Verra Opens Consultation on Carbon Credit Tokenization, Urges KYC Checks

Verra, the largest voluntary carbon credits registry, launched a public consultation to gather ideas on how the registry should allow for the tokenization of carbon credits. They are also proposing tougher Know Your Customer (KYC) checks on carbon-backed tokens.

Verra’s main goal in having the consultation is to seek views on how to prevent fraud related to the potential association of VCUs (Verified Carbon Units) with carbon-backed tokens.

It’s a critical step that can incorporate crypto into the voluntary carbon market.

In May this year, Verra banned tokenizing retired carbon credits and proposed immobilizing them. That’s to prevent the VCUs from being the subject of other transactions in the registry.

Hence, Verra deems it critical to come up with an approach that ensures transparent mapping of crypto tokens and their underlying VCUs. This will help avoid double-use and double-issuance of those VCUs.

The consultation particularly aims to collect views on these key topics:

Measures to associate Verra instruments with crypto instruments and tokens;
KYC checks

According to Robin Rix, Verra’s chief legal officer, they expect a range of views about the matter. He expects that the nub of the debate would be about trusting the authorities in carbon markets. He further added that:

“The real interest is around KYC… Fundamentally, I think the key point of distinction will be the KYC throughout the chain… At the end of the day, [carbon markets and cryptocurrencies] are two totally different paradigms.”

Verra KYC Checks Proposal

Carbon market stakeholders and crypto-savvy participants both believe that KYC principles are vital to protecting the environmental integrity of carbon credits.

But where opinions may start to diverge is the degree to which KYC transparency is caught up in an on-chain market.

KYC practices help organizations exercise reasonable care and effort when maintaining client accounts. Verra conducts KYC checks on all account holders in its registry. This is to ensure that Verra knows the entity that deals with the instruments it issues and stands behind.

Such KYC checks are also important in the carbon market context. It will help players know who claims the environmental benefits of the VCUs for environmental or other purposes.

Verra will undertake KYC checks on platforms wishing to issue carbon-backed crypto tokens as part of its due diligence.

Traditionally, carbon registries have verified buyers and sellers in every transaction. In this way, a registry captures the full accounting of a credit’s chain of custody from creation to retirement.

Retiring a carbon credit singularly means that its environmental benefit has been used to offset an entity’s carbon footprint.

But tokenization platforms have turned KYC checks on its head by introducing anonymity and decentralization into the carbon space. And Verra finds this confusing for the carbon market, indicating that:

Tokenizing retired credits is distorting by giving life to a digital ghost of that credit in the form of a token traded as a digital commodity.

But Verra and other registries don’t oppose tokenization. Instead, Verra is exploring ways to “immobilize” credits so that their tokenization happens in a transparent and traceable manner.

In particular, Verra requests views on this topic by answering the following questions:

Immobilization of carbon credits

Verra also seeks views on measures to ensure that live, unretired carbon credits responsibly associate with tokens.

Account holders can immobilize the credits by transferring them to dedicated immobilization subaccounts in the Registry.

Plus, Verra will also request transaction information from tokenization platforms. These include information on the creation and use of carbon-backed crypto tokens.

Information on VCUs transfer between holders on tokenization platforms is also important to know.

In case the account holder wishes to exercise rights over the VCUs instead of the crypto tokens, reactivation of that VCUs could be possible. As such, the crypto tokens have to be destroyed without the use of their environmental benefit.

The details of immobilizing VCUs will also be explored during the public consultation window that will last until 2 Oct. 2022.

Verra will consider public inputs when preparing its policy on 3rd-party crypto instruments and tokens.

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Amazon Faces Net Zero Challenges – Carbon Footprint is up 40% since 2019

Amazon’s carbon footprint grew 18% in 2021 and up 40% since 2019. The firm’s rapid growth overcame its efforts to cut its emissions and faces four net zero challenges.

The world’s largest online retailer emitted a total of 71 million metric tons of CO2 equivalent last year as revealed in its latest sustainability report.

Despite this, the giant retailer’s carbon intensity was down by 1.9%, a 3rd year in a row as seen in the table below. It represents the amount of the firm’s total emissions over its gross merchandise sales.

The falling carbon intensity shows that Amazon is becoming more efficient in its operations. That’s in terms of running its offices, warehouses, data centers, and shipping its products worldwide.

Amazon’s Net Zero Carbon Footprint

Amazon accounts its carbon footprint by including emissions from:

its own offices and data centers,
purchased electricity,
tailpipe emissions from delivery partners, and
the manufacturing of Amazon-branded products

The Seattle firm committed to achieve net zero emissions by 2040, 10 years ahead of the Paris Agreement.

The company co-founded The Climate Pledge in 2019 as part of its net zero commitment. The initiative’s main goal is to bring companies together to speed up climate action. It will enable business leaders solve the challenges of decarbonizing the economy.

