Bite+

Blockchain and Emerging Digital Technologies for Enhancing Post-2020 Climate Markets

The Blockchain and Emerging Digital Technologies for Enhancing Post-2020 Climate Markets report is focused on the potential and issues associated with emerging digital innovations, principally blockchain and its applications, which could enable a new architecture to be designed and operationalized to support the next generation of climate markets and its related diversity of assets in the post... view more

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Blockchain, Big Data, the Internet of Things (IoT), smart contracts and other disruptive technologies hold out the promise of addressing the needs of new generation climate markets post-2020.

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A functioning climate market requires rules, institutions, and infrastructure to enable proper market operation, transparent accounting and to ensure environmental integrity. A fundamental building block for market infrastructure is the accounting system(s) in which tradable units are held, transferred, retired, and recorded.

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To support new generation markets post-2020, policymakers and stakeholders need the means to assess the suitability and effectiveness of direct, indirect, and other, more innovative, forms of cross-jurisdictional transacting. Blockchain technology can synthesize and support the transaction of all types of emission-related data (e.g., facility level, projects, programs, quantified production, and life cycle attributes) in a shared, globally accessible environment.

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While considering how emerging technologies and practices can be deployed, it is essential to support different sectors and jurisdictions, proceeding at various rates and applying combinations of practices and technologies, to ensure a stable transition to a new global “disruptive technology” architecture. This Bite+ highlights the recommendations that aim to support a rapid phase of capacity building and implementation of emerging digital solutions.