Carbonbase Partners with the HBAR Foundation and ImpactX to Launch Asia's First Digital Carbon Registry

28 August 2023

Carbonbase, a pioneering climate-tech and carbon reduction solutions provider, is thrilled to unveil a groundbreaking collaboration with the HBAR Foundation and ImpactX to introduce Asia's inaugural digital-native Carbon Registry, known as the Global Climate Registry (GCR).

In the year 2022, the Asia-Pacific region contributed to over 50% of global carbon dioxide emissions. Despite this, the region lacks a localized carbon registry to efficiently facilitate emissions reduction projects. GCR is poised to revolutionize this landscape, offering a seamless digital experience for project developers, auditors, and buyers to register, verify, and procure high-integrity data-driven carbon credits. Developed on the Hedera Hashgraph network, GCR offers an accessible, transparent, and cost-effective avenue for carbon-reducing projects to acquire validated credits. This platform empowers smaller and medium-sized developers by granting them recognition and equips corporate buyers with enriched information and comprehensive data reporting.

Max Song, CEO and Founder of Carbonbase, expressed his enthusiasm for the partnership, stating, "Our prior engagements in promoting climate solutions' adoption in the APAC region naturally compelled us to explore novel avenues for inspiring and supporting climate action. Leveraging the robust alliances of the Hedera network and ImpactX's visionary approach for global NGOs, we aim to co-create a next-generation carbon market infrastructure. GCR will serve as a catalyst for accelerating the digitization of the measurement, reporting, and verification (dMRV) process within the carbon credit market. This innovative step will bolster transparency, credit integrity, and significantly bolster market growth, thereby propelling worldwide carbon reduction endeavors."

Karen Robbins, Co-Founder of ImpactX, shared her thoughts on the initiative, highlighting its potential impact on both project developers and carbon credit purchasers. She stated, "ImpactX is dedicated to enhancing the productivity, sustainability, and accountability of global NGOs through digital tools and operational frameworks. We believe that the blockchain-based registry has the potential to trigger a notable surge in carbon-reducing projects and high-quality carbon credits. Our mission is to provide a seamless journey for both project developers and carbon credit purchasers."

Wes Geisenberger, Vice President of Sustainability & ESG at HBAR Foundation, underscored the importance of transparent and publicly auditable standards in the context of climate action. He emphasized the need for publicly governed and operated methodologies that align with the goals of the climate fight. Geisenberger stated, "We envision a future where our planet's balance sheet is maintained on a public ledger. Ensuring the standards and methodologies are publicly auditable and easily adopted by project developers is crucial. Carbonbase and ImpactX's adoption of the Hedera Guardian to construct a digital-native registry is a commendable step. GCR will facilitate digital MRV, simplify project enablement, and enhance carbon credit management, ushering in an era of transparency, trust, and impact in the battle against climate change."

GCR will embrace the standards and methodology research conducted by the Institute of Electrical and Electronics Engineers (IEEE), particularly the Committee on Standard for Measurement and Verification of Reduction of Greenhouse Gases for Climate Action Projects and Solutions (IEEE Committee on MRV Standards for Climate Action).

Kartik Kulkarni, Co-Chair of IEEE's Committee on MRV Standards for Climate Action, emphasized the significance of this standard evolution for climate action projects. Kulkarni stated, "I am delighted that numerous stakeholders, including Carbonbase and ImpactX, are collaborating with IEEE to evolve a new standard that enables climate action projects like agroforestry, renewable energy, carbon removal technologies, and community-led initiatives to report, measure, and verify their climate impacts in credible and cost-effective ways."

This digitally native registry introduces an innovative framework that simplifies the precise measurement, reporting, and verification (MRV) of carbon credits. This advancement redefines the carbon market, encouraging greater participation from businesses, industries, and governments in the collective pursuit of combating climate change.

Katherine Foster, Executive Director of Green Digital Finance Alliance and Former Canadian Climate Diplomat, acknowledged the significance of GCR in the intersection of climate change, digital green finance, and blockchain technology. Foster noted, "GCR marks a pivotal milestone at the crossroads of climate change, digital green finance, and blockchain technology. By enabling transparent issuance and trading of carbon credits, this initiative will drive heightened accountability and unlock funding for impactful climate initiatives that benefit local communities."