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1、Recommendations for the Digital Voluntary and Regulated Carbon MarketsB R I E F I N G P A P E RM A R C H 2 0 2 3ContentsImages:Getty Images 2023 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying an
2、d recording,or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project,insight area or interaction.The views expressed in this paper are those of the members of the Working Group on Blockchain Carbon Credits as
3、part of the Crypto Sustainability Coalition,listed below,and not necessarily those of the World Economic Forum or its Members,Partners or other stakeholders.Introduction1 Challenges facing carbon markets2 Recommendations for the next generation of digitally native carbon markets 2.1 Improvement of g
4、overnance2.2 An accessible marketplace,product definition and clarity2.3 Applied technology for radical scalability2.4 Interoperability and transparency across exchanges and platforms3 The time is now ContributorsAcknowledgementsEndnotes345566789911Recommendations for the Digital Voluntary and Regul
5、ated Carbon Markets2IntroductionIn order to meet the Paris Agreements goal of limiting the global temperature increase to below 1.5C,it is necessary not only to reduce carbon emissions quickly but also to continuously remove and store existing and future excess atmospheric carbon dioxide.This will r
6、equire a broad array of mitigation activities,including a transition away from fossil fuels,emissions reduction programmes and carbon emissions offsetting through carbon credit markets.1 At their core,carbon credits are a financial technology that enables capital to flow towards a variety of direct,
7、verifiable actions for mitigating the impact of the changing climate.Many jurisdictions manage carbon crediting for organizations and municipalities via regulatory bodies(these are regulated carbon markets),while much of the private sector participates increasingly in voluntary carbon markets.In thi
8、s paper,“carbon markets”refers to both.Carbon markets have come under heavy criticism for their lack of transparency,accessibility,equitability and quality.Despite broad corporate interest,they also remain underused and fragmented.Along with this criticism,and the growing demand for effective and hi
9、gh-quality carbon credits,there is a renewed enthusiasm for applying emerging technologies and new approaches to expand the reach,credibility and scalability of carbon markets.However,significant work still needs to be done.This paper touches on the myriad challenges facing current carbon markets an
10、d suggests an ambitious path forward so that they can deliver positive long-term environmental,social and economic impact.Innovative technological and social infrastructure play equal roles in enabling the next generation of digital carbon markets.This paper focuses on emerging forms of distributed
11、ledger technology(DLT)and their applicability to carbon markets,although this is just one of the many technologies needed to fully enable a digitally native carbon market.DLT allows carbon credits to be represented as universally unique data entities in a digital end-to-end environment.Doing so make
12、s it possible to verify a credits provenance,track its secondary exchange and retire it permanently,without the need for centralized intermediaries.Recommendations for the Digital Voluntary and Regulated Carbon MarketsMarch 2023The lead authors of this briefing paper are:Evn Cheikosman,Director,Bloc
13、kchain Law for Social Good Center,University of San Francisco;Policy Analyst,CISA,World Economic Forum,USA(20202023);Josh Knauer,Co-Founder,ReSeed.farm;Lauren Serota,Advisor,Funga.Recommendations for the Digital Voluntary and Regulated Carbon Markets3Challenges facing carbon markets1These are the bi
14、ggest challenges to be overcome:2Lack of transparency,integrity and confidence in the monitoring,issuance,sale,retirement and benefits distribution of carbon credits,as well as in third-party certifications Without auditability and visibility into the supply chain,it is difficult for buyers to make
15、informed decisions.This is where blockchain technology could play a role,although systems that use blockchain still rely on data from legacy systems and can be difficult for non-experts to audit and understand.3 Many current verification bodies have opaque and outdated processes and have been slow t
16、o integrate new technologies that could help scale the entire onboarding and verification process.One result is that carbon buyers have a hard time determining the quality of the credits they are purchasing,and so they manage reputational risk by hiring intermediaries,who drive up costs and have no
