S&P Global Commodity Insights in Exploratory Testing with J.P. Morgan

Kinexys by J.P. Morgan & S&P Global’s Environmental Registry Explore Benefits of Blockchain in Carbon Markets

LONDON, NEW YORK (July 2, 2025) — S&P Global Commodity Insights, the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities markets, today announced J.P. Morgan’s industry-leading blockchain business unit, Kinexys by J.P. Morgan, is undertaking testing with S&P Global’s Environmental Registry to explore how using blockchain technology for asset record keeping and payments can enhance operations in the carbon markets and support global climate goals. 

Registries, which can be easily built and managed through S&P Global Commodity Insights’ Environmental Registry infrastructure and platform, provide lists of projects -- such as renewable energy, afforestation, direct-air-capture technologies and more -- aimed at avoiding and removing greenhouse gas emissions from the atmosphere and are crucial for tracking and validating projects, issuing carbon credit offsets and helping to incentivize global climate goals.

The collaborative exploration between S&P Global Commodity Insights and Kinexys by J.P. Morgan aims to facilitate the tokenization of carbon credits at the registry layer, making it easier for stakeholders to access and act on registry data. A unified, tokenized carbon ecosystem could address challenges of standardization, connectivity, fragmentation, and transparency that have hindered the growth of global carbon markets. The transparency, traceability and immutability of blockchain technology, alongside the security of bank-grade infrastructure, can contribute to much-needed trust across the voluntary carbon markets.

“We’re pleased Kinexys by J.P. Morgan recognizes the value and mission of our Environmental Registry and welcome its exploration of using blockchain technology for asset record keeping and payments with the aim of enhancing operations in the carbon markets and furthering their credibility and reliability,” said Jonty Rushforth, Head of Product & Portfolio, Energy Transition, S&P Global Commodity Insights. “If this collaborative testing progresses as hoped, and eventually includes our Meta Registry®, this could extend our environmental registry infrastructure solutions to the financial industry, creating a transformative carbon market ecosystem.” 

S&P Global's Environmental Registry is an innovative, out-of-the-box, registry-creation infrastructure that enables clients to quickly build and operate customized registries. It enhances data management, credit issuance, and reporting, allowing users to track environmental projects and manage carbon credits effectively across their life cycles. Its workflow capabilities also support monitoring of Nationally Determined Contributions* and help prevent double counting of credits, fostering greater confidence in the carbon markets.

Kinexys Digital Assets, an asset tokenization platform from Kinexys by J.P. Morgan, offers an integrated suite of products that can help unlock the full utility of financial assets. Since its 2015 inception, over $1.5 trillion in transaction volume has been processed on the Kinexys Digital Assets platform, with an average of more than $2 billion daily. Payments transactions across all of Kinexys have grown by ten-fold year over year. 

The current exploratory testing will focus on account management, project management, and credit lifecycle management, with objectives around technical connectivity and data model compatibility and functionality completeness. Expected benefits of blockchain include improved transparency through secure and verifiable transaction ledgers, streamlined processes via automated smart contracts, and enhanced standardization of carbon credits.

Keerthi Moudgal, Head of Product at Kinexys Digital Assets, Kinexys by J.P. Morgan, said, “The voluntary carbon market is primed for innovation, and we're eager to collaborate with participants to develop and implement new blockchain technology. Our shared aim is to establish standardized infrastructure that enhances information and price transparency, paving the way for financial innovation and increased market liquidity.”

S&P Global Commodity Insights has a 15-year history as the go-to solution in carbon, water and biodiversity environmental registries and environmental solutions.

* A country's national climate action plan under the United Nation's Paris Agreement as to how it plans to reduce greenhouse gas emissions to help meet the global goal of limiting temperature rise to 1.5C.

Media Contacts 

Americas: Kathleen Tanzy + 1 917-331-4607, kathleen.tanzy@spglobal.com

EMEA: Paul Sandell + 44 (0)7816 180039, paul.sandell@spglobal.com  

Asