LONDON--(BUSINESS WIRE)--IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced its intention to launch the first global meta-registry aimed at providing transparency and efficient tracking, accounting and trade lifecycle management of carbon credits.
As part of this launch, the Carbon Meta-Registry Advisory Board has been formed with leading experts from the public and private sectors and NGOs. The Advisory Board is tasked to ensure the IHS Markit Meta-Registry delivers on its objectives and meets the wider industry needs. The Advisory Board at launch includes representatives from:
- Programs/Standards: Global Carbon Council, Gold Standard, REDD.plus, UK Woodland Carbon Code and Verra
- NGOs/Industry associations: Conservation International, Environmental Defense Fund and the International Emissions Trading Association (IETA)
- Private sector: Bank of America, Bluesource, CBL Markets, Chevron, Goldman Sachs, Hartree Partners, Microsoft and Temasek
The World Bank will participate on the Advisory Board as an observer. The Meta-Registry complements the World Bank's Climate Warehouse initiative to create a public infrastructure for tracking and reporting of carbon assets.
Leveraging distributed ledger technology, the IHS Markit Meta-Registry is designed to seamlessly connect independent carbon markets and registry systems around the world, reducing the risk that credits are counted or claimed twice in different markets or programs. The IHS Markit Meta-Registry will provide a global online ledger enabling access to information on projects and credits across jurisdictions, programs and standards.
“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, IHS Markit. “A global meta-registry provides critical infrastructure for this rapidly developing marketplace. 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.”
“We have seen growing interest in solutions to enable carbon credit markets to scale, as evidenced by the Task Force for Scaling Voluntary Carbon Markets and the World Bank’s Climate Warehouse initiative”, said Dirk Forrister, president and chief executive officer, International Emissions Trading Association and Meta-Registry Advisory Board member.
“A new layer of transparency for carbon markets would strengthen confidence and increase participation, ambition and trust in these important markets which are continuing to grow and demonstrate they are an effective tool in the fight against climate change,” added David Antonioli, chief executive officer of Verra.
“This Meta-Registry demonstrates a clear governance and implementation model for the global carbon markets envisioned by Article 6 of the Paris Agreement,” said Kishor Rajhansa, director- technical & strategy, Global Carbon Council. “As COP 26 rises up the agenda, the Meta-Registry will provide a roadmap of how Article 6 transactions and corresponding adjustments can be authorized, monitored and tracked across programs and countries.”
The IHS Markit Meta-Registry is expected to launch in early 2021 with initial member programs 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.
IHS Markit’s Environmental Registry Credentials
IHS Markit has designed and developed greenhouse gas registries and auction infrastructure for governments in the Americas, EMEA and APAC. Its Environmental Registry for carbon, water and biodiversity credits has provided full tracking for the lifecycle of more than 350 million credits across over 30 compliance and voluntary programs. The Registry has been voted “Best Registry Provider” by the readers of Environmental Finance for the eleventh year running.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
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