17、incentive to make changes and adopt emerging technologies.This stifles market activity and makes it even harder to meet climate targets.The lack of a standardized terminology for describing carbon credits makes it hard for potential buyers to compare credits from different sources and confidently pu
18、rchase without the help of intermediaries.The use of the term“token”(rather than“credit”)in the blockchain industry has only added to the confusion and has raised regulatory concerns.Inaccessibility,inequity and lack of participation in carbon markets by women,local communities,smallholder land stew
19、ards,Indigenous people and other vulnerable populationsConcentrations of power and vulnerabilities to corruption undermine the credibility of carbon markets.Participation is prohibitively expensive and operationally intensive,making it difficult for even well-funded carbon projects to get off the gr
20、ound.The high costs associated with legacy carbon market participation mean that billions of smallholder land stewards globally are excluded from the market.4 Despite clear guidance from the Intergovernmental Panel on Climate Change(IPCC)5 on social and environmental justice standards,credits brough
21、t to market rarely have any socioeconomic impact data associated with them.While inclusion of these majority populations requires fundamental shifts in business practices and governance,such engagement and equitable distribution of corresponding carbon credit revenue could be automated,documented an
22、d monitored using a blockchain.Insufficient scale to meet climate commitmentsCurrent measurement,reporting and verification(MRV)methodologies are numerous,require significant manual work,are slow to follow and measure against and are often redundant.Many methodologies for the collection,analysis and
23、 distribution of data remain non-digital and lack machine-readable auditability.The lack of a clear value structure and methodological inclusion of other ecological and socioeconomic factors such as biodiversity,watershed protection and community impact make it even harder to create meaningful impac
24、t given the current market dynamics.Recommendations for the Digital Voluntary and Regulated Carbon Markets4Recommendations for the next generation of digitally native carbon markets2Governance of carbon markets refers to the processes and mechanisms by which carbon credits are issued,verified and tr
25、aded.Governance can have a significant impact on the effectiveness and credibility of carbon markets and their overarching objective of reducing greenhouse gas emissions and promoting sustainable development.Good governance of carbon markets requires tenets of transparency and rigour of data,meaning
26、ful inclusivity and diversity in participation,as well as flexibility and scalability of processes.Promote inclusive,equitable and transparent governance.Healthy environmental systems need healthy human systems.To enable better-informed decisions and address the complex challenges posed by climate c
27、hange,governance must be inclusive,flexible and multidimensional at all levels of engagement.This includes technological flexibility governance must support inclusive,informed and transparent participation,both online(using technologies such as smart contracts and video conferencing)and offline(muni
28、ty roundtables and other community education efforts).It is critical to include provisions for equitable participation,safeguards to protect whistleblowers and sanctions to punish malicious actors.Governance at scale may require investments in education and including stakeholders to ensure full enga
29、gement in the system.Include vulnerable populations and womens empowerment in governance and benefit sharing.Including vulnerable populations6 and promoting womens empowerment in carbon market governance processes ensures equitable decision-making and distribution of benefits,enhances the credibilit
30、y and viability of carbon projects and minimizes the negative consequences of design by isolated industry players and systems.To encourage transparent and inclusive governance of carbon credit projects,it is necessary to ensure equitable representation of land stewards early in the design and implem
31、entation process,as well as in the creation of policies,programmes and funds.Build local/global capacities for participation,and industry capacities for understanding.Incumbent power structures have excluded diverse perspectives,by design or through ignorance.Facilitation of diverse voices needs mor
