BME and ClimateTrade PoC paves the way for the digital verification and certification of climate mitigation projects, facilitating large-scale carbon offsetting activities through blockchain.
National carbon registry
The proof of concept (PoC) announced on February 21 follows the creation of Spain’s first national carbon credit registry based on blockchain last year by Iberclear (BME). Its success lays the bases for digitizing the verification and certification process for projects that generate carbon credits, as well as their addition to the registry, making it all more efficient and transparent, and guaranteeing the quality of carbon credit supply in the national registry.
The PoC was achieved through one of ACCIONA Energy’s photovoltaic plants: as project developer, ACCIONA communicated all the necessary information via a digital questionnaire based on blockchain, which guaranteed the immutability of the data. SGS Tecnos, S.A.U., as the independent verifying entity, verified the data and sent it to the certification entity, which was able to emit certification digitally.
Digital MRV
Digital Monitoring, Reporting and Verification (D-MRV) is an end-to-end solution that allows the optimization of this process and guarantees the authenticity and traceability of the carbon credits available on the Iberclear registry. Project developers will be able to register their mitigation in a public and traceable way, allowing all users to verify the integrity of data. This, in turn, will facilitate the transparent purchase of carbon credits and their automated cancellation on the ClimateTrade marketplace for carbon footprint offsetting.
Transparency and data integrity
This PoC will be key for the correct functioning of future voluntary carbon mechanisms. On top of managing the information and monitoring mitigation initiatives, it certifies the cancellation and transfer of carbon credits, guaranteeing full transparency and better integrity. This means that all players involved in carbon offsetting transactions will have the certainty that these transactions abide by the premises of the latest national and European laws for the fulfillment of the Paris Agreement.
Through this initiative, BME strengthens its commitment to helping Spain lead the fight against climate change in an efficient and innovative way, to encourage energy efficiency and offsetting projects by companies and to complement existing public regulatory and offsetting mechanisms.
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