Verra is an international leader in the development of standards in sustainable development and climate action. Besides its latest announcements related with EPİAŞ, Turkey’s leading energy exchange platform, this partnership introduces the first-ever exchange-based trading system for Verra-certified carbon credits on EPİAŞ’s platform. The system that is created will therefore contribute to the transparency and regulation of voluntary carbon credit trading in Turkey efforts to contribute to the worldwide struggle to reduce carbon emissions.
The first carbon credit exchange-based trading platform is launched.
In an MoU signed at Climate Week NYC, the CEOs of Verra and EPİAŞ formalized the partnership, opening the gates for Verra-certified carbon credits on the trading platform of EPİAŞ in a key development in global carbon trading markets; this is the first of its kind since buyers and sellers can now engage through a regulated, exchange-based system in carbon credit trading.
The carbon credits traded on this platform will represent verifications of reductions and removals of greenhouse gas emissions. Thus, the integration of these credits into EPİAŞ’s platform will enable market participants to access a marketplace where transactions are regulated by transparent and standardized trading processes. These factors should increase confidence and accountability among participants in Türkiye’s voluntary carbon market, ultimately fostering trust among them.
Education and Workshops for Market Participants
Part of the efforts will involve organizing workshops in a bid to educate market participants about the new trading process. Such workshops are expected to touch on the verification and certification of carbon credits as well as how EPİAŞ manages its trading platform and all the advantages of being part of a regulated trading environment.
The educational activities will be crucial for the stimulation of interest and awareness among businesses, investors, and other interested parties in trading Verra-certified carbon credits. With the provision of such necessary training and information, EPİAŞ and Verra hope to create enormous adoption and practice of carbon trading in Türkiye.
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The Role of Verra-Certified Carbon Credits
Verra has become the global marketplace of carbon standard-setting, so its verification process is strict, and its carbon credits reflect real, measurable reductions in greenhouse gas emissions. This partnership will bring better access to high-quality carbon credits to all parts of the world and support efforts in Türkiye to combat climate change.
Carbon credits exchanged on EPİAŞ will consist of the reductions endorsed with Verra’s strict standards worldwide. The credits act as an important offsetting tool for companies and organizations in order to provide their carbon emission reductions and contributions to global climate action.
Effect on Carbon Market in Türkiye
The partnership is a critical step for the carbon market in Türkiye, as Verra will now allow regulated voluntary carbon credit trading space through its association with EPİAŞ, aligning it with the broader goals of the country in terms of the environment and supporting its efforts to reduce its carbon footprint.
Moreover, the exchange-based trading system will further enhance the Turkish participation in the global carbon market. It is a clear, regulated trading environment that will attract both home-based and abroad interests and enable closer cooperation and investment in sustainable projects.
Features of EPİAŞ Trading Platform
The expansion will help EPİAŞ’s platform currently hosting several kinds of environmental market products expand to involve trading in voluntary carbon credits. Among other attributes, the platform shall have a central counterparty that shall assure proper transaction and verification of all trades. This system integrates, accordingly, carbon registries already in existence so as to guarantee that carbon credits, once traded on the platform, meet all basic certification standards.
The third party would reduce risk and facilitate transactions, both for buyers and for sellers. EPİAŞ would offer a secure and regulated carbon credit trading environment that would help increase the liquidity of the market and widen participation from many stakeholders.
Impacts at the Global Level
The launch of the exchange-based carbon credit trading platform in Türkiye is going to have huge ramifications globally, especially for those seeking reductions in their carbon footprint. Transparent and regulated environment will ensure this platform provides reliable sources of high-quality carbon credits, making it easier for entities to meet their sustainability goals.
This partnership between Verra and EPİAŞ might be an example for other countries that want to build similar over-the-counter trading systems for carbon credits. As demand for carbon credits is growing every year, initiatives like this would play a vital role in defining the future of the voluntary carbon market.
Future prospects
By the end of the following weeks, EPİAŞ platform should commence voluntary carbon credit trading. With the progress the partnership might make in the future, Verra and EPİAŞ will take further joint work for the effective implementation of the new system. Overall, the cooperation does mark a significant step ahead in furthering efforts towards saving the climate through providing an openly operable and efficient marketplace for carbon credit trading to be made a reference point in the other future efforts.
Source: Verra