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chainlink korean banksThe Climate Warehouse: Improving Transparency & Integrity of Global Carbon Markets SmartCon 2022


chainlink real estate invest with link chainlink korean banks The Climate Warehouse: Improving Transparency & Integrity of Global Carbon Markets SmartCon 2022
chainlink korean banks raccoons rip through chainlink The Climate Warehouse: Improving Transparency & Integrity of Global Carbon Markets SmartCon 2022
foreign [Applause] good afternoon and thank you for Gathering hadnt realized this was the last lot of the day appreciate uh appreciate you guys all uh turning out um so yeah my names Charlie Moore I run carbon and sustainability Solutions at uh at chain link Labs Im delighted to have uh Alistair and Gemma join us today from aiator and and the World Bank who both play really Central roles in the carbon markets Im going to let them introduce themselves as I wont do justice to the significance of of their organizations and their roles um but suffice to say theyve been um at the Forefront of of moving this market and forward uh recently and uh um you know Im looking forward to the conversation talking through some of the the exciting things that theyre theyre working on so perhaps Gemma do you want to go first and introduce yourself and your role at the World Bank sure thank you Charlie my name is Gemma Torres and Im an I.T specialist working at the climate change finance and economics unit at the World Bank next to be here today hi and Im Aleister Weir Im director of digital climate markets at aito which is the industry body for carbon markets and so Im focused on digital Innovation looking at how blockchain can be deployed to accelerate growth in carbon markets and also digital mrv and a variety of other technologies that are emerging in the space excellent as I say thank you for for joining us today so um I suspect many of you are at the at the the last panel that we just had around the the digital mrv the measurement reporting verification in in this space where we had some some great speakers talking about uh um Innovative work on putting a lot of the new satellite and sensor data on chain and some of the the use cases and and benefits uh involved with that um related to that um so what were going to talk uh today about what these guys have been doing with an Initiative for um known as the the climate warehouse and Ill let well Gemma initially sort of walk you through um the climate Warehouse what what pain points needs its uh seeking to address um and uh where where its at so Gemma sure thank you so maybe before learning what the climate Warehouse is going back to Charlies question what are the challenges that this infrastructure is aiming to address so as as many of you know the Paris agreement set up a bottom-up approach giving countries the flexibility to choose how they want to achieve the climate goals so they can choose between different decentralized Cooperative approaches and so these bottom-up approach also brings some complexity and more diversity in verification and Reporting mechanisms which increases the fragmentation in the market and actually the private sector uh task force on a scaling voluntary carbon markets that was led by the UNS special M1 Mark Carney they map the emerging challenges in the scale-up process of the markets across the value chain and they saw for example at the supply chain that there were double claims double counting of carbon credits also they survey surveyed buyers and sellers and they were reflecting their uncertainty with so many standard certifications different form limits of data then they look at the demand side and they saw there was a clear link with the nationally determined contributions there was not enough visibility of the pricing the rating information also not enough visibility of the Project Life Cycle and if we look at the market mechanisms in place we dont have centralized databases that include both voluntary and compliance markets data so in this increased fragmentation in the scale-up process of voluntary carbon markets the World Bank launched the climate Warehouse with the vision to become a public good infrastructure that would be building more trust enhancing transparency and integrity in the carbon markets and this infrastructure is in a way an aggregating force in the ecosystem which helps the reporting compliance it helps identify double counting and it connects through blockchain technology a peer-to-peer connection across the centralized Registries with the aim to link Aggregate and harmonize the underlying data to ensure transparent accounting of article 6. so thats the the full vision of the warehouse and happy to discuss more on the technical level and the granularity of it but back to you Charlie sure so um perhaps you could just um put some color for the for the audience around the sort of some of those Integrity issues around the double counting and double claiming and what what we actually mean in the context of carbon credits some double counting yeah so for instance we we have seen in the value chain that at the supply side many were arguing that some carbon credits may may be double counted or double claimed so uh this metadata infrastructure by providing a more harmonized data from all the Registries is aiming to have all this data publicly available surfacing in the climate Warehouse so then private sector and other service providers can come in leverage this data and provide services on due diligent checks as well as conflict identification so its enabling data that is harmonizing the space so then the service layer can come in and address this double counting issue anything you want to add to that uh Allison so maybe what I might just say is that as we move this article 6 world where every country has its own nationally determined contribution and were seeing a number of countries launching their own National Registries it becomes increasingly vital to track what goes on both in the voluntary space so major independent standards added a national level and making sure that products arent counted twice on kind of a compliance I look at the national level versus right right so youve obviously the World Bank has been looking at the this specific issue uh um for some time within the climate Warehouse is now what a couple of years in um maybe you could just talk a little bit about where its at on that on on the journey um in terms of the the evolution of rollout so this infrastructure uh the World Bank started uh prototyping testing and simulating uh this infrastructure in 2019 and this testing and simulation activities um had the aim to work with our partner in governments and organizations to jointly learn about supporting Technologies and also integration of registry systems and at the same time co-create design the architecture and the data model that would be in this infrastructure so we had three simulations and in each simulation we would be testing with a number of participants including National governments standard agencies and other broader markets participants