December 6, 2023

UN Cooperates with HBAR Foundation For Digitizing Carbon Markets

UN Cooperates with HBAR Foundation For Digitizing Carbon Markets

UN Cooperates with HBAR Foundation For Digitizing Carbon Markets

The HBAR Foundation, in partnership with the United Nations, Envision Blockchain, and Swirlds Labs, has launched a new platform for digitizing carbon markets.

The joint product, called Guardian and Managed Guardian Service, is designed to facilitate digital measurement, reporting, and verification for carbon markets.

The platform is powered by Hedera’s blockchain technology and its native token, HBAR. Following the announcement, the price of HBAR rose by 2.6% to $0.06, according to CoinGecko.

The UN Climate Change Global Innovation Hub aims to improve transparency and accessibility of the carbon market without relying on a centralized intermediary. The product is designed to streamline and digitize climate change mitigation methodologies. According to Massamba Thioye, Project Executive at the United Nations Framework Convention on Climate Change’s Global Innovation Hub, these efforts represent a significant step forward.

In this regard, Vice President of Sustainability & ESG at the HBAR Foundation Wes Geisenberger said: “The addition of 15 new methodologies to the largest digitized and open source methodology library coupled with groundbreaking search functionality for project data, opens new possibilities and innovations based on easily accessible project information.”

The United Nations has announced another collaboration related to blockchain technology this quarter, indicating the organization’s growing interest in distributed ledgers.

Previously, the United Nations Development Programme (UNDP) partnered with the Algorand Foundation to provide its staff with blockchain knowledge and insights. The Algorand Blockchain Academy is set to launch in the first quarter of 2024, offering recorded lectures and interactive workshops to 22,000 UNDP employees.

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