- IOTA and ClimateCHECK have launched a new DigitalMRV solution to create innovative technologies to combat climate change and promote clean technologies and sustainability.
- A first pilot project in a landfill gas collection and recycling plant in Chile, which is being funded by the Canadian government, is already testing the technology.
The IOTA Foundation has long been involved in various initiatives for a more sustainable development of economic systems and climate protection. Together with ClimateCHECK, a leading international provider of services and solutions in the fields of climate and clean tech, IOTA will further strengthen its efforts in this area and expand the existing two-year partnership.
The foundation informed about this yesterday. Both partners also presented a first result with the DigitalMRV solution, which streamlines and digitizes a process known as Measurement, Reporting and Verification, or MRV for short. In a pilot project in Chile, IOTA is working together with the MRV experts from ClimateCHECK as well as with Arcadis, ENC Energy, ImplementaSur and the Chilean government, as Matt Yargar, Head of Mobility and Automotive at the IOTA Foundation, explained:
We started our collaboration with a 14-month joint pilot project to deploy DigitalMRV at a landfill gas capture and utilization site in Chile which is funded by the Canadian government through Environment and Climate Change Canada (ECCC) as part of the Reciclos Organicos project.
The goal of the pilot project is to demonstrate how the digitization of MRV activities by integrating the IOTA protocol on gateway devices can dramatically reduce costs and improve downstream use of carbon credit certification by introducing a single version of the truth from sensor readings in real time.
According to Yargar, the project is “a giant step towards proving the feasibility” of Distributed Ledgers for “climate protection and the sustainable transformation of our economic systems”. In the future, the IOTA Tangle could revolutionize “the core requirements for creating a trusted digital twin of the landfill gas facility (LFG) through unalterable, near real-time data streams from a range of on-site sensors”, as Yargar declared. The sensor data is transmitted via IOTA Streams.
IOTA could tokenize CO2 certificates in the future
With regard to the future functionality of the IOTA Tangle, Yargar also determined that the downstream issuance of carbon credits and certificates could be tokenized using a framework currently under development. He further stated:
This will create a holistic approach to the creation of verifiable carbon credits and incentivizing sustainable economic growth through directly correlating those carbon credits to the impact that those earning the carbon credits are making on the environment.
At this stage, according to Yargar, the pilot project will allow “a thorough testing of the inherent security of new digital twin processes” and the creation of a single source of truth for environmental data. The project is also important to address privacy concerns, as there is no centralized hosting as with legacy systems.
Dominik Schiener, co-founder of the IOTA Foundation, emphasized that the project not only provides insights into the monitoring of next generation greenhouse gas emissions, but also highlighted the unique selling point of the IOTA protocol and its capabilities for the Internet of Things:
Our collaboration with ClimateCHECK empowered us to combine years of experience around climate standards and assurance with our front running position in combining IoT and DLT technology to showcase the potential of IOTA as a sustainable protocol.
We hope to stimulate additional innovation in the spectrum of DigitalMRV and expand our work to more industrial use cases in other environmental sectors, as well as include smaller, community-driven projects from our ecosystem in future integrations. Furthermore, the value of digitizing MRV is most powerful, when combining feeless value transfer with tamper-proof data transfer capabilities in one single protocol allowing a unification of tokenized carbon credit standards globally.
If the IOTA Foundation has its way, the project in Chile should be the first of many. Within the next six months, projects are planned for other facilities and industries. ClimateCHECK will remain an important partner for these projects.