Financial Specialist, World Bank
"Testing the use of blockchain to build a meta-registry for decentralized climate markets – results from the first simulation of the Climate Warehouse prototype."
The Paris Agreement introduced a bottom-up approach to addressing climate change by enabling countries to pledge individual commitments through nationally determined contributions (NDCs). Furthermore, Article 6 of the Paris Agreement recognizes that Parties may engage in bilateral cooperative approaches, including through the use of internationally transferred mitigation outcomes (ITMOs), to achieve their NDCs. In its first phase, the Climate Warehouse identified potential prerequisites and requirements of Article 6.2 and conducted a pilot simulation of a prototype to test blockchain's utility as the underpinning platform technology to connect heterogeneous registries to track units and avoid double counting issues across those registries.