Building the PERL.eco Carbon Exchange (PCX) as a fully licensed product in Abu Dhabi requires many interactions with regulators, which can be a slow, but always positive and informative process. A persistent theme in meetings with the FSRA and ADGM representatives, questions from the team at Hub71 and even discussions with senior executives at Binance all had a similar focus: “This is a great idea, but how do you ensure that only high-quality carbon projects can be listed on the exchange?”
The solution was obvious, we will only list projects that are officially recognised by national governments. Clear. Simple. Safe. And the best way to integrate this into our platform is to ensure interoperability with different national carbon registries that are to be developed under the United Nations Framework Convention on Climate Change (UNFCCC). But as the wheels of state turn slowly, governments have not made a lot of progress in building their registries and so the team at PERL.eco decided to speed that process up and build it for them.
And so here’s the first part of our update, we have built the PERL.eco Carbon & Bio Assets Registry which is an important development for our project. The demonstration platform is available on our GitHub. Our platform fully conforms to the United Nations and World Bank standards for carbon registries which is very important, because the clients for Carbon & Bio Assets Registry products are governments. Sovereign nation states. The registry uses PERL.eco’s own Ethereum blockchain which will see significant volume transactions when you consider that it will support all transactions and activity in relation to the functioning of a national carbon market.
Let’s pause at this point and consider that this means, all documentation in relation to monitoring, reporting and validation of carbon credits under the national registration scheme will flow through PERL.eco Carbon & Bio Assets Registry. All transactions, transfers and retirements of carbon credits recognised in a sovereign jurisdiction will flow through PERL.eco Carbon & Bio Assets Registry. Government agencies will use the platform to approve developers and their GHG mitigation projects and the registry will additionally support government officials through flows of satellite and remote monitoring data for setting, auditing and reporting their Nationally Determined Contributions (NDCs) under the Paris Climate Agreement. That is a big and strategically important use for the PERL.eco platform.
That is only the first part of our update, but it is not the most important part. The most important is that we already have signed government partners paying to use the platform. Our first sovereign partner signed a five-year commercial contract with PERL.eco in July 2023. The team are already in advanced discussions with a second government and fully anticipate that their commercial agreement will be signed in Q3/Q4 2023.
Let’s again pause at this point, to consider that PERL.eco is operating an entire country’s carbon registry infrastructure and that we are actively marketing our platform to other nations and making good progress. We cannot name the country under the current contract until the official press release is approved by the Office of the Prime Minister. But we are already planning a launch event to take place during New York Climate Week in September this year. We are also planning some activities around COP28, the global climate summit taking place in Dubai, UAE, in December this year.
Building and operating national-level infrastructure for an entire country is a big deal. At a time when many governments around the world are taking pot-shots at crypto, PERL.eco, a crypto project, is showing governments how our sector can make a positive contribution to the biggest challenge of our era, the fight against climate change.
And let’s spell this out even more clearly. This is not an idea, this is not a plan. We have built the core technology. We have a signed commercial contract with our first national government. We are tailoring the implementation with appropriate UIs and fields to allow our registry platform to align with local laws and regulations. And we’re planning a launch, jointly with the Office of the Prime Minister, during New York Climate Week next month.
We will have additional announcements, specific to the bio assets component of the registry and opportunities for citizen scientists and citizen activists to earn PERL rewards while helping in the fight against climate change following the launch next month.
