Update on IETA Council Task Group on Integrity in Digital Climate Markets
GENEVA, 15 February – Last week, the IETA Council‘s Task Group on Integrity in Digital Climate Markets began its review of new digital market developments. Today, it announced plans to continue its consultations during February 2022 and to present findings and recommendations at a public webinar on 9 March 2022. Pre-registration is required – and is available here.
“The Task Group is hearing views from market leaders and digital innovators as we form a set of guiding principles for integrity in digital carbon markets,” said Lisa DeMarco, CEO of Resilient LLP and Chair of the IETA Council. “Our starting point is to ensure that the potential of digital markets is harnessed to help support the goals of the Paris Climate Agreement, delivering ambition with integrity and transparency.”
“Used properly, digital offerings offer exciting potential to broaden the effectiveness, efficiency and accessibility of carbon markets.,” said Dirk Forrister, IETA President and CEO. “Our aim is to develop a set of principles that will help assure public trust in these new market offerings.”
The Task Group is examining four key questions:
What are the opportunities for digital tools (digital monitoring/reporting/verification, distributed ledger technology and/or tokenised carbon credits) to improve market efficiency and broaden market access to new and developing parties?
What consumer and other risks should digital offerings address in providing new market services?
How do digital offerings in the carbon market relate to the Article 6 guidance agreed at COP 26 in Glasgow – and how can they be used to deliver the goals and objectives of the Paris Climate Agreement?
What market integrity principles and/or regulatory recommendations should IETA support for digital market participants and service providers?