Global, sector-focused law firm HFW, in collaboration with local Singapore law firm Shook Lin & Bok LLP (SLB), is advising the World Bank, the Government of Singapore and The International Emissions Trading Association (IETA) on the establishment of the Climate Action Data (CAD) Trust, a decentralised metadata system that can link, aggregate and harmonise all major carbon market registry data.
The CAD Trust is a joint initiative of The World Bank, the Singapore government and IETA, as the founding sponsors, and will collaborate with other governments and private sector entities. It will provide an open-source metadata system to share information about carbon credits and projects across digital platforms, easing future integration of multiple registry systems.
The platform will use distributed ledger technology to create a decentralised record with the aim to avoid double counting, increase trust in carbon data and enhance climate ambition. It hopes to provide and facilitate crucial infrastructure for the development of the next generation of carbon markets.
HFW and Shook Lin & Bok supported the founding sponsors on all legal issues relating to the project, including the set up and structure of the CAD Trust, and will support the platform with its agreements with third-parties.
HFW’s team was led by Peter Zaman and included Jefferson Tan, Russell Quek, Rochelle Musgrove, Christopher Ong and Farah Majid.
SLB’s team included David Chong, Jevon Louis, Wong Kit Fei, Quek Hao Zhi, Alvin Tan, and Charles Foo.
Peter Zaman, Partner, HFW: “The establishment of the Climate Action Data Trust is expected to be a critical enabling tool towards the achievement of net-zero climate goals as it will assist countries to implement Article 6 of the Paris Agreement. This requires countries to track and report on the use of international credits through a registry system and the CAD Trust system will assist in promoting high-integrity systems and digital linkages.”
David Chong, Partner, Shook Lin & Bok: “We are privileged to have played a part in the establishment of the Climate Action Data Trust, and to support this initiative spearheaded by the World Bank, the Government of Singapore and IETA to empower climate action. Climate change poses an unprecedented challenge that necessitates a global response, and CAD Trust provides this rallying platform.”
The Climate Action Data Trust will be an independent entity domiciled in Singapore. It is led by a Council that consists of government representatives and major carbon registries. The official launch is planned to take place at the Asia Climate Summit 7-8 December in Singapore.
For more information, visit: https://climateactiondata.org.
