Blockchain Press Releases
Key outcomes from a High-Level Roundtable on Voluntary Carbon Markets at The Summit for a New Global Financing Pact
PARIS, June 23, 2023 /PRNewswire/ — The UAE COP28 Presidency and the Glasgow Financial Alliance for Net Zero (GFANZ) co-hosted a high-level roundtable on Voluntary Carbon Markets (VCMs), as an official side event to the Summit for a New Global Financing Pact. His Excellency COP28 President Designate Dr Sultan Al-Jaber and GFANZ Co-Chair and UN Special Envoy for Climate Action and Finance Mark Carney addressed the session, which brought together policymakers, market standard setters, and leaders in business and finance committed to scaling climate finance.
The session confirmed the urgency of ensuring that high-integrity voluntary carbon markets (VCMs) are scaled, given the critical role they can play in mobilizing significant flows of cross-border financing to emerging markets and developing economies (EMDEs). Participants highlighted the role VCMs can play in financing some of our most urgent priorities, such as nature-based solutions, the accelerated phaseout of coal assets and investment in new climate technologies.
The discussion addressed that mobilizing VCMs, at the pace and scale needed to preserve nature and the carbon budget, would require addressing any remaining uncertainty on how compliance and voluntary, domestic and cross-border markets come together, and providing capacity building for those countries seeking to leverage the VCMs. Common foundations were needed, across a range of credit types, and coalescing around new supply and demand-side standards being developed by ICVCM and VCMI was critical. Important work to develop the supply of new types of credit – including those designed to accelerate much needed energy transition – was addressed.
The session also addressed the need to enable high integrity demand pathway to net zero for corporate buyers, whereby reductions of absolute emissions are prioritized, with appropriately defined scope to recognize compensation of residual emissions. The discussion emphasized that to secure the foundations of a high integrity, liquid market in 2023, efforts to align supply, demand, legal, and accounting standards must be facilitated and supported.
More specifically, participants addressed:
- Overarching purpose and rules. The session highlighted the specific role VCMs play in generating cross-border finance for nature preservation, energy transition, and new climate technologies, and the need to build understanding of how compliance and voluntary, domestic, and cross-border markets complement and interact with each other. It was noted that there need be no tradeoff between domestic mitigation and raising cross-border finance, even where host countries retain emissions reductions from voluntary projects to count towards their Nationally Determined Contributions (NDCs).
- High-integrity supply and demand. Speakers applauded progress made on the important work initiated at COP26, to build supply and demand-side standards to secure credibility, integrity, and transparency. Speakers noted the importance of supporting and coalescing around the final standards, led by ICVCM and their Core Carbon Principles and Assessment Framework on the supply side, and VCMI and their provisional Claims Code of Practice on the demand side.
- Building high integrity demand. Lessons learned by corporates and financial institutions seeking to finance high-integrity carbon projects were discussed. Participants noted the need for the private sector to prioritize absolute emissions reductions but with appropriately defined scope to recognize compensation of residual emissions. Participants noted that these efforts sit within a broader architecture of carbon accounting standards and net-zero frameworks and recognized these need to come together in a consistent and efficient way.
- Capacity building and de-risking. The challenges associated with building and scaling high-integrity carbon projects in EMDEs were recognized, as well as the need for innovative financing mechanisms to de-risk these projects in these regions. Attendees also emphasized the need to ensure that local communities and indigenous peoples remain at the core of project design and are able to reap maximum co-benefits.
Following the event, COP28 President-Designate, His Excellency Dr Sultan Al Jaber, said: “Voluntary carbon markets have the potential to be a powerful enabler in financing decarbonization efforts across industries, cities and entire economies, especially in emerging and developing economies. In order to achieve their potential, we must enhance the credibility of carbon markets and ensure that the highest-integrity standards are firmly in place. This can only be done through collaboration between governments, organizations, and civil society to create a supportive regulatory environment, establish a level playing field, and raise universal standards. By working together, acting in unity and focusing on integrity, the value of this vital tool in our collective decarbonization efforts will increase.”