and we would be testing the user interface the installation we would also be testing the data model and validating the granularity of the taxonomy that the warehouse would be using and so this last year we completed the final testing phase it started in March and it completed a few weeks ago we tested with 30 participating organizations including 11 National governments such as the UK Sweden Switzerland Peru Chile Rwanda Senegal and we also had independent standard agencies like bear gold standard acrn car and GCC and broader participants like UNF Triple C providing feedback as an observer and so we had 75 participants across 55 testing sessions and many other weekly office hours where we were validating the granularity and and leveraging our convening role to put everyone together in one room and ask about what they think about the taxonomy and the architecture and and the capacity that they have and so we completed the testing in August and right now this infrastructure as a public good will be transferred to a new independent entity that will be anchored in Singapore and maybe Alastair can talk more about this but basically at the World Bank we within our scope of work we do test prototype transfer knowledge and now were transferring the the public good to be deployed operationally and in terms of the blockchain that we are using I just wanted to mention that across these three years we have been testing with different blockchains so starting with uh ethereum hyperledger uh soft blockchain as a software with caledo and the last public blockchain that we tested with was Shia Network and so we dont favor Technologies over the others we are always open to work with the most innovators in the field and and make sure that we capture Lessons Learned and feedback and happy to discuss more on the role of blockchain in this initiative cool maybe just explore a little bit why blockchain you obviously identified pretty early on in in the Project Life Cycle that blockchain was a relevant technology but perhaps you could just um expand on on why blockchain is adding value in this use case okay okay so basically basic when we started then the framework of the climate Warehouse three years uh our team conducted with a Consortium of experts a technical assessment looking at what would be the most relevant and appropriate Technologies to support this infrastructure and all these assessments are captured in a report that I recommend looking at its called blockchain and emerging Technologies for enhancing post-2020 carbon markets and basically through this assessment we were looking at specific metric principles the first one Mark technologies that support Market integrity and environmental Integrity meaning that the capital is allocated effectively meaning that we are providing a comparability of the value of mitigation outcomes we also looked at inclusiveness is it facilitating and encouraging other jurisdictions and enhanced International cooperation and finally transaction costs are we reducing the transaction costs with this infrastructure and so we looked at how blockchain enable distributed ledgers are providing this uh robust rule implementation via the smart contracts that can deal and address this wide range of Regulation standards and then provide these accountability and transactional efficiency which is uh what is required by Regulators investors and others so um at the end looking at the functionalities of of blockchain technology that can support transactions of all types of emission related data it provides a consensus mechanism that it doesnt rely on a dominating entity but in a peer-to-peer validation Network and finally it also allows accommodates data that can be automatically or manually entered that seem to be an optimal technology to be supporting the mission of of this initiative excellent um maybe Aleister do you want to talk a little bit about the next phase and the operationalization of the uh the climate Warehouse certainly so as Gemma has identified the World Bank has done a great deal of work to develop the client Warehouse to where we are today um and we went through a process of Handover that means effectively were going to incorporate a new entity in Singapore which were in the process of doing in partnership with the government of Singapore Bank were in having gone through a governance process were establishing an interim Council which we made up of eight National Representatives three representatives from the Independent standards and then two Market participants were also in the process of establishing a user form and were receiving nominations for people who have an interest in participating that as well as a technical Forum which will Channel user feedback towards the interim Council to decide the future iterations the development of the time of the house going forward which does lead me into my next question and Surround how you envisage the sort of the broader carbon ecosystem interacting with the uh with the with the climate Warehouse so and the way that we envision the launch phase at the moment is were working with the independent standards and National Registries to have an agreement with them that they will be providing data into the climate warehouse and so well be actually announcing that around cop um with the idea to be operational in q1 of next year beyond that were going to start working with user forums so working with Market participants exchanges financial institutions project developers Etc to provide them access to the data and I think chain link is playing a vital role in providing that kind of API linkage between data in the camera Warehouse two Market participants right so it may be sort of building on that sort of how maybe you can talk about obviously the carbon ecosystem is building on a lot of different uh um blockchain platforms do you can you just talk a little bit about the role of interoperability in terms of the success of of the climate Warehouse certainly I mean if we look historically all the independent Registries run on a SQL database over the last few months and years weve seen a number of announcements around on-chain Registries that have been launched in your previous panel identified some of the more notable startups that are in the space and as we launch and we go from effectively 30 independent Registries to I have no idea where itll go but potentially upwards of 100 independent Registries right that are all on chain the idea of interoperability and this kind of transparency is obviously here all right any anything to add to that Gemma uh just I think that uh from the beginning when we were building um this infrastructure uh I didnt mention it in the beginning but basically we work in an agenda of an end-to-end digital ecosystem for carbon markets uh building these open source infrastructure that is connecting the dots and and improving the reporting mechanisms enhancing the transparency and one of the key principles is interoperability so we uh always had in mind the interability as one of the most important criteria to be not locked in one system and anticipating