32、e than an invitation.It requires investment,the provision of tools and information to bring all representatives to the same baseline of understanding on varied topics,from the complexities of carbon markets to the intricacies of Indigenous land practices.Improvement of governance2.1The following pag
33、es detail recommendations for developing a next-generation carbon market infrastructure that powers a more efficient and transparent environment for project developers,local populations and buyers alike.For each recommendation,there is an outline of what is required and why.There is also an analysis
34、 of the potential for specific applications of DLT to facilitate coordination of global and diverse stakeholders,and the activities required to see large-scale climate impact from the carbon market.Recommendations for the Digital Voluntary and Regulated Carbon Markets5Effective markets can create th
35、e conditions for the emergence of dynamic and adaptable products to solve the challenges facing diverse stakeholders.But this functionality is possible only if purchasers can effectively distinguish signal from noise.Bringing this clarity to carbon products requires reducing obstacles,redundancy and
36、 confusion while streamlining and defining the underlying benefits to climate and society.Ensure carbon markets adopt a common baseline taxonomy to provide clarity.Carbon credits should have standardized and detailed labels to enable ease of understanding and comparability.7 Important non-carbon att
37、ributes,such as achieving the Sustainable Development Goals,8 including enhanced biodiversity and meaningful community benefits,should be clearly defined and easily identifiable.Expand carbon markets to include efficient price discovery and the creation of innovative new financial products and“beyon
38、d-carbon”tradable assets including factors such as biodiversity,social value and Indigenous rights.Digital carbon credits can expand the market by trading on open and accessible exchanges that highlight the auditable data-backed differences among the credits.This promises to remove the considerable
39、friction and uncertainty surrounding buying and selling credits that currently exists,to increase visibility for price discovery and make it easier to fund the markets expansion.Use an“end-to-end”digital environment,including DLT,to enable efficient data capture,analysis and auditability.9 Using tec
40、hnology-based data collection tools such as digital decentralized measurement,reporting and verification(MRV),and making such data available in an open-source and human-readable format(e.g.on a blockchain-based ledger with a non-technical interface),can resolve challenges associated with trust,trans
41、parency and interoperability in current systems.This can lead to enhanced confidence in the market,better and more seamless participation for both sellers and buyers and greater scale.Digital carbon credits can enable unique demand-side use cases.Everyday purchases can more easily and credibly have
42、the cost of their emissions baked into their purchase,as seen already with airline bookings and some e-commerce platforms.Industries can integrate the retirement of digital carbon credits directly into their operations so that emissions are compensated for in real time,rather than on a quarterly or
43、annual basis.An accessible marketplace,product definition and clarity2.2This is an unprecedented time in terms of the capability and abundance of sophisticated technologies.Using available and affordable emerging technologies such as near-field communication devices and robust LIDAR satellite imagin
44、g,it is possible to scale innovations in digitally representing real-world assets with integrity.Use digitally native credits to support more automation in validation and verification.The immediate advantage of digitally native10 credits over their past iterations is a reduction in the overhead expe
45、nse through a credits life cycle.Machine readability and automation further contribute to the streamlining of processes.One example is the translation of protocol documentation into a standard set of data points,enabling the monitoring of protocol adherence via a combination of data feeds such as sa
46、tellite imagery or internet of things(IoT)sensors(rather than relying solely on consultants from a validation and verification body physically visiting the project site).Ensure better use of emerging technologies.Technologies such as advanced remote sensing,artificial intelligence and machine learni
