<\/p>\n
S&P Global Commodity Insights has begun exploratory testing with JP Morgan\u2019s blockchain division, Kinexys, to see whether distributed ledger technology could improve carbon credit operations and support climate objectives. The collaboration focuses on tokenizing carbon credits at the registry level, potentially addressing longstanding issues around standardization and market fragmentation.<\/p>\n
The testing centers on S&P Global\u2019s Environmental Registry infrastructure, which tracks renewable energy projects, afforestation initiatives and direct air capture technologies that generate carbon offset credits. Through tokenization, stakeholders could more easily access and transact with registry data, while blockchain\u2019s transparency and immutability features aim to build greater trust in voluntary carbon markets. The current phase examines account management, project oversight, and credit lifecycle processes.<\/p>\n
This initiative joins a growing number of blockchain applications in carbon markets. The World Bank backed Climate Action Data Trust launched a meta registry using blockchain, integrating data from major registries including Verra, Global Carbon Council, and the UN\u2019s Clean Development Mechanism to prevent double counting of credits. This initiative sounds similar to S&P\u2019s Meta Registry. Separately, Northern Trust has deployed a DLT platform for carbon ecosystems, with Bayer among the companies using the solution. These efforts followed significant controversy during the previous crypto boom when registries were not happy about some of the tokenization projects.<\/p>\n
Jonty Rushforth, Head of Product & Portfolio for Energy Transition at S&P Global Commodity Insights, emphasized the potential scope of the work. \u201cIf this collaborative testing progresses as hoped, and eventually includes our Meta Registry, this could extend our environmental registry infrastructure solutions to the financial industry, creating a transformative carbon market ecosystem.\u201d<\/p>\n
The testing reflects broader industry efforts to standardize carbon credit infrastructure. Keerthi Moudgal, Head of Product at Kinexys Digital Assets, stated: \u201cOur shared aim is to establish standardized infrastructure that enhances information and price transparency, paving the way for financial innovation and increased market liquidity.\u201d Kinexys (formerly Onyx) has processed over $1.5 trillion in transaction volume since 2015, handling more than $2 billion daily across its platform.<\/p>\n
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