The Partnership for Market Readiness (PMR) via the World Bank is advising the Indian government on how to design a centralised data management and registry system that can be used to implement a number of carbon policy instruments including a voluntary carbon market (on the back of a national CSR programme), a Renewable Energy programme (REC) and Perform, Achieve and Trade (PAT) scheme.
Shaping the IT around India’s proposals to reduce greenhouse gases
SFW, in collaboration with Verco, created a Market Readiness Proposal (MRP) for the Ministry of Environment and Forests (MoEF) of India.
The MRP provides the legal, financial, operational and technical framework from which the MoEF can make the necessary steps towards the implementation of a central data management and registry system for a voluntary carbon market (VCM) stemming from a national CSR initiative.
Furthermore, the proposal predicted a future state of the Indian carbon policy landscape and ensured that the building blocks used to deliver the initial objectives provided a platform that could evolve and extend over time to implement additional policies.
Flexibility, scalability, interoperability
SFW used its experience in building MRV systems and emissions trading compliance based registries to specify an approach and solution to delivering a centralised data management and registry system, the core of any market based mechanism. The proposed solution accounts for international best practices and future trends across the IT, carbon and financial sectors which, combined with a unique modular systems architecture, provides flexibility, scalability and interoperability.
This core infrastructure is viewed by MoEF and the World Bank of paramount importance and will form the foundation for capturing India’s action on climate change mitigation and establish the future of IT within emerging carbon markets.