A coalition of 30 prominent businesses, nonprofits, and public sector organizations has united to advance carbon markets through a new initiative. The Carbon Data Open Protocol (CDOP) aims to develop a protocol that harmonizes definitions and rules for carbon credit data.
The CDOP initiative seeks to enhance transparency and standardization, improving market integrity and scaling carbon markets significantly. Key players co-chairing this initiative include The Global Carbon Market Utility (GCMU), Sylvera, RMI (Rocky Mountain Institute), and S&P Global Commodity Insights.
Currently, voluntary carbon market stakeholders face challenges due to the lack of a widely accepted protocol for project and credit data. This absence of standardization complicates data sharing, limiting the market’s potential as a significant driver of climate action.
Leanne Todd, Head of Energy Transition, Sustainability & Services, S&P Global Commodity Insights, commented, “Not only are we excited about expertise of the entities onboard at the initiative’s launch, but we actively invite other interested parties to join the collaboration. With our expertise in environmental registries infrastructure, spot market price benchmarks for carbon credits, and experience with collaborative protocols initiatives, we are excited about helping to lead and contribute to this important carbon data standards initiative and look forward to its outcome.”
CDOP will complement existing industry initiatives and leverage work from organizations like the Climate Action Data Trust and the World Bank.
Additionally, it aims to align with emerging frameworks under Article 6 of the Paris Agreement, promoting international cooperation. The World Bank Group has recognized CDOP as a vital effort to improve interoperability in carbon markets.
Throughout 2025, the committee will work with stakeholders to refine principles for developing a “common data schema”. This schema will include definitions for standardizing project and credit data and a governance framework for protocol maintenance and updates.
