The WEF report highlights some of the industry’s challenges, including a multi-faceted reputational one.
It’s in the final stages of coming up with an action plan. Verra thought that was confusing, and as a result, Verra paused tokenization and opened a consultation. Previously ‘retired’ meant a carbon credit had been consumed. That wasn’t because Toucan was doing something dodgy, but because Toucan retired carbon credits at the point of tokenization. That sort of scale attracted Verra’s attention and it wasn’t happy with Toucan’s methodology. While the report doesn’t focus on Toucan, our previous coverage found that Toucan was so successful that in a matter of months from launch, it had tokenized 21 million tonnes of carbon, estimated to represent 2.25% of total credits. One of the lead authors of the WEF report is from the Toucan Protocol, which tokenizes Verra carbon credits. sub-tonne) ownership of credits, allowing individuals and smaller organizations to participate in the market.” digitize) credits has enabled fractional (i.e. The web3 sector presents an opportunity to extend that to consumers, provided it can address its trust issues.Īs the report states, “recent movement to ‘tokenize’ (i.e. Hence there’s been a push to include corporates with both compulsory and voluntary carbon credits and numerous other initiatives. To date, governments have recognized that the scale of money required for sufficient climate action is beyond their finances. Plus, blockchain can be used for measuring and reporting by pairing it with data collected from IoT sensors, smart meters and drone imagery.
So much so that the World Bank-backed Climate Action Data Trust is creating a registry to store data from multiple registries. While many blockchain initiatives on the corporate end of the scale were overlooked in the report, the content is nonetheless valuable because the web3 world provides an opportunity to tap into retail financing for climate action.Īs the report outlines, blockchain-based carbon registries offer a transparent digital record. The focus is on the crypto side of blockchain, including incentive systems for regenerative finance. Yesterday the World Economic Forum (WEF) published a report on Blockchain for Scaling Climate Action.
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