Singapore-backed climate action data trust boosts transparency in carbon credit trade
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In just over a year since its launch, the Climate Action Data Trust (CAD Trust), supported by Singapore, has significantly enhanced the credibility of the carbon credit trade, covering 85% of all credits issued to date and aiming for further expansion in 2024.
The CAD Trust, launched in late 2022 by the Singaporean Government, World Bank, and the International Emissions Trading Association, has emerged as a pivotal platform to enhance transparency in the global carbon market. Benedict Chia, director-general of climate change at the National Climate Change Secretariat, emphasized Singapore’s commitment to becoming a global carbon trading hub, with tools like CAD Trust playing a crucial role in achieving this vision.
Key Points
- CAD Trust aims to improve trust in the carbon market by enhancing transparency.
- It tracks the life cycle of carbon credits, preventing double counting and ensuring their integrity.
- The platform aggregates data from major carbon credit registries using blockchain technology.
- CAD Trust offers an interactive data dashboard, allowing users to track carbon offsets from over 17,300 projects.
- Transparency and integrity are crucial amid criticisms of poor-quality offsets and double counting.
- Under the Paris Agreement, countries can purchase carbon credits to meet their climate pledges.
- Funding for CAD Trust remains a question, with the platform being considered a public good.
Law Heng Dean, managing director at Pollination, emphasizes the need to onboard more national registries for effectiveness.
Duncan van Bergen, co-founder of Calyx Global, lauds CAD Trust for creating transparency and interoperability between registries.
CAD Trust has received strong international interest, reflecting growing investment in carbon credit projects, especially in Asia. Discussions with potential funders are ongoing to ensure the sustainability of the platform.
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