that there will be many other it providers and innovators that will bring added value and so we keep this principle and handing it over also theres a vision to keep building a road map and accommodate new stakeholders as they come right in the the last panel we talked about a lot of the Innovations going on in the in the market and you know what particularly pleases me is the fact that we are seeing so many constituents across this broad ecosystem of the Digital mrv Data guys the the registry guys the exchanges and then the you know many of the the Big Wall Street Banks uh um getting getting involved um with tokenization of of this uh this this asset class um perhaps you could talk about what what Innovations do you see that are most exciting coming through you know without naming names but you know what what um new use cases uh facilitated through technology are you most excited about in this uh this Market um so I think at the moment the focus for most startups is on the tokenization of existing assets so taking common credits that exists within independent Registries on a SQL database and then tokenizing them on a public blockchain I think thats quite an interesting starting point but what you can do with tokenized carbon credits is is it in itself fascinating and as you have this as a gem has identified an on-chain ecosystem so the end-to-end platform relying on geospatial data relying on iot data that allows you to streamline the entire process of the credit issuance I think thats probably quite exciting and then when you look to okay how can you tokenize X antivirus so four issuance of credits and you can track the life cycle so from the initial Inception of the project all the way until the final retirement and having a public record of the claims yeah I think thats probably going to be one of the more exciting innovations that exist Gemma yes and at the end the the the vision is that after the core national government Registries and independent standards integrate and share their data in this common taxonomy and the data surface is in a harmonized way the next phase would be to unleash private sector Innovation where other providers can offer secondary services leveraging this data for example ratings forecasting due diligent checks compliance reporting and many others right and we had a lot of demand and interest from the private sector during these three years of testing and development because they are eager to integrate then and use the data and of course we have to be a bit patient but once its launched and the data is there it will unlock a lot of innovation and services from the carbon Market participants right so we were obviously seeing this consultation from the the large registries Im currently taking place in parallel we are sort of seeing and we just heard announcement from from Chorus of launching a web 3 based registry uh carbon registry to to what extent do you do you envisage the mainstream Registries sort of adopting web3 with the full two-way Bridges and interoperability uh within the next few years without without naming names but is that do you think we will we will get there with the existing the incumbents or um do you think the the new startups will uh will come in and fill that role so certainly all the existing independent standards are actively looking at how blockchain can be deployed and how they can approach tokenization uh and I think if you would ask them okay what are the big priorities that you have one of them probably is okay how do we adopt blockchain and the benefits of blockchain but how do we do it in a way thats um doesnt impede the success that weve done already um so acting in an abundance of portion is perhaps moving more slowly than certain participants would want but I think over the next few years its likely that well see most if not all independent standards embracing right tokenization and the benefits of blockchain yeah I think its a great response okay so um so the climate Warehouse is obviously a really significant uh initiative in this industry and uh you know I applaud you guys for uh for the work that youve done um so maybe you can talk a little bit about the vision in terms of where where next um for for the warehouse can you repeat the question where next where are you taking climate Warehouse next the longer term Vision other related related initiatives um around around there right so basically what I was mentioning before we finalized this three year of testing and simulation uh the infrastructure is now ready uh to be handed over and we we just completed the Handover process that the new entity will be establishing in Singapore the next steps will be that uh the Registries share their data which will be surfacing in there and then the next steps would be to keep working on interoperability to keep Gathering consultations and inputs from the market participants to evolve this infrastructure in a way that meets the the man of the market especially focusing on the service layer so secondary services that keep and we see here in these panels right new Services New providers that are providing these emerging Technologies to to capture data and provide ratings and forecasting services so thats thats up to the new entity to decide and the in design yeah so I think Ill just say that the climate Warehouse will listen to the user group so the market will to a certain extent dictate what they have and what they need and within kind of certain parameters the current Warehouse will evolve in line with market growth weve seen in abundance of startups during ratings Etc that have specific needs uh and I imagine theyll Channel their input right so yeah obviously empowering the private sector Innovation uh um off the back of the the the this open data layer that youve established thats going to be really really powerful you know as we saw with some of the mrv use cases uh um earlier on I would just just like to uh thank the panelists and their contributions this afternoon and to highlight I think theres been considerable public private collaboration in building the climate Warehouse to where its at to date and in terms of a lot of the you know I8 or industry engagement and having been there last week there was there was certainly good good collaboration across across the two so uh on that Ill just uh thank uh Gemma and Aleister and uh um well be around for five minutes afterwards if there are any further questions thank you foreign The World Bank has developed the Climate Warehouse, a metadata layer that uses blockchain technology to connect heterogeneous carbon registries and improve transparency in global carbon markets. At SmartCon 2022, carbon market experts discuss how the Climate Warehouse will create more transparent and efficient climate markets and ultimately increase climate action.Featuring: Gemma Torras Vives, IT Specialist, World Bank Alasdair Were, Director of Digital Climate Markets, International Emissions Trading Association Charlie Moore, Head of Carbon Solutions, Chainlink Labs Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: Chainlink Chainlink,