CAD Trust Platform Marks Steady Growth, Now Covers 85% Of All Carbon Credits

CAD Trust Platform Marks Steady Growth On The Road To Transparency - Carbon Herald

The CAD Trust platform has made significant strides in promoting transparency in carbon credit transactions. Supported by Singapore, this project has quickly gained traction in the market, now covering 85 percent of all credits issued within just one year of its initiation. 

The Climate Action Data Trust (CAD Trust) was introduced in late 2022 as a collaborative project between the Government of Singapore, the World Bank, and the International Emissions Trading Association with the aim of increasing certainty in the worldwide carbon market.

The platform has been gaining momentum on its journey to provide a reliable and secure environment for the trading of carbon credits. 

Relevant: Singapore Releases New Eligibility Criteria For International Carbon Credits

In an interview, Mr. Benedict Chia, the director-general of climate change at the National Climate Change Secretariat of Singapore, emphasized the need for effective monitoring of transactions and movements of carbon credits to ensure credibility and trustworthiness in the market.

Mr. Chia explained that CAD Trust utilizes blockchain technology to connect, combine, and synchronize data from leading carbon credit registries. By doing so, they create a unified platform to enhance market transparency and build confidence and assurance that the global carbon credit trade is truly beneficial for the environment.

In addition, CAD Trust has created an interactive data dashboard to visualize this data, where users can monitor carbon offsets produced by over 17,300 projects. 

Read more: Singapore Negotiates Carbon Credits Deals With Several Countries At COP28

Within a year of its launch, six registries, which account for 85% of all carbon credits issued to date, have been brought on board.

Among the registries that have joined CAD Trust are some of the most prominent players in the carbon credit market. Verra, the largest issuer of carbon credits in the voluntary market, has signed on to the platform, along with the Global Carbon Council based in Qatar and the Kingdom of Bhutan. 

Looking ahead, the CAD Trust Platform shows no signs of slowing down. With plans to expand its coverage even further in 2024, the project is poised to make a great impact on the carbon credit market.

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