Co-Chairs GCMU, Sylvera, RMI and S&P
Global Commodity Insights invite experts to advance transparency in
carbon markets and collaborate on Carbon Data Open Protocol
-Lack of Standardization Fragments Market
& Impedes Markets' Potential as Driver of Climate
Action-
LONDON and NEW
YORK and SINGAPORE,
March 18,
2025 /PRNewswire/ -- A group of 30 leading
businesses, nonprofits and public sector organizations have joined
forces to help facilitate and scale carbon markets by launching an
open, multi-stakeholder initiative to develop a protocol that
harmonizes the definitions and rules that standardize data
describing carbon crediting projects and carbon credits across
markets, geographies and activity types.
The group's Carbon Data Open Protocol (CDOP) aims to create the
processes and definitions for greater standardization, transparency
and fungibility to improve integrity and dramatically scale carbon
markets, according to the committee-led initiative's four
co-chairs, The Global Carbon Market Utility (GCMU), a
financial services organization focused on building market
infrastructure to grow the carbon market, Sylvera, a leading
provider of carbon data, RMI, founded as Rocky Mountain
Institute, an independent, nonprofit provider of market-driven
greenhouse gas emissions intervention solutions,
and S&P Global Commodity Insights, the leading
independent provider of information, analysis and benchmark prices
in energy, commodities and energy transition markets, and global
provider of carbon market registries.
Voluntary carbon market stakeholders lack a generally accepted
and commonly used protocol for project and credit data. This lack
of standards keeps collaboration and data sharing across parties
fragmented, cumbersome, and expensive, and impedes the markets'
full potential as a driver of meaningful climate
action.
CDOP will complement and build on various industry and
market-wide initiatives, drawing on the work of the Climate Action
Data Trust (CAD Trust), The Integrity Council for the Voluntary
Carbon Market (ICVCM) Continuous Improvement Work Program #7,
the World Bank's Carbon Market Infrastructure Working Group,
Interwork Alliance and other international organizations that
focus on climate. Crucially, it will maximize alignment with the
emerging frameworks under Article 6 of the Paris Agreement. CDOP
has already been recognized by The World Bank Group's Carbon
Markets Infrastructure Working Group* as an example of a
much-needed multi-stakeholder initiative to address
interoperability in carbon markets.
"A successful global carbon market requires transparency,
rigorous standards and, critically, high-quality data to ensure
that every credit traded represents a real, measurable reduction in
emissions," said Allister Furey,
CEO at Sylvera. "By breaking down barriers between data
standards, we can unlock the full potential of carbon markets to
drive meaningful climate action. We look forward to bringing
together voices from across the sector to contribute towards the
development of CDOP."
Leanne Todd, Head of Energy
Transition, Sustainability & Services, S&P Global Commodity
Insights, commented, "Not only are we excited about expertise
of the entities onboard at the initiative's launch, but we actively
invite other interested parties to join the collaboration. With our
expertise in environmental registries infrastructure, spot market
price benchmarks for carbon credits, and experience with
collaborative protocols initiatives, we are excited about helping
to lead and contribute to this important carbon data standards
initiative and look forward to its outcome."
"RMI is dedicated to advancing transparency, trust, and
standardization in carbon markets. We are excited to collaborate
with fellow CDOP members to unify perspectives, dismantle data
silos, and develop an open-source framework that surfaces critical
carbon credit performance data and improves market
interoperability," said Bonnie Lei, Principal, RMI Carbon Markets
Initiative.
Over the course of 2025, the committee will collaborate with
players across the carbon market ecosystem to refine a set of
principles to inform the purpose, use, and development of a common
data schema. Not only will it include proposed definitions and
rules that standardize data describing carbon crediting projects
and carbon credits across markets, geographies, and activity types,
it will also put forward a governance framework for maintaining and
updating the protocol.
The first version of the protocol is expected to be launched
later this year at New York Climate Week.
Chris Canavan, CEO at GCMU,
said, "We welcome this effort to create a Carbon Data Open
Protocol, an industry-wide, public good data standard like those at
the center of other scaled-up financial markets. This initiative
will help us achieve high-quality, standardized data and build
consensus among players from across carbon markets – registries,
carbon ratings agencies, validation and verification bodies and
other infrastructure providers – needed to achieve scale, and more
critically, real climate impact."
