Earlier this week Gold Standard shared that it is preparing to unveil a tokenized digital asset model linked to the carbon credits it issues.
The organization will initiate a roll-out phase in March and begin integrating it with its Gold Standard Registry. During this period Gold Standard will consult with web3 companies, which will be a vital part of the future structure, as well as other stakeholders and experts.
The five web3 companies in questions are Toucan, Flowcarbon, Thallo, Earthchain and Bitgreen. They were selected after actively taking part in the Gold Standard-led Working Group on Digital Assets for Climate Impact, which ran through the latter half of 2022.
Gold Standard says that this working group explored in detail how to use the technical advantages that distributed ledger and blockchain technology in general have to offer. At the same time a risk assessment coupled with creating precautionary measure were also explored. Issues like double counting, additionality and abusing incentives were also considered during this period.
Relevant: Gold Standard Partners With Singapore On Carbon Credits
“Open collaboration and transparency are of the highest importance to Gold Standard, with voluntary public consultations and participation in working groups standard practice for our organisation. With collaborative work such as this, we aim to encourage the creation of effective and inclusive digital solutions to achieve the high-functioning and inclusive carbon market needed to address the climate emergency,“ said Margaret Kim, CEO of Gold Standard.
Gold Standard tightened its rules about tokenized carbon credit issuance back in May 2022, when it updated its terms of use to state that any and all digital instruments representing its carbon credits can only be created after its approval.
Read more: Verra Bans Tokenized Carbon Credits, Toucan Approves