Leading the 300+ member companies of the pledge, Amazon commits to be the champion in three areas of climate actions:

Regular reporting of emissions
Eliminating carbon via various decarbonization strategies
Using credible carbon offsets

Amazon is implementing different strategies to cut its carbon footprint. These include electric vehicle use, operational innovations, efficiency improvements, and renewable energy.

It also aims to buy carbon credits generated by projects that remove carbon.

While the company is taking big strides in cutting its emissions, its sudden growth presents key challenges towards net zero.

Amazon stated in its report:

“The challenges we collectively face on the path to net-zero carbon are considerable… Many new technologies are showing promise in their ability to reduce carbon emissions, but may still need significant development.”

4 Key Net Zero Challenges of Amazon

100% Renewable Energy by 2025

In 2021, Amazon achieved 85% renewable energy across its operations. With this pace, the firm is confident that it’s on a path to reach 100% by 2025.

Research found that moving on-premises computing workloads to AWS can reduce carbon footprint by about 80%. This is in comparison to the surveyed enterprise data centers. The figure can go up if AWS will work with 100% renewable energy.

AWS’ infrastructure is 3.6x more energy efficient than the median of surveyed U.S. enterprise data centers. Plus, it’s 5x more energy efficient than the average European enterprise data center.

More-Sustainable Transportation Infrastructure

Amazon plans to make half of its shipments net zero carbon by 2030 by creating a worldwide fleet of zero-emission vehicles.

Right now, the vehicles and charging infrastructure don’t exist at the scale needed. But the firm ordered over 100,000 EVs from different carmakers.

Amazon is also exploring green hydrogen technologies and invested in hydrogen firms (EH2 and Sunfire). It’s also at the heart of industry initiatives and partnerships including:

the Cargo Owners for Zero Emission Vessels network (coZEV),
the First Movers Coalition,
the Sustainable Aviation Buyers Alliance Aviators Group (SABA), and
the Clean Energy Demand Initiative.

More-Sustainable Buildings

Amazon is reducing the carbon footprint of its buildings by using CarbonCure’s systems and Brimstone Energy cement in new constructions. These include Amazon’s second headquarters in Virginia (HQ2) – a model for sustainable construction.

HQ2 operations are electrified, eliminating the use of fossil fuels for building systems and food service.

The firm is also innovating construction techniques to power fulfillment centers with solar. As of 2021, 115 of its global fulfillment facilities have rooftop solar installations.

Also, in building its AWS data centers, Amazon requires concrete with a 20% reduction in carbon compared with standard concrete for new U.S. data centers.

Likewise, the company is shifting to steel made in electric-arc furnaces that use scrap steel and renewable energy. In 2021, 6 AWS data centers were built with steel made that way.

Decarbonizing the Supply Chain

Amazon uses an extensive supply chain to deliver goods and services to customers. Its carbon accounting process takes into consideration all three scopes of emissions.

To achieve net zero carbon footprint by 2040, Amazon has to understand, measure, and report emissions data. Transparency is critical in net zero reporting, especially involving Scope 3 or supply chain emissions.

Amazon partners with and supports the We Mean Business Coalition’s Climate Hub. It’s a global initiative that gives small and medium-sized enterprises, like those in Amazon’s supply chain, free tools and resources to measure and report their emissions.

The company will continue to work with partners both in the public and private sectors to advance climate solutions. To the innovators, scientists, builders, and entrepreneurs, Amazon say that:

“Our door is open. We all need to decarbonize. The work may not make the headlines or bring immediate rewards, but a challenge like this will never be resolved overnight. These are the hard steps that need to be taken.”

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Just how VDR Program Can Benefit The Bottom Line

Using VDR software intended for storing and sharing hypersensitive data is a extremely efficient approach to protect your company’s belongings. The software assists businesses and governments preserve and manage confidential and proprietary facts, and reduces the need for physical paperwork. A second benefit of this technology is the fact it minimizes clutter, waste, and physical space intended for storing info, and lessens overall expenses. In spite of your industry’s size, VDR software will benefit your the main thing.

Firmex Electronic Data Place is one such solution, and its core features are built in. Its intuitive user interface was designed to simplify many different processes, including document sharing. The company also offers features like examine logs and watermarking, which in turn enable you to control who can access what documents. With Firmex Online Data Room, you can retail outlet, share, and manage your documents with ease, and benefit from 24/7 support. You can even benefit from the industry’s transparent pricing version, which offers both a per-user transaction and an unlimited-use subscription.

When choosing a VDR provider, make sure you ask about the customer support. Should you be unsure about whether they offer 24/7 support, you should consider a free trial. And vdr software whenever they offer a money-back guarantee, you may make the decision depending on the quality of customer service. Choosing a corporation is essential for your business’s demands. Just remember: tend go for the cheapest option. Do sacrifice top quality for cost. It’s important to get a VDR that satisfies the requirements of your business.

