Xeptagon partners with Digital Transformation of Sri Lankan Carbon Market
• Published 8:00 AM EDT, Fri Oct 11, 2024
Xeptagon, a global powerhouse for climate finance software and carbon trading is excited to announce receiving the contract for the Digital Transformation of the Sri Lanka Climate Finance and Carbon Markets.
The project is undertaken with direct funding and guidance from the United Nations Development Programme (UNDP) while being overseen by the Ministry of Environment. In addition, technical scoping of the project will be done in partnership with the United Nations Framework Convention on Climate Change (UNFCCC) regional office based in UAE.
The initial goal is to digitalize climate finance and carbon trading in Sri Lanka. The project will also lead to the creation a National Carbon Registry for Sri Lanka which will facilitate real-time carbon trading. The carbon registry will be based on the National Carbon Registry code base of the UNDP climate team based in New York. Xeptagon was also the contractor to develop the National Carbon Registry code base around the world.
The project will support the digitalization of Article 6.4 compliance market mechanisms and voluntary carbon market mechanisms currently followed by the Sri Lanka Climate Fund (SLCF). In addition, the system will also support future mechanisms such as the Joint Crediting Mechanism (JCM) of Sri Lanka and Japan. The initial phase of the project is expected to go live this year.
Xeptagon has extensively contributed to the development of global carbon trading and climate finance systems. We are in a partnership with a South Korean entity to develop a carbon exchange. This entity is a venture, seed-funded by the investment arm of SK Securities. In addition to the National Carbon Registry, Xeptagon is also contracted to develop the National Transparency System by the UNDP. The National Transparency System supports the Enhanced Transparency Framework as required by the Paris Agreement and generates the Biennial Transparency Reports (BTR) to be submitted to the UNFCCC.
With Xeptagon already being established as a globally leading technology solution provider in the climate finance domain, we are confident our products will provide a breakthrough solution to many issues in the existing climate finance systems.
Read more about our development work in the carbon trading and climate finance domain used by Top Fortune 500 Businesses, Inter-Governmental Organizations and Governments from here.
