Financial data firm IHS Markit is seeking to create a single “meta” registry for global carbon credits.
Later this year, the firm will launch a registry that uses distributed ledger technology to create a global online ledger for carbon credits.
By connecting the world’s carbon markets and registry systems, the meta registry aims to provide “transparency and efficient tracking, accounting and trade lifecycle management of carbon credits,” according to a release.
Among other things, the registry is designed to reduce the risk that credits are counted twice in different markets.
“Carbon markets are a vital mechanism that allow companies and countries to meet their net-zero emissions commitments,” said Kathy Benini, head of environmental solutions at IHS Markit, in the release.
“We believe this meta-registry will underpin the global carbon markets; it will provide clarity and accountability for participants, increase liquidity and transparency and strengthen all-important trust in these markets.”
The registry will launch with initial participants including Global Carbon Council, Gold Standard, UK Woodland Carbon Code, UK Peatland Code and Verra.
Additional participants will be added over the course of the year, the release said.