BME and ClimateTrade conclude proof of concept for blockchain-based carbon footprint offsetting

21 February, 2022
  • In this proof of concept, a complete blockchain-based emissions registration and verification process has been successfully implemented in a digital, transparent and traceable way

BME, through Iberclear, and ClimateTrade, have developed a Voluntary Registry for carbon and biodiversity inventories that allows companies to offset their carbon footprint. To comply with the Paris Agreement and in line with the TSVM (Task Force on Scaling Voluntary Carbon Markets), companies must reach the goal of zero emissions by 2050. The E2E (end to end) solution developed by Iberclear and ClimateTrade allows companies to offset their emissions through green credits. ACCIONA Energía and SGS Tecnos, S.A.U., as an independent third-party verifier, have collaborated in this project.

Based on a photovoltaic plant, the proof of concept consisted of measuring, reporting and verifying the tons of CO2eq spared to the atmosphere in a completely digital way, through the Digital - MRV software. Thanks to its API (Application Programming Interface) connection, Iberclear received, validated and recorded the verified green credits in its Registry. Finally, the automatic connection between Iberclear's Voluntary Registry and ClimateTrade's Marketplace allows the sale of these green credits and their cancellation in Iberclear's Voluntary Registry, eliminating the risk of double entry bookkeeping.

The Voluntary Registry developed will be a key building block for the proper functioning of future voluntary carbon mechanisms. In addition to managing information and monitoring mitigation initiatives, the Registry certifies the transfer and cancellation of carbon credits, thus ensuring the integrity, transparency and traceability of all entries made.

Through this initiative, BME strengthens its commitment to helping Spain lead the fight against climate change in an efficient and innovative way, to encourage energy efficiency and offsetting projects by companies and to complement existing public regulatory and offsetting mechanisms.

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