Backed Carbon Credits
Overview
Rivello are addressing greenwashing concerns in carbon credit markets.
The Rivello team work closely alongside the client team to design and implement a data management solution that will evolve as international standards for carbon capture settle, ensuring that their carbon credits are accurate and backed by evidence throughout their lifecycle. Critically, this evidence can be independently verified by buyers, regulators, landowners, and investors.
Case Study Details
The Challenge
In order to stand out in a crowded and fast-paced market, the team identified four key pillars that must be addressed,
Source data integrity – ability to record as much as possible from as early as possible in the asset lifecycle
Evidence of standards – the need to be transparent around calculations but without revealing trade secrets
Communication and reputation – brand and reputation are key to overcoming poor industry reputation
Need to Evolve – the solution needs to expect standards to be refined and still retain the same integrity
The Solution
The challenges are around management of data over long periods of time with the need to adapt to changing standards and interpretations of outcomes. All of this must be executed and communicated with integrity and transparency.
Following on from a series of workshops with our clients team of carbon credit standards experts, the Rivello team developed a POC that established a data architecture and workflow for an imaginary forest. This POC allowed us to establish the data flows and design the full solution for all carbon credit use cases.
Data managed by this solution,
LIDAR Data & Geospatial References
Weather Data
Independent Audit Workflows
Manual Entries
Calculations and AI Models
Token Linkage
The solution uses Rivello Beacon to provide tamper-evident proofs, and Rivello Ledger Services for the management of the many linked data sets. The remainder of the solution is a bespoke implementation for our client’s specific use case.
The Results
“When I buy a carbon credit, I want to know that it is real. I want to know exactly what carbon I’m buying, how it has been removed or recovered or avoided, and for how long will it be locked away. I want to choose based on alignment to my values and my business’s values. And I want to be able to verify that, otherwise I’m just moving a number on a spreadsheet without taking accountability.”
That’s what the Rivello solution gives our client. A data provenance solution that transparently shows that what they are selling is real, and the tools for their stakeholders to prove it for themselves.
Outcomes
Granular Provenance - Every piece of operational data is recorded. Every action on the data is recorded. Application of standards and calculations on top of the data are recorded. All records can be independently verified.
Evolving Standards - The standards in this industry are improving every year as we better understand the complexities of the technologies available and the long term implications of carbon sequestration approaches. No business can predict the future against this backdrop, but what it can do is be prepared to openly and honestly adapt as the standards evolve. Having a granular record of all your data and choices makes this possible.
Reputation - Business reputation is an incredibly valuable asset. Being able to publicly prove selected elements of business operations, whether than be at a deep and sensitive level with regulators, or at broad and open level with partners and customers, creates trust with those stakeholders and helps build and protect reputation.