Improving Voluluntary Carbon Markets Through Standardization and Blockchain Technology
General Law Division
The impacts of climate change, if left unchecked, will result in significant economic and ecological harm globally. While reducing carbon emissions in a sustainable manner may mitigate these effects, a concerted effort is required from all nations. Carbon markets present an opportunity to address emissions while promoting economic growth and technological advancement in carbon sequestration initiatives. However, the current state of the global voluntary carbon market is fragmented, with little uniformity and lacking transparency, which can undermine its effectiveness. To address these challenges, an industry-wide carbon sequestration standard, supported by a transparent blockchain protocol, should be implemented to enhance the existing voluntary carbon market structure in the United States. This new standard would require market participants to comply with uniform and transparent reporting protocols, mandating the reporting and disclosure of carbon inventory and methodology by carbon registries in the United States. The combination of a standardized carbon market and blockchain protocol will provide autonomous reporting of all carbon credit transactions, from creation to retirement. In conclusion, this proposal aims to enhance the voluntary carbon market through proper standardized emission offsetting, promoting economic growth and technological innovation, as the market scales over time.
Espenan, Nicholas P.
"Improving Voluluntary Carbon Markets Through Standardization and Blockchain Technology,"
Wyoming Law Review: Vol. 23:
1, Article 4.
Available at: https://scholarship.law.uwyo.edu/wlr/vol23/iss1/4