47、ng and IoT sensors,incorporating auditable records written by DLT,are examples of combining emerging technologies,tools and modelling to help achieve scale.For example,blockchains and smart contracts can support MRV as a coordinated and repeatable effort across a diverse group of sensors and stakeho
48、lders.Reduce friction and increase connectivity between buyers and sellers.Digitally native carbon credits improve the verifiability and transparency of credit information by providing an immutable record of credit provenance,as well as attaching credit metadata,such as verification reports,in machi
49、ne-readable formats.Connecting buyers more directly to sellers reduces the number of intermediaries needed in Applied technology for radical scalability2.3carbon credits can enable unique demand-side use casesDigitalRecommendations for the Digital Voluntary and Regulated Carbon Markets6the marketpla
50、ce,thus removing opportunities for extractive fees and delivering a higher percentage of revenue to suppliers,project developers and land stewards.A more direct connection to markets may also increase access for marginalized populations,efficiency and price transparency.Prioritize trust and transpar
51、ency through open-source MRV protocols.Using scalable,inexpensive and easily peer-reviewed MRV protocols can help improve carbon markets transparency,credibility and effectiveness.Access to a schema in an open format allows for more inclusive and transparent decision-making from all sectors,resultin
52、g in more impactful interventions and effective climate policies.Protocols that are easily peer reviewed can help ensure the accuracy and reliability of data and build trust and confidence in the market.The participation of a decentralized and distributed group of diverse players operating on vastly
53、 different technologies builds trust in the validity of carbon credits and helps achieve scale in the markets.Market players should consider the following recommendations to maximize interoperability and transparency across the industry.Build for systems,not silos.Open application programming interf
54、aces(APIs)accessing blockchain data have the potential to improve verifiability,reduce transaction costs and,to a lesser degree,address the concerns of some projects.While not a new trend,the availability of well-documented and accessible public APIs is critical.As industries especially those that h
55、ave been slower to adopt technology undergo digital transformation,accessible APIs play an important role in delivering transparency,connectivity and innovation.There is also a need to develop a data standard that harmonizes the data points available for each carbon credit in different registries an
56、d enables interoperability across different issuers of carbon credits.11Design for how and why a stakeholder wants to consume your data.Understanding why and how third parties will consume your data is critical to affecting API development.Consider,as an example,a carbon credit registry.By developin
57、g an API that allows a third party to interact with carbon credits more directly,the registry could establish an automated carbon credit usage reporting function that automates a process that normally takes weeks and involves manual intervention.Appropriate use of smart contracts would minimize manu
58、al reconciliation efforts between disparate systems by creating machine-readable agreements and auditable tracking of credits throughout their life cycle.Create digitally networked carbon credits.APIs play an important role in connecting consumers,devices and services through the IoT.The IoT creates
59、 more communication points among devices and users,requiring secure APIs to effectively receive data and create ledger entries for data analysis and to drive insights.For carbon credits,this enables transparency through the effective use of sensors,drones,etc.Sellers of carbon credits could use read
60、ings from IoT devices to differentiate their carbon credits in a crowded market,enabling buyers to view forests in real time or read soil-sensor data to highlight carbon captured.Demand and build towards industry standards.As infrastructure matures,standards and established ways of working will acce
61、lerate the rate and speed at which new credits come to market.Collaborating with industry working groups such as the Crypto Sustainability Coalition,12 the Crypto Council for Innovation,13 the Blockchain Law for Social Good Center14 or the Global Blockchain Business Councils InterWork Alliance15 gro