SUPPORT FOR INITIATIVE GROWING
"Adoption of common data practices is a crucial step toward
greater transparency and informed decision making in carbon credit
markets," said Ieva Steponaviciute, Director, Strategy and
Outreach at Climate Action Data Trust. "From evaluating impact
on a project level, to supporting high integrity accounting in
policy contexts and alignment with Paris goals, speaking a common language will
help increase trust in carbon credit data and connect data systems
with higher efficiency. At CAD Trust, we share the open data and
public good principles of the Protocol and are happy to support
efforts, share our expertise, and ensure complementarity for the
benefit of all future users."
Puro.earth Chief Operating Officer Benno Fuchs said, "Puro.earth is at the
forefront of bringing transparency and credibility to carbon
markets by making data as accessible as possible—that's why we're
happy to contribute to the Carbon Data Open Protocol (CDOP) efforts
on standardizing data processing even further to allow for maximum
efficiency and usability of data in the carbon
markets."
Benktesh Sharma, Senior Director of Technology Solutions at
Verra, added, "I am pleased to participate in the formulation
of the Carbon Data Open Protocol (CDOP). CDOP's collaborative
approach has the potential to address transparency,
interoperability, and accessibility in the carbon
markets."
Lukas May, Chief Commercial
Officer at Isometric, said, "We believe transparency is
essential for rebuilding trust in carbon markets. A common language
will help with that, so we are pleased to be supporting the efforts
of the Carbon Data Open Protocol."
*CDOP was referenced in The World Bank Group's 'A
Roadmap for Safe, Efficient, and Interoperable Carbon Markets
Infrastructure' published by its Carbon Markets
Infrastructure Working Group.
MEDIA CONTACTS:
Benjamin Carr (Sylvera),
benjamin.carr@mhpgroup.com
Monica Greco (GCMU),
monica.greco@gcmu.net
Sara Herrin (RMI),
sherrin@rmi.org
Kathleen Tanzy (S&P Global
Commodity Insights), kathleen.tanzy@spglobal.com
About Sylvera
Sylvera, a leading provider of carbon ratings, tools and data,
is on a mission to incentivize investment in real climate action.
Global corporations, financial institutions, and governments rely
on Sylvera to develop and execute their carbon credit strategies,
drive measurable progress toward net zero goals, and optimize
returns on investment. Co-founded in 2020 by Dr. Allister Furey and Sam
Gill, the company is headquartered in London with additional offices in Belgrade, New
York, and Singapore. To
date, Sylvera has raised over $96
million from investors such as Balderton Capital, Index
Ventures, Insight Partners, LocalGlobe, and Salesforce
Ventures.
About GCMU
The Global Carbon Market Utility (GCMU) is a public utility with
a mission to transform the carbon market into a fully developed
financial market. The GCMU serves as a central book of record,
offering best-in-class financial market infrastructure and registry
services. This infrastructure will enable financial intermediaries,
like banks and insurance companies, to enter the market, provide
project financing, and house risk for end-buyers. The GCMU was
launched at COP27 in 2022.
About RMI
RMI, founded as Rocky Mountain Institute, is an independent
nonprofit founded in 1982 that transforms global energy systems
through market-driven solutions to align with a 1.5°C future and
secure a clean, prosperous, zero-carbon future for all. We work in
the world's most critical geographies and engage businesses,
policymakers, communities, and NGOs to identify and scale energy
system interventions that will cut greenhouse gas emissions at
least 50% by 2030. RMI has offices in Basalt and Boulder,
Colorado; New York City;
Oakland, California; Washington, D.C.; and Beijing.
About S&P Global Commodity Insights
At S&P Global Commodity Insights, our complete view of
global energy and commodity markets enables our customers to make
decisions with conviction and create long-term, sustainable
value.
We're a trusted connector that brings together thought leaders,
market participants, governments, and regulators and we create
solutions that lead to progress. Vital to navigating commodity
markets, our coverage includes oil and gas, power, chemicals,
metals, agriculture, shipping and energy transition.
Platts® products and services, including leading
benchmark price assessments in the physical commodity markets, are
offered through S&P Global Commodity Insights. S&P Global
Commodity Insights maintains clear structural and operational
separation between its price assessment activities and the other
activities carried out by S&P Global Commodity Insights and the
other business divisions of S&P Global.
S&P Global Commodity Insights is a division of S&P
Global (NYSE: SPGI). S&P Global is the world's foremost
provider of credit ratings, benchmarks, analytics and workflow
solutions in the global capital, commodity and automotive markets.
With every one of our offerings, we help many of the world's
leading organizations navigate the economic landscape so they can
plan for tomorrow, today. For more information visit
https://www.spglobal.com/commodityinsights.
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SOURCE S&P Global Commodity Insights; The Global Carbon
Market Utility; Sylvera; RMI