UN Special Envoy on Climate Action and Finance and GFANZ Co-Chair, Mark Carney, said: “With only seven years left to halve emissions and keep 1.5 degrees alive, we cannot afford to leave major sources of climate finance untapped. Voluntary carbon markets could channel hundreds of billions of dollars to nature-based solutions and accelerated coal phaseout. Critical work this year to deliver supply and demand side standards for these markets can support a high ambition path to net zero, where companies prioritize decarbonization and compensate for residual emissions along the way.”
For all media enquiries and requests for interviews, please contact [email protected] For up-to-date COP28 news, follow us on Twitter @COP28_UAE
Notes to Editors:
COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.
View original content:https://www.prnewswire.co.uk/news-releases/key-outcomes-from-a-high-level-roundtable-on-voluntary-carbon-markets-at-the-summit-for-a-new-global-financing-pact-301861243.html
As headlines spotlight spot Bitcoin (BTC) exchange-traded fund (ETF) flows and institutions revealing their exposure to BTC ETFs, financial service infrastructure providers are quietly integrating blockchain technology into their systems.
According to a recent report from the Depository Trust & Clearing Corporation (DTCC), the firm conducted a pilot program named Smart NAV in collaboration with Chainlink (LINK). This initiative aimed to extend the capabilities of DTCC’s Mutual Fund Profile Service I (MFPS I), the industry standard for transmitting ‘Price and Rate’ data, also known as ‘NAV data.’
DTCC’s Mutual Fund Services business currently operates MFPS I, offering fund companies an automated solution to deliver prices and daily distribution rates to numerous clients for tens of thousands of mutual fund securities. Traditionally, DTCC collects price and rate data from funds/service providers and distributors, then aggregates and disseminates it at regular intervals through its message queue (MQ) and file-based methods.
The Smart NAV Pilot served as a digital extension of the existing MFPS I service, aiming to broaden and complement its current capabilities. DTCC recognized the growing interest in mutual fund tokenization and saw an opportunity for on-chain price and rate data to facilitate new initiatives. Taking a ‘chain-agnostic’ approach, meaning the ability to disseminate NAV data across virtually any blockchain, was crucial for enabling other use cases to build upon Smart NAV’s foundations.
Ten market participants, including major names like American Century Investments, BNY Mellon, and JP Morgan, collaborated with DTCC and Chainlink on the pilot. They evaluated the feasibility and industry value of implementing a distributed ledger technology (DLT)-based price and rate dissemination solution to unlock new benefits and support experimentation in the asset management space.
The pilot results demonstrated that delivering structured data on-chain and establishing standard roles and processes enabled foundational data to be integrated into various on-chain use cases, such as tokenized funds and bulk consumer smart contracts. This capability can fuel future industry exploration and empower numerous downstream use cases, including brokerage portfolio applications.
The simplest application of Smart NAV is to provide trusted, verifiable data on virtually any blockchain network to support its use in business workflows. During the pilot, DTCC acted as both the provider and governor of the on-chain data solution, while Chainlink’s CCIP served as the interoperability layer. The core capability explored is adaptable across a wide range of use cases, potentially enhancing operational efficiency and streamlining processes.
Based on the positive findings, DTCC sees an opportunity to expand the scope of the pilot to explore broader use cases beyond price and rate data dissemination and across more blockchains.
Source: kitco.com
The post DTCC partners with Chainlink and JPMorgan to pilot blockchain integration for fund data appeared first on HIPTHER Alerts.
Blockchain
Is Donald Trump’s Recent Crypto-Friendly Stance Genuine Or Opportunistic? Experts Weigh In
Presidential candidate Donald Trump recently made a surprising endorsement of crypto, suggesting that he would ease hostility towards cryptocurrencies in the US if re-elected.