62、up will enable carbon market participants to further drive standardization.Interoperability and transparency across exchanges and platforms2.4Recommendations for the Digital Voluntary and Regulated Carbon Markets7The time is now3Climate change is the greatest existential threat that humanity faces a
63、nd many actions are needed in response.A comprehensive transition away from fossil fuels to reduce emissions is essential,as is the drawdown of hundreds of gigatons of carbon dioxide16 from the atmosphere.The main outcomes the carbon credit markets need to focus on are:the reduction of emissions as
64、quickly as possible,the protection of natural carbon sinks and the removal of carbon dioxide from the atmosphere.Credits issued to certify these outcomes are falling short,with reduction,protection and removal credits achieving less than 20%of IPCC goals.17Disruption of the legacy carbon markets is
65、currently occurring as a result of the urgency of solving the problem,combined with the advances in emerging technologies that can support new transformative solutions for engaging broader communities of stakeholders with greater transparency,efficiency and equity.Emerging technologies such as block
66、chain are not a panacea,but understanding their benefits and how they work enables broader and more informed experimentation to help achieve humanitys goals.How effectively the potential solutions to this global existential threat are navigated may well determine the future of life on this planet.Th
67、e recommendations in this paper on harnessing emerging technologies,empowering greater numbers of people to participate and creating equitable economic incentives can help meet this challenge at scale.Recommendations for the Digital Voluntary and Regulated Carbon Markets8ContributorsAcknowledgements
68、Lead authors Evn CheikosmanDirector,Blockchain Law for Social Good Center,University of San Francisco;Policy Analyst,CISA,World Economic Forum,USA(20202023)Josh KnauerCo-Founder,ReSeed.farmLauren SerotaAdvisor,FungaContributing AuthorsGisel BoomanHead of Science,Regen Network Development Claudia Her
69、bertProduct Manager,Carbon DirectRachel MaherProduct Owner(20212023),OpsChain ESG,Ernst&YoungAntoinette MarieDirector,Heifer Labs,Heifer InternationalAdam ShedletzkyDirector of Policy,Flow CarbonLuis Felipe AdaimeFounder and Chief Executive Officer,MOSS.EarthSadia AhmedClimate Change&Environment Stu
70、dio Lead,DeloitteMarcus AureliusCore Contributor,Data and Strategy,Klima DAOSrikrishna BalachandranDirector,RecykalSeth BaruchChief Executive Officer,CarbonomicsGisel BoomanHead of Science,Regen NetworkKevin ChristopherPrincipal,Rockbridge VenturesDana GibberCo-Founder and Chief Executive Officer,Fl
71、ow CarbonErin GroverImpact Investment Advisor,Altai Digital CapitalAlexsandra GuerraHead of Demand and Co-Founder,NoriJoy GuoChief Operating Officer(20222023),CC TokenClaudia HerbertProduct Manager,Carbon DirectAnirudha JalanCo-Founder and Chief Strategy Officer,RecykalJosh KnauerCo-Founder,ReSeed.f
72、armLarry KopaldCo-Founder and President,The Carbon UndergroundRenan KrugerChief Technology Officer,MOSS.EarthGregory LanduaCo-Founder,Regen NetworkJohn LeeGlobal Managing Director,Capital Markets&Exchanges,AccentureAnna LernerChief Executive Officer,Climate CollectiveMark LewisManaging Partner,Trail
73、head CapitalMembers of the Crypto Sustainability Coalition Working Group on Blockchain Carbon CreditsRecommendations for the Digital Voluntary and Regulated Carbon Markets9Zhiliang LiChief Executive Officer,CC TokenRachel MaherProduct Owner(20212023),OpsChain ESG,Ernst&YoungAntionette MarieDirector,
74、Heifer Labs,Heifer InternationalDaren McKelveyHead of Crypto Partnerships,NoriRadhika MoolgavkarProgram Manager Supply and Methodology,NoriCharlie MooreHead of Carbon&Sustainability Solutions,Chainlink LabsTimothy RannSenior Advisor,Mercy CorpsLauren SerotaAdvisor,FungaAdam ShedletzkyDirector of Pol
75、icy,Flow CarbonJulian SommerCo-Founder,Chairman,Chief Impact Officer and Chief Financial Officer,Toucan ProtocolKen WeberHead of Social Impact,RippleAlasdair WereDigital Innovation,International Emissions Trading Association(IETA)Darren WolfbergFounder,Chairman and Chief Executive Officer,Blockchain
76、 TriangleNicolas AlexanderHead of Partnerships&Policy,ThalloHayley AnnaProject Coordinator,CISA,World Economic Forum,USASam AzadProduct Owner,OpsChain ESG at Ernst&YoungTillem BurlaceRegional Lead,Africa 1t.org,World Economic ForumBrynly LlyrHead of Blockchain and Digital Assets,CISA,World Economic
