A coalition of 30 voluntary carbon market stakeholders, spanning businesses, non-profits, and public sector organisations, has launched a new initiative to boost carbon markets and improve data harmonisation for carbon credits and projects.
The Carbon Data Open Protocol (CDOP), unveiled on Tuesday, seeks to introduce greater standardisation, transparency, and interoperability within carbon markets, enhancing integrity and scalability, according to a press release.
The initiative is co-chaired by four key organisations:
- Global Carbon Market Utility, a financial services entity focused on carbon market infrastructure,
- Sylvera, a carbon data analytics firm,
- RMI, a sustainability and decarbonisation non-profit, and
- S&P Global Commodity Insights, a division of Standard & Poor’s specialising in energy transition markets and commodities.
CDOP aims to build on existing industry efforts while complementing work undertaken by key climate-focused bodies, including the Climate Action Data Trust, the Integrity Council for the Voluntary Carbon Market, and the World Bank’s Carbon Market Infrastructure Working Group.
It also seeks to align with frameworks under Article 6 of the Paris Agreement, which sets guidelines for international cooperation on climate targets. Article 6, approved at COP26 in Glasgow, is designed to enhance collaboration between nations, promote sustainable development, and unlock financial support for developing countries. Last year’s COP29 saw the approval of Article 6.4, known as the Paris Agreement Crediting Mechanism, which facilitates verifiable emission reduction projects and attracts funding for their implementation.
One of CDOP’s primary objectives is to harmonise voluntary carbon markets by tackling the absence of a widely accepted protocol for carbon credit and project data. This lack of uniform standards has hindered collaboration and data-sharing, limiting the market’s potential to drive effective climate action.
The four-chair committee plans to work with stakeholders across the voluntary carbon sector throughout 2025 to develop a set of principles that will establish consistent definitions and rules for carbon crediting projects across different markets, regions, and activity types. A governance framework for maintaining and updating the protocol is also in the works.
The first iteration of CDOP’s framework is set to be unveiled at New York Climate Week later this year, marking a significant step toward improving transparency and efficiency in voluntary carbon markets.
By enhancing data reliability and standardisation, the initiative hopes to bolster investor confidence, encourage cross-sector collaboration, and accelerate the transition towards a more effective and trustworthy carbon market.
