Tokenovate collaborates with Land Carbon to design tokenised high integrity carbon credits optimising vital funding for peatland restoration and preservation
21 Mayo 2024 - 1:15AM
Tokenovate, a trading lifecycle management platform company,
announces its collaboration with Land Carbon, a UK developer
representing multiple peatland carbon management project owners.
This project exemplifies Tokenovate's strategic focus on the carbon
credit space with respect to streamlining and optimising the
end-to-end carbon credit transaction lifecycle, including asset
creation, tokenisation, custody and trading. Specifically, the
collaboration will seek to enhance the value of carbon credits for
all stakeholders, and optimise sourcing and delivery of vitally
important funding for peatland restoration and preservation
projects.
Peatlands are one of the most valuable ecosystems in the world;
peat soils can store more carbon than all other vegetation types
combined. Conversely, drained or damaged peatlands are potentially
significant sources of greenhouse gas emissions. Restoring and
preserving peatland ecosystems is therefore an imperative in
reducing their potential impact on atmospheric carbon dioxide
levels. Peatlands cover around 10% of the UK land area (20% of
Scotland’s); Peatland Carbon Units (PCUs) - specific carbon credits
linked to peatland restoration and preservation projects - are
vitally important sources of funding for peatland project
owners.
Tokenovate and Land Carbon’s collaboration will leverage
Tokenovate’s technology platform and expertise to create
high-integrity, tokenised Carbon Credits for certain UK peatland
carbon projects (Peatland Carbon Units or PCUs), and manage these
through the end to end transaction lifecycle.
The solution design plans to establish a Minimum Viable Product
(MVP) through which Tokenovate’s technology platform will help to
transform real world peatland project assets into digital assets
(tokenised carbon credits), and enrich them with additional quality
validation data (legal entity, geospatial data and ICVCM
principles). To assure the high integrity of Land Carbon’s digital
carbon credits, tokens will reference project, owner, vintage and
geolocation. Asset quality validation can be further augmented
through registries and ratings agencies.
Through smart contracts (aligned with the ISDA Common Domain
Model and its Verified Carbon Credit Transactions Definitions)
digital Land Carbon tokens could be made available for trading as
OTC derivatives. Tokens can be distributed via custodians, carbon
networks, OTC brokers and trading venues.
Richard Baker, Tokenovate founder and CEO,
said: “We aim to establish Tokenovate at the forefront of
the carbon credit market with validated, high quality assets and a
transparent and efficient end to end trading lifecycle management
workflow for all participants. Our ultimate goal is to restore the
integrity and somewhat tarnished reputation of the voluntary carbon
market for the benefit of all stakeholders - project owners,
venues, brokers, traders, investors and custodians.
We are very excited to be able to work with Land Carbon’s
experts to create new digital carbon credit assets, and to continue
to add new carbon assets into the solution. We are confident that
once we demonstrate ‘proof of concept’ with the first Land Carbon
tokens other carbon project owners and real-world asset projects
will be keen to get on board.”
Ian Lloyd Parry, CEO, Land Carbon, said:
“Restoring and preserving UK’s peatlands is an enormous, expensive
and continuous long-term challenge. Our close involvement in every
aspect of Tokenovate’s innovative digital carbon credit solution
will ensure that the joint solution fully represents the governance
and regulatory responsibilities embodied in the mandate of any
project developer of peatland tasked with peatland restoration and
preservation.
I am confident that the combination of our peatland restoration
and preservation knowledge and carbon credit expertise, allied with
and Tokenovate’s digital technology know-how and financial market
access, will result in a solution that could truly transform the
current carbon credit/PCU landscape.”
-ENDS-
About Tokenovate
The path to distributed financial market
infrastructure.Tokenovate is a financial services technology
company that enables programmatic lifecycle event management of the
pre-trade to post-trade workflow for OTC and exchange traded
derivatives.
Through digitising the pre-trade to post-trade workflow,
Tokenovate’s innovative programmatic lifecycle event management
software can be integrated with existing trading platforms to
deliver genuine end-to-end benefits. The platform comprises several
core components that in combination fill the functional gap between
legal contract formation and trade execution. Tokenovate solutions
are integrated with ISDA tools; automation of standardised trading
processes is underpinned by the rigour, security and efficiency of
blockchain technology.
www.tokenovate.com
Media contacts:Richard Baker: richard.baker@tokenovate.com
Melanie Budden, The Realization Group:
melanie.budden@therealizationgroup.com
About Land Carbon
Stirlingshire-based Land Carbon has, since 2021, engaged in
peatland restoration and preservation projects on behalf of private
landowners.
It is the only UK Peatland developer with a 100% privately
financed pipeline of peatland carbon units and we are proud of our
long-term legal commitment to each of our landowning clients for
all of our projects up to the full 100-year duration of each
restoration project. Carbon credits from Land Carbon Ltd are
assured as fully invested in the permanence of each project and in
delivering carbon and co-benefits for the 100-year duration of each
project.
www.land-carbon.com
Media contact:Ian Lloyd Parry: islp@land-carbon.com
Richard Baker: richard.baker@tokenovate.com
Melanie Budden, The Realization Group: melanie.budden@therealizationgroup.com