THE global carbon offset market is on the verge of transformation as nations recognize the value of their natural resources, particularly forests and mangrove swamps, in combating climate change.
Governments are increasingly focused on retaining more benefits from emissions-reduction projects, both as revenue sources and as contributions toward national climate goals.
Amidst this upheaval, digital carbon registries emerges as a crucial tool that assists nations in navigating the changing landscape of carbon markets, enabling transparency, compliance, and effective management of greenhouse gas (GHG) accounting.
Unlocking the Value of Carbon Credits
Just as commodities markets have demonstrated the value of natural resources like gold and copper, countries now view carbon credits as a national asset.
The wake-up call for governments stems from the realization that foreign project developers often reap the majority of revenues generated by emissions-reduction projects within their borders.
Digital carbon registries provide a means for countries to assert control over their carbon credits and ensures a fair distribution of benefits.
Enhancing Sovereign Trading
Under the Paris Agreement, all countries, including developing nations, have emissions targets and can utilize carbon credits to meet their obligations.
Governments now recognize that carbon emissions and sequestration represent sovereign liabilities and assets, respectively.
Digitalization empowers nations to manage and trade their carbon credits effectively, supporting their international climate commitments while maximizing the economic benefits derived from these valuable assets.
Transparency and Compliance
Digital carbon registries offers end-to-end digital links to voluntary and national standard bodies, fostering transparency and eliminating the risk of double counting during international credit transfers.
By digitizing the GHG accounting process, the platform reduces the potential for human errors and ensures compliance with the Paris Rule Book.
This level of transparency instils confidence in buyers, encouraging engagement with countries that demonstrate credible mitigation goals aligned with the spirit of the Paris Agreement.
Supporting National Determined Contributions (NDCs)
Meeting the requirements of the Paris Accord is no easy feat, but digital back office services cater to the complexities of GHG accounting, enabling informed decision-making and helping countries achieve their climate goals, thereby assisting national bodies responsible for managing countries' NDCs.
As nations revamp the rules of global carbon markets, digital carbon registries emerge as an essential tool for countries to assert control, enhance transparency, and maximize benefits from emissions-reduction projects.
By providing end-to-end blockchain-based digital links, ensuring compliance, and supporting effective GHG accounting, the platform empowers nations to make informed decisions and contribute meaningfully to their National Determined Contributions.
In the face of evolving regulatory frameworks and growing demand for clarity, stability, and predictability, national digital carbon registries paves the way for a sustainable and equitable future in the fight against climate change.
* Dr Rais Hussin is the president and chief executive officer of EMIR Research, a think tank focused on strategic policy recommendations based on rigorous research.
** The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the position of Astro AWANI.
Dr Rais Hussin
Thu Jun 08 2023
![Digital carbon registries empowers nations in shaping the future of global carbon markets Digital carbon registries empowers nations in shaping the future of global carbon markets](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2021-09/41631348921_carbon.jpg)
Governments now recognize that carbon emissions and sequestration represent sovereign liabilities and assets, respectively. - Photo for illustration purposes only
![Tentera Israel serang bangunan di Nuseirat, 5 terkorban Tentera Israel serang bangunan di Nuseirat, 5 terkorban](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-08/81724020667_tbNuseirat.jpg)
Tentera Israel serang bangunan di Nuseirat, 5 terkorban
Kejadian dilaporkan berlaku menjelang lawatan Setiausaha Negara AS, Antony Blinken untuk mengadakan rundingan gencatan senjata.
![Blinken tiba di Asia Barat usahakan gencatan senjata Gaza Blinken tiba di Asia Barat usahakan gencatan senjata Gaza](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-08/61724022418_tbAntonyBlinken.jpg)
Blinken tiba di Asia Barat usahakan gencatan senjata Gaza
Blinken akan bertemu dengan pemimpin kanan Israel termasuk Perdana Menteri Benjamin Netanyahu.
![Cadangan baharu gencatan senjata terlalu ikut kehendak Israel - Hamas Cadangan baharu gencatan senjata terlalu ikut kehendak Israel - Hamas](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-08/51724022334_tbMaghazirefugeeca.jpg)
Cadangan baharu gencatan senjata terlalu ikut kehendak Israel - Hamas
Hamas berkata cadangan baharu itu sejajar dengan kehendak Netanyahu yang enggan menamatkan perang dan mengundurkan tentera Israel dari Gaza.
![Tengku Mahkota Pahang murka kenyataan hasutan dibuat Muhyiddin, gesa polis siasat Tengku Mahkota Pahang murka kenyataan hasutan dibuat Muhyiddin, gesa polis siasat](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2022-06/51654388366_TengkuHassanal.jpg)
Tengku Mahkota Pahang murka kenyataan hasutan dibuat Muhyiddin, gesa polis siasat
Kenyataan Muhyiddin tidak matang, menampakkan seolah-olah beliau masih tidak boleh menerima kenyataan yang beliau tidak dilantik sebagai Perdana Menteri.
OpenAI sekat akaun ChatGPT kumpulan Iran
OpenAI menutup akaun kumpulan Iran yang menggunakan perkhidmatan chatbot, ChatGPT untuk menghasilkan kandungan bertujuan mempengaruhi Pilihan Raya Presiden Amerika Syarikat (AS) dan isu lain.
Kes rogol, bunuh: Protes merebak di india selepas kes rogol, bunuh doktor
Beberapa doktor muda India melakukan mogok tidak bekerja pada Ahad kerana menuntut keadilan segera bagi rakan sekerja mereka yang dirogol dan dibunuh.
Suspek utama kes bunuh Istiqomah dituduh di mahkamah hari ini
Suspek utama kes pembunuhan kejam Istiqomah Ahmad Rozi, akan dituduh di Mahkamah Majistret Alor Gajah, hari ini, iaitu hari yang sama di mana jenazah mangsa dibenarkan dituntut oleh keluarga.
Keluarga Cikgu Istiqomah dibenar tuntut mayat hari ini
Selepas lapan bulan, jenazah Allahyarham Istiqomah Ahmad Rozi, 33, guru wanita yang dibunuh kejam dan mayatnya ditemukan dalam keadaan tragis di Kampung Tanjung Rimau, Pulau Sebang, Alor Gajah, tahun lepas akan diserahkan kepada keluarganya hari ini.
![PM Singapura gariskan inisiatif baharu pada perhimpunan hari kebangsaan PM Singapura gariskan inisiatif baharu pada perhimpunan hari kebangsaan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-05/81715768697_LawrenceWong.jpg)
PM Singapura gariskan inisiatif baharu pada perhimpunan hari kebangsaan
Perdana Menteri Singapura Lawrence Wong menggariskan beberapa inisiatif baharu merangkumi empat bidang utama.
Jokowi dijangka adakan rombakan kabinet
Presiden Indonesia Joko Widodo dijangka akan mengadakan rombakan kabinet pada Isnin pagi.
Menurut media tempatan, terdapat tiga orang menteri dan ketua badan kerajaan yang akan dilantik pada 9 pagi waktu tempatan.
Menurut media tempatan, terdapat tiga orang menteri dan ketua badan kerajaan yang akan dilantik pada 9 pagi waktu tempatan.