Mr Benedict Chia, director-general of climate change at the National Climate Change Secretariat, wants to enhance transparency through CAD trust.
“Within 12 months, we managed to onboard six registries, and the six registries represent 85 per cent of carbon credits issued to date,” Mr Chia said. Discussions are ongoing with Gold Standard in Geneva, and three United States-based groups: the American Carbon Registry, Architecture for Redd+ Transactions and Climate Action Reserve.
Each carbon credit represents one tonne of planet-warming carbon dioxide that is either removed from the atmosphere – such as through technology that directly removes CO2 from the air – or prevented from being emitted, such as when a forest is saved from the axe. To help visualise the data, CAD Trust also developed an interactive data dashboard. This took a year to develop and was launched during the COP28 United Nations climate change conference in Dubai in December 2023.
“That injects transparency in the market, and we feel that transparency is absolutely critical if you want carbon markets to work well,” said Mr Chia, one of CAD Trust’s three board members. And the issues of transparency and integrity are only going to become more important as the carbon market expands, he noted.This means that other than taking steps to cut emissions within their borders, such as by investing in renewable energy infrastructure, countries can purchase carbon credits generated elsewhere and count these savings towards their target.
“All of us will benefit if it works as intended in building trust in carbon markets, the lack of which is a challenge that all of us operating in those markets can face at this point in time,” he added.
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