corporate buyers with enhanced information and data reporting.
"We are excited to collaborate with the HBAR Foundation as well as ImpactX," said Max Song, CEO and Founder of Carbonbase. "Our previous work in supporting climate solutions' adoption in APAC naturally drove us to find new ways to inspire and aid climate action. By leveraging the robust partnerships of the Hedera network and ImpactX's visionary product approach for global NGOs, we aim to co-create a next-gen carbon market infrastructure. GCR will catalyze the acceleration of digitizing the measurement, reporting, and verification (dMRV) process in the carbon credit market. This innovation will boost transparency, credit integrity, and significantly drive market growth, propelling global carbon reduction efforts."
"ImpactX is proud to build on our work serving global NGOs with digital tools and operational frameworks that make their important efforts more productive, sustainable and accountable. We believe that the blockchain-based registry can catalyze a significant surge in carbon-reducing projects and high quality carbon credits. Our goal is to offer both project developers and carbon credit purchasers a seamless journey," stated Karen Robbins, Co-Founder of ImpactX.
"We believe in a future where the balance sheet of our planet lives on a public ledger. It is critical that standards and methodologies are governed and operated in a publicly auditable manner that is easy for project developers to adopt." said Wes Geisenberger, Vice President of Sustainability & ESG at HBAR Foundation. "We're excited to see Carbonbase and ImpactX adopt the Hedera Guardian to build a digital native registry. GCR will enable digital MRV, streamline project enablement and improve carbon credit management, unlocking a new era of transparency, trust, and impact in the fight against climate change."
GCR will adopt the work of The Institute of Electrical and Electronics Engineers (or IEEE for short)'s Committee on Standard for Measurement and Verification of Reduction of Greenhouse Gases for Climate Action Projects and Solutions (IEEE Committee on MRV Standards for Climate Action) as its standards and methodology research counterpart.
Kartik Kulkarni, Co-Chair of IEEE's Committee on MRV Standards for Climate Action and former Chair of the IEEE Humanitarian Activities Committee, notes, "I am pleased that many stakeholders, including Carbonbase and ImpactX, are working with IEEE to evolve a new standard to enable climate action projects such as agroforestry, renewable energy, carbon removal technologies, and community-led initiatives, to report, measure, and verify their climate impacts in credible and cost-effective ways."
This digital native registry introduces an innovative framework that streamlines accurate measurement, reporting, and verification (MRV) of carbon credits. This advancement reshapes the carbon market, promoting broader engagement from businesses, industries, and governments in the collective effort to combat climate change.
Katherine Foster, Executive Director Green Digital Finance Alliance & Former Canadian Climate Diplomat noted, "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, this initiative will drive greater accountability, and unlock funding for impactful climate initiatives that support local communities."
Please visit www.gcr.eco for more information.
Carbonbase: Carbonbase is an APAC climatech company focused on enabling effective climate action. Utilizing advanced technology, it offers innovative tools for carbon footprint calculation, emissions reduction, and sustainable investment. Carbonbase has aided numerous regional enterprises, such as Schneider Electric, Wah Kwong, Three Gorges, Porsche, Mercedes, and Diageo, in their climate transition journey with digital solutions and impactful messaging.
HBAR Foundation: The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. These communities tackle some of the world's largest problems, and create and control their own economies, all built on the Hedera public network.
ImpactX: ImpactX is a social impact catalyst for sustainable solutions to pressing social and environmental challenges. With its technology prowess, ImpactX brings the power of networks and digital tools to address climate change, poverty, equity, and economic development.
IEEE: IEEE, the world's largest technical professional organization advancing technology for humanity, boasts over 400,000 members in 160+ countries. Its IEEE Standards Association has developed 1,300 industry standards covering telecommunications, signal processing, remote sensing, 5G, and wifi. With a global network of technology experts, IEEE drives inventive solutions to address critical global challenges.
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