Action and implementation are key priorities at COP27. Luckily, fast and ambitious action is our daily commitment at ClimateTrade. Here are some of the milestones we have accomplished between COP26 and COP27.
This year’s Conference of the Parties is fast approaching, and with climate change accelerating, stakeholders from all spheres of society have their eyes on concrete actions. COP27’s slogan is ‘Together for Implementation’, a clear sign that it is time to put words into practice.
At ClimateTrade, we’ve always believed in actions more than in words, and one of our core values is ambition: We want to change the world and that can only be done by thinking big. As a result, moonshots are our daily thoughts. In the year from COP26 to COP27, we have taken big steps in three key areas: the promotion of transparent carbon markets, the enhancement of climate finance, and the protection of nature and biodiversity.
From COP26 to COP27: Transparent carbon markets
Improving the transparency of carbon markets is our core purpose here at ClimateTrade. here are three ways in which we promoted this objective over the past year:
First, we worked with Algorand to make this blockchain network and its entire ecosystem carbon-neutral. Algorand is already the greenest blockchain network, having reduced its energy use tremendously. In December last year, we launched the Green Treasury, a blockchain oracle providing Algorand and its developer community a platform for offsetting the carbon footprint of the entire Algorand network. Since then, we have also started working with several members of the Algorand ecosystem to help them achieve carbon neutrality.
We believe that blockchain technology is key to making the voluntary carbon market as transparent as possible. On blockchain infrastructure, all transactions are traceable and immutable, which means double counting is virtually impossible. But this technology comes with a heavy carbon footprint, which could easily defeat its transparent sustainability purpose. By decarbonizing the blockchain ecosystem, we make sure that transparency doesn’t cause collateral damage.
Digital Measurement, Reporting and Verification
In February 2022, ClimateTrade and BME concluded a successful proof of concept (PoC) for the digital certification of carbon mitigation projects. The initiative laid the bases for digitizing the verification and certification process for projects that generate carbon credits, and for adding them to national registries. Our goal with this is to make the entire process more efficient and transparent, and to guarantee the quality of the carbon credit supply.
Digital Monitoring, Reporting and Verification (D-MRV) is an end-to-end solution that guarantees the authenticity and traceability of carbon credits: project developers can register their mitigation in a public and traceable way, allowing all users to verify the integrity of data. This facilitates the transparent purchase of carbon credits and their automated cancellation.
International Emissions Trading Association membership
Finally, we recently joined the International Emissions Trading Association (IETA). Our membership allows us to be part of international efforts to create effective and transparent market-based trading systems for carbon emissions and advance the United Nations’ Sustainable Development Goals.
From COP26 to COP27: Enhanced climate finance
One of ClimateTrade’s missions is to direct flows of capital towards climate change mitigation. We believe that it is necessary to shift the global economy towards a sustainable model to truly protect the future of the planet. To this end, we have taken several key actions in the past year.
More than 12,000 carbon offsetting transactions
To date, ClimateTrade has facilitated the offsetting of more than 3 million tons of CO2, and since COP26 alone, more than 12,000 transactions have occurred on our marketplace, directing much needed funding towards climate-positive projects.
We have also made design and operational improvements to our climate marketplace, which is now being used by more than 11,000 users. The more people and companies use our marketplace, the more capital will be available for sustainable projects.
Finally, we have opened new offices in Miami and Seoul and participated in more than 100 events to raise awareness about the need for decarbonization worldwide. As part of this thought leadership work, we have also published four different white papers and eBooks to support companies’ Net Zero strategies.
From COP26 to COP27: Biodiversity and nature protection
Climate action is about much more than just decarbonization; that’s why ClimateTrade has been working particularly hard in the past year to promote nature and biodiversity conservation.
Voluntary Biodiversity Credits
In May 2022, we joined forces with Terrasos to commercialize Voluntary Biodiversity Credits from the Bosque de Niebla – El Globo Habitat Bank on our marketplace. Each credit corresponds to 30 years of conservation and/or restoration of 10m2 of the Bosque de Niebla, home of threatened species such as the spectacled bear, the yellow-eared parrot, and the black-and-chestnut eagle. Since then, more than 100 credits have been sold on our platform, and this initiative has been recognized by the World Economic Forum.
Our marketplace currently features more than 30 nature-based solution projects, which capture or avoid carbon through forest, soil and biodiversity protection. We make a constant effort to ensure that we offer carbon mitigation projects that also bring added biodiversity benefits.
Blue carbon and regenerative agriculture
As part of our research and development work, we have teamed up with several new partners to develop methodologies for blue and white carbon, as well as regenerative agriculture. One of these initiatives is the recently announced Albufera Blue Carbon, in which we are working with Valencia’s CE/R+S (Responsible and Sustainable Companies Association) to quantify the carbon mitigation potential of peatlands in the Valencian Community.
To find out more about what we have been up to since COP26, check out our announcements page.