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How to Increase Table Portal Security

There are several strategies to increase table portal security. You can start by simply implementing a layered route to security. This is very important because board portals trust the board with access to very sensitive documents. For the most effective panel portal, it is necessary to control usage of those records and allow aboard members to customize logos and accord. FileCloud, for example , gives secure file sharing and offers comprehensive customization options. Your documents may have granular permissions, watermarking, and even be wiped off endpoint devices.

In addition to layered security, table portals ought to provide two-factor authentication, unique per-customer security practical knowledge, and industry-certified info centers. It is also vital that you find a plank portal vendor with recurring security audits and uptime ensures. This will provide a organization peace of mind and allow your board to get more profitable. Ultimately, mother board portal protection can help assure your industry’s data reliability. So , how can you choose the best panel portal for your needs?

Good aboard portals have got detailed consumer activity logs that enable facilitators to keep an eye on in-app tendencies. Whether it is a gathering update or possibly a login analyze, these records should include most activity. They must also generate monitoring reviews that can be used intended for audits. Good board portals are equipped with an intrusion detection system that analyzes logs in order to avoid malicious activity. If your panel portal is usually hosted to the cloud, the details must be kept in separate storage space environments with separate authentication credentials and data strategies.

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Top Online Gambling Sites

Is it legal zeus slot to gamble on gambling websites? Yes, in most cases it is completely legal to play. However, if you would like to gamble, but are frozen because of concerns about the legality of gambling sites be assured! The regulations and laws that apply to these sites are sphinx slot meant for the online markets themselves and not for gambling itself.

What can you do? You must find a site that does not have many restrictions. A local casino is an example. You cannot gamble when the local law prohibits it. On the other hand, you will discover a wide variety of gambling sites that cater to a wide range of tastes and interests.

There are many gambling sites that offer first deposit bonuses as well as free bonuses. You’ll be amazed by how many casinos offer a deposit bonus for the first time. Some of the top sites would be the ones that provide the best bonuses. This is because a lot of people tend to play at casinos first, before moving onto other games such as slots or sportsbooks.

In addition, you could find that some sites will permit you to play with real money on each gambling site you join. These bonuses are attractive to new members. Be aware that many of these promotions require you to make use of your credit card. This may make it difficult for you to wager the money prior to becoming an exclusive member.

Let’s look at internet gambling and how it differs from traditional gambling. First of all, you don’t need to invest any money in order to play. Casinos online are completely free to play. So, you don’t have to wager any money. Additionally you can join any number of gambling websites without having to spend any money to become a member.

Third, you must know that the majority of online gambling websites do not have rules that govern the amount of money you can win or place as bets. Therefore, if you wager more than 25 percent of your bankroll on any single game, then you should know that you can lose everything. Many sportsbooks have restrictions on players who bet more than a certain amount of real money on gambling. However, there is no restriction on the amount you can bet.

You should also know that all casinos online will offer a welcome bonus to new players. You’ll be amazed at how few casinos offer this welcome bonus. There is hardly any benefit to the gaming establishment offering a welcome bonus. Most new members are brand new to online gambling casinos, and have likely never bet before.

You should also be aware of whether the gambling site allows you to withdraw funds from it. If a casino allows withdrawals, you should make use of this service. Some sites allow you to wire funds from your account to other locations. However, you should be careful with the terms and conditions of the service provider. You should read carefully the terms and conditions to be aware of the implications if your funds are ever withdrawn.

Finally, the last thing you need to be aware of about the top online gambling websites is that there are some casinos out there which do not accept the majority of kinds of credit and debit cards. As such, if you are planning to play at one of these top gambling websites you will require a personal credit card or account. This makes it very difficult to perform things like online shopping, pay bills or make other payments. So, you should ensure that whichever method you use to purchase your games, you make your purchases in a legitimate credit card processor.

It is essential to only gamble at an authorized casino site to ensure your bets are secure. These licensed casinos and gambling bingo sites are able to participate in the betting exchange market. This means you can wager with your own money. Most of the time, you can even deposit money into your account to play with it while keeping your funds safe in secure and safe account.

What are you putting off?! Get online today and start playing with the no-cost bonus gambling bonuses that are available. You’ll typically find excellent bonus codes for your preferred gaming websites at the official website of the casino you’re interested in. The great thing about having a gaming site as one of your favorite places to play is that they usually offer you nice promotions and incentives such as free bonus gambling, no-cost ignition money, as well as free tournament entries.

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Net Zero Industry Tracker 2022 is Out: Heavy Industries Watch Out

The World Economic Forum, together with Accenture, released the 1st edition of its report that tracks the current state of the net zero transition in 6 key industries.

