Towards Ontology and Blockchain Based Measurement, Reporting and Verification for Climate Action
Climate action accounting, often referred to as measurement, reporting and verification (MRV) has many challenges that digital solutions can help resolve. Although blockchain in combination with IoT and other digital technologies can help to address climate data track and trace in support of climate finance and resources to support climate actions (e.g. climate-smart agriculture), there remains the basic challenge that MRV standards, and the MRV standards system itself, is fragmented and archaic. This not only a climate issue but is a major problem of “greenwashing” claims. Therefore, digital solutions also need to be leveraged to support a nextgen MRV standards system to (1) improve the interoperability and cohesiveness of the MRV standards and outputs, as well as (2) expedite a qualitity-controlled process of converting (existing and new) plain language MRV standards into MRV “smart standards” (similar to smart contracts), for example via semantic web ontologies and XBRL frameworks to bridge MRV standards with DLT-enabled solutions.