SDG Exchange, an exchange platform for carbon credits that seeks to enable efficient, transparent and trusted global marketplaces for carbon offsets pursuant to Article 6 of the Paris Agreement, announced the global launch of its platform amid the ongoing COP26.
A release issued by the exchange stated that all assets listed on SDG Exchange platforms are compliant with Paris Agreement Article 6, fully verified by independent third-party auditing and meet the most rigorous standards, including ISO 14064-3.
Carbon credits entering SDGx’s Carbon Asset Monetization (CAM) marketplace are registered on the blockchain, eliminating current carbon market inefficiencies including double counting, double printing, double spending, and emerging double retirement. All transactions, custodianship, accounting and retirement are public records via an immutable distributed ledger.
Carbon credits can remain as a credit, or be transferred into a digital Internationally Transferred Mitigation Outcomes (ITMO) unit, allowing the transfer of carbon credits between countries and marketplaces globally. Pursuant to Article 6, one ITMO equals one metric ton of carbon dioxide equivalent. Asset transactions are fulfilled via Fiat, Bitcoin or Ethereum.
“SDGx’s platform delivers market infrastructure with transparency, trust, accountability, efficiency and global price normalization, which is exactly what countries and large private sector players need for global carbon offset markets to reach the scale and volume required to mitigate climate change,” Jason Cooner, CEO of SDG Exchange said.
Article 6 of the Paris Agreement calls for a robust global marketplace for trading carbon offsets as one of the primary tools to address climate change. Five years later, a global consensus on market standards remains elusive. The SDGx platform is a major step forward in market standard execution.
Earlier this week, Prime Minister Narendra Modi pledged at the COP26 UN climate conference in Glasgow that India will achieve net-zero emissions by 2070.
Speaking at the ‘High-Level Segment for Heads of State and Government’ during the UNFCCC’s 26th Conference of Parties (COP26) in Glasgow, the Indian Prime Minister also announced that the country would make one billion-tonne reduction in projected emissions from now until 2030.
Ramping up India's fight against climate change and global warming, Modi also announced several ambitious targets for the country