77、Forum,USAMichele NeitzFounding Director,Blockchain Law for Social Good Center,University of San FranciscoAlexander NeumullerResearch Lead,Digital Assets Climate Aspects at Cambridge Centre for Alternative Finance,Cambridge Judge Business School,University of CambridgeStefan RentonSustainability Lead
78、,Polygon LabsYip Thy-Diep TaCo-Founder,Unit Network Tricia WangExecutive Director and Co-Founder,Crypto Research and Design Lab(CRADL)Sheila WarrenChief Executive Officer,Crypto Council for InnovationKieran WhiteCo-Founder&Chief Executive Officer,ReturnSpecial thanks to the CISA team,members of the
79、Crypto Sustainability Coalition,the CISA Steering Committee and Expert Reviewers:Recommendations for the Digital Voluntary and Regulated Carbon Markets10Endnotes1.Pomeroy,Robin,“Carbon Offsets How Do They Work,and Who Sets the Rules?”,World Economic Forum Agenda,2 September 2023:https:/www.weforum.o
80、rg/agenda/2022/09/carbon-offsets-radio-davos/.2.“The Voluntary Carbon Market:Climate Finance at an Inflection Point”,World Economic Forum,17 January 2023:https:/www.weforum.org/whitepapers/the-voluntary-carbon-market-climate-finance-at-an-inflection-point/.3.Auditing a blockchain requires navigating
81、 technical Web3 systems and interfaces;see Pejlatowicz,Pablo,“Democratic Principles and the State of Voting in Web3”,Medium,31 January 2023:https:/ blockchain%20 voting.4.Knight,Aime,“What Is a Smallholder Farmer?”,Heifer International,14 April 2022:https:/www.heifer.org/blog/what-is-a-smallholder-f
82、armer.html.5.“Working Group II Impacts,Adaptation and Vulnerability”,IPCC,10 February 2023:https:/www.ipcc.ch/working-group/wg2/.6.“Climate Change 2022:Impacts,Adaptation and Vulnerability”,IPCC,15 February 2023:https:/www.ipcc.ch/report/ar6/wg2/.7.The CAD Trust an initiative of the World Bank,the I
83、nternational Emissions Trading Association and the Government of Singapore,with representatives of major carbon standards as well as governments participating in a governing council has taken some important first steps to address this issue.For more information,see Climate Action Data Trust,“Connect
84、ing Carbon Markets through Open Data”:https:/climateactiondata.org.8.“The 17 Goals”,United Nations Department of Economic and Social Affairs,Sustainable Development,10 February 2023:https:/sdgs.un.org/goals.9.For example,the World Bank has developed a blockchain climate warehouse and is currently on
85、boarding national and private-sector partners.See Climate Warehouse,“Catalyzing the Next Generation of Climate Markets”:https:/www.theclimatewarehouse.org/.10.Digitally native or,in other words,tokenized carbon,is the digital representation of real-world carbon credits on the blockchain.See more her
86、e:https:/blog.toucan.earth/tokenization-of-carbon-credits-explained/.11.See work being done by the Climate Action Data Trist(https:/climateactiondata.org)as an example.12.“New Crypto Sustainability Coalition to Investigate Potential of Web3 Technologies in Fighting Climate Change”,World Economic For
87、um,21 September 2022:https:/www.weforum.org/press/2022/09/new-crypto-sustainability-coalition-to-investigate-potential-of-web3-technologies-in-fighting-climate-change/.13.The Crypto Council for Innovation is the premier global alliance advancing crypto innovation.See more here:https:/cryptoforinnova
88、tion.org/.14.The Blockchain Law for Social Good Center was conceived and launched by Professor Michele Neitz in February 2022 to address a gap in awareness of and education about existing and innovative social impact projects happening in the blockchain space that would be of interest and importance
89、 to the public as well as legislators and policy-makers.15.The InterWork Alliance(IWA),an initiative of the Global Blockchain Business Council(GBBC),empowers organizations to adopt and use token-powered services in their day-to-day operations and across use cases and networks,bringing inclusivity to
90、 globally distributed applications.See more here:https:/gbbcouncil.org/interwork-alliance/.16.“Special Report:Global Warming of 1.5C:Summary for Policymakers”,IPCC,10 February 2023:https:/www.ipcc.ch/sr15/chapter/spm/.17.“The State of Carbon Dioxide Removal”,Carbon Dioxide Removal(CDR),5 February 20
91、23:https:/www.stateofcdr.org/.Recommendations for the Digital Voluntary and Regulated Carbon Markets11World Economic Forum9193 route de la CapiteCH-1223 Cologny/GenevaSwitzerland Tel.:+41(0)22 869 1212Fax:+41(0)22 786 2744contactweforum.orgwww.weforum.orgThe World Economic Forum,committed to improving the state of the world,is the International Organization for Public-Private Cooperation.The Forum engages the foremost political,business and other leaders of society to shape global,regional and industry agendas.