Sensand qualifies to be Code of Conduct signatory
Earth Tech company Sensand, which is launching a carbon credit exchange on the blockchain, has been accepted as a signatory to Australia’s Carbon Industry Code of Conduct.
The approval confirms that the Melbourne-based company supports best-practice operations from an integrity, transparency, and accountability perspective.
When operational in early 2023, Sensand will convert carbon credits into digital carbon assets which will make carbon credits more secure and traceable.
“It will address current issues such as greenwashing, double counting, transparency and security,” said Co-Founder and CEO Peter Moulton. “Putting carbon credits on the blockchain will also provide the provenance details so buyers will know exactly what they are buying.”
In reflecting on the governance and risk-related outcomes of COP27, Sensand Co-Founder and Executive Chairman Davi La Ferla said the team was on target to launch the world’s first environmental digital assets exchange in 2023.
“This could provide the pivotal integrity required to realise commitments around cutting greenhouse gas emissions, support the reform and recapitalisation of the World Bank and other publicly funded finance institutions,” he said. “It will also accelerate the establishment and operation of the loss and damage fund that developing countries are dependent on to rescue and rebuild their physical and social infrastructure.”
The code was set up by the Carbon Market Institute in 2018 “to help achieve our shared vision of a well-functioning emissions reduction and carbon sequestration industry in Australia at the scale required to significantly contribute to Australia’s greenhouse gas reduction commitments under the Paris Agreement”.
The Code’s role in the carbon market is significant in that it:
- defines industry best practice for market participants including project developers, agents, aggregators and advisers in Australia’s carbon industry;
- promotes consumer protection and appropriate and open interaction with clients;
- provides guidance to scheme participants;
- promotes market integrity, transparency, and accountability; and
- displays international leadership in Australia’s carbon market.