Open data platform launched to harmonise voluntary carbon market

A group of 30 businesses, non-profits and public sector organisations have jointly launched the Carbon Data Open Protocol (CDOP) to standardise carbon project and carbon credit data.

Recognising that the lack standardised information and definitions keeps collaboration and data sharing across voluntary carbon market stakeholders fragmented and expensive, the group – led by co-chairs The Global Carbon Market Utility (GCMU), Sylvera, RMI and S&P Global Commodity Insights – aims to improve harmonise data with the goal of “dramatically scaling 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." 

Building on other carbon market integrity initiatives

Several initiatives to improve the integrity and transparency of the carbon market have been underway in the last couple of years, after trust in the carbon market fell to record lows following a number of controversial reports on its governance and the effectiveness of carbon credits.

The protocol (CDOP) builds on these initiatives, including the work of the Climate Action Data Trust (CAD Trust), The Integrity Council for the Voluntary Carbon Market (ICVCM), the World Bank's Carbon Market Infrastructure Working Group and Interwork Alliance.

It also aims to maximise alignment with the emerging frameworks under the recently finalised Article 6 of the Paris Agreement. 

"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," added Bonnie Lei, Principal, RMI Carbon Markets Initiative.

Other stakeholders invited to join

The first version of the protocol is expected to be launched later this year at New York Climate Week. Until then, the founding members will collaborate with stakeholders across the carbon market ecosystem to refine a set of principles to inform its purpose, use, and development. 

It will include proposed definitions and rules that standardise data describing carbon crediting projects and carbon credits across markets, geographies, and activity types, as well as a governance framework for maintaining and updating the protocol.

Leanne Todd, Head of Energy Transition, Sustainability & Services, S&P Global Commodity Insights, commented, "Not only are we excited about the expertise of the entities onboard at the initiative's launch, but we actively invite other interested parties to join the collaboration."