Rationale
The proposed standard data model for carbon credit markets is intended to promote:
- Accuracy: support accurate representation of data in carbon projects and emission tracking.
- Transparency: promote transparent representation and traceability of carbon credits and offsets.
- Interoperability: enable integration between systems and standards (e.g. registries, platforms).
- Efficiency: improve the functioning of existing and future systems using carbon credit data.
- Scalability: support large-scale data and evolving market needs.
Scope
The standard
- Specifies the Reference Data (Model/Schema) to identify carbon credit projects, batches, and units to support the financing, tracking and trading of carbon credits for use in the sustainable finance sector.
- Captures a list of project attributes essential for carbon credit fungibility and for selected key attributes to be included in global unique identifier.
- Supports market participants, regulators and infrastructure providers in international carbon credit markets by facilitating exchange of information on the project assets being created, transacted, and tracked against a list of essential attributes and through the proposed unique global identifier.
Applicability
The standard is intended to apply to:
- Operators of carbon crediting programs, whether public or private, and providers of the supporting registry infrastructure;
- Financial services entities and standard setters with interest in facilitating carbon credit trades or further standardizing these assets;
- Regulators, businesses, and non-governmental entities providing or ingesting carbon credit data in their operations or services.