WEF calls it the Net-Zero Industry Tracker 2022. The report highlights the importance to understand the challenge for the heavy industries towards net zero. It also identifies the gaps to fill to achieve net zero goals to limit global warming to 1.5 degrees by 2050.

High energy prices and supply chain concerns drive the urgency of decarbonizing the industries.

Hence, the framework offers a holistic perspective and standard metrics to measure progress of the industrial sector.

Plus, it provides seven cross-sectoral recommendations for industrial firms, consumers, and other stakeholders.

The WEF Net Zero Industry Tracker 2022

Industry accounts for around 40% of global energy consumption and over 30% of global GHG emissions.

As the largest emitter, the industries decarbonization will be critical to tackling climate change.

This is where the WEF’s net zero industry tracker framework comes in. Roberto Bocca from WEF said that:

“Several industrial sectors and individual companies have set up targets with the aim of reaching net zero emissions. We believe that bringing transparency to closing net-zero gaps and reporting on this progress is critical to achieve these ambitious goals…”

The report will track the “net zero performance” of the heavy industries and their “net zero readiness“. The six key industries include:

Oil and
Natural gas

Together, these industries account for 80% of industrial emissions as per Accenture analysis. Monitoring their readiness involves measuring 5 major enablers:

technology, infrastructure, policies, demand, and capital.

Here’s the cross-industry findings of the report for net zero readiness of each sector per enabler:

The report also points out that ~$2 trillion is necessary to make low-emission industries a reality. This calls for huge policy incentives to level the playing field for low-emission production.

The chart below shows how much carbon pricing should be for each industry sector compared with the current price.

With that said, investments in low-emission assets can be riskier for firms due to their dependencies on new technologies and infrastructure.

This needs collaboration across the sectors to make the key enablers come together in the same direction to speed up progress towards net zero.

Net Zero Tracker Key Highlights Per Industry

Here are the major findings of the WEF’s net zero tracker report for each industrial sector.

Steel industry

Steel is the largest emitter, generating 7% of all man-made emissions.
Steel demand can increase up to 30% by 2050.
Needs over $2 billion investments in low-carbon power, clean hydrogen and CO2 handling infrastructure.
Green premium of 25-50% for buyers due to high costs of clean technologies.

There are 3 main pathways to decarbonize steelmaking: carbon capture, hydrogen and electrochemistry.

Cement industry

Cement is the second largest emitter, generating 6% of total emissions.
Demand for cement can go up to 45% by 2050.
Requires ~$185 billion for CO2 handling infrastructure and clean hydrogen production in cement plants.
Green premium above 50% for low-emission cement.

Carbon capture is key to cement’s net zero pathway, but electrification and hydrogen also have roles.

Aluminium industry

Aluminium accounts for 2% of all industry emissions.
Aluminium demand will jump by up to 80% by 2050.
Calls for ~$510 billion investments to enable clean technologies and production.
Green premium up to 40% to wholesale buyers and 1-2% to end consumers.

The major pathway for aluminium production to achieve net zero is a mix of electrification, transition to hydrogen, and inert anodes. Yet, carbon capture is also under exploration.

Ammonia industry

Ammonia is the chemical sector’s largest emitting product, releasing 1.3% of all emissions.
Ammonia demand for fertilizer and industrial use will go up to 37% by 2050.
Needs ~ $850 billion investments to enable green and blue hydrogen production.
Green premium of up to 100%.

The best way to decarbonize ammonia production is to develop blue or green hydrogen technologies.

Oil industry

The oil sector consumes so much fossil fuels and releases methane, producing 6% of total GHG emissions.
Demand for oil will increase by 17% by 2050 but should go down by 73% for the world to reach net-zero.
35% of oil sector emissions are methane (70% of which can be abated at zero or minimal costs today).

Decarbonizing the oil sector means cutting methane and flaring emissions. The same goes for energy and process related emissions in refining oil. This requires carbon capture, use and storage, hydrogen, and electrification pathways.

Though substitutes for oil products are available, their availability and affordability remain a concern.

Natural gas industry

The gas sector also uses a lot of fossil fuels and emits methane, releasing 4% of all GHG emissions.
Demand for gas will go up by 30% by 2050 but need to drop by 55% to reach net zero scenario.
65% of the gas sector emissions are methane (70% of which can be abated at zero or minimal costs today).
As low as 1-3% as a green premium to end consumers.

Mature technologies exist to abate 80% of gas sector emissions. This will result in a 7% increase in production cost.

For all industrial sectors, they all need stronger demand signals from buyers and policies to incentivize investments.

The net zero industry tracker further suggests that concerted efforts should include lawmakers, financial entities, and consumers.

And of course, the biggest effort must come from the heavy industrial firms themselves.

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