Trump stated, “If we’re going to embrace it, we have to let them be,” and urged crypto supporters to vote for him. This marks a significant shift from his previous criticisms of Bitcoin and other cryptocurrencies in 2019, where he labeled them as “not money” due to their volatility and lack of intrinsic value, expressing concerns about their potential use in illegal activities like drug trafficking.
Crypto’s Impact on Voter Preferences
With approximately 20% of American adults reportedly holding crypto, candidates are taking notice. Markus Levin of XYO Network sees embracing crypto and implementing solid regulation as a strategic move in elections and sound policy overall. He believes Trump’s apparent positive stance towards the industry will sway some voters in his favor.
Jonathan Thomas of Blueberry suggests that Trump’s crypto-friendly rhetoric may attract voters who prioritize crypto as a single-issue matter.
Skepticism Surrounding Trump’s Crypto Support
However, not everyone is convinced by Trump’s newfound endorsement of crypto. NFT enthusiast Thorne Melcher views it as “flimsy” and warns against the potential for conservative politics to restrict crypto due to its use in areas such as trans hormone replacement therapy and abortions.
While some may see Trump’s support for crypto as a reason to vote for him, others like Stephanie Vaughan of Veda caution against assuming substantial benefits from this endorsement alone. Vaughan highlights the Biden Administration’s hardline stance on crypto regulation by enforcement, which she believes is unworkable and could push voters towards Trump.
Trump’s Strategy to Attract Crypto Voters
Trump’s pivot from crypto skeptic to NFT enthusiast reflects a strategic move to appeal to voters interested in crypto. Vaughan suggests that many crypto-focused voters may have supported Biden in the last election, but Trump is actively courting them by recognizing the industry’s significance.
By acknowledging crypto’s growing influence on voters, Trump aims to draw support away from Biden, positioning himself as the candidate more aligned with the interests of the crypto community.
Source: cryptonews.com
The post Is Donald Trump’s Recent Crypto-Friendly Stance Genuine Or Opportunistic? Experts Weigh In appeared first on HIPTHER Alerts.
droppGroup, a trailblazer in amalgamating blockchain and artificial intelligence, has unveiled droppLink, an innovative service platform poised to potentially revolutionize AI management and development across various blockchains. The architecture of droppLink empowers users with control over data contributions, abstracts computational requirements, and streamlines micropayments.
Stakeholders, dubbed Computational Resource Patrons (CRPs), contribute to the infrastructure costs and share profits from the facilitated AI operations.
As a web3 development firm, droppGroup specializes in deploying patented innovations in AI, machine learning (ML), object recognition, streaming, crypto, augmented reality (AR), virtual reality (VR), and mixed reality (MR). droppGroup is now advancing multi-modal AI systems with droppLink.
Gurps Rai, co-founder and CEO of droppGroup, explains that droppLink tokenizes each stage in an AI model’s lifecycle across multiple blockchains, such as Solana, Polygon, Ethereum, Base, and Hyperledger Fabric 2.5, ensuring unparalleled data integrity and expediting AI development.
Rai added, “This process upholds data ownership rights while establishing a transparent, immutable usage record via our Proof of Gen and Data Genesis protocols.”
Christopher J. Kelly, co-founder and president of droppGroup, underscores the company’s commitment to pushing the boundaries of multi-modal AI systems at the convergence of physical and digital realms, introducing cutting-edge solutions to the market.
Scheduled to speak on the monitoring and evaluation panel at the AWS Summit on May 22, Kelly will address topics like data integrity in AI and its alignment with the company’s mission.
With the AI market projected to reach $297 billion by 2027, ethical considerations such as data provenance, intellectual property protection, and fair compensation are paramount.
Accessible through droppPhygital, droppLink leverages multi-chain integration and robust tokenization to bolster data integrity. By melding blockchain technology with artificial intelligence, droppLink establishes an ethical management layer, aiming to reshape the AI landscape by fostering trust, transparency, and innovation.
Source: cryptotimes.io
The post droppGroup Unveils Platform with AI-Blockchain Integration appeared first on HIPTHER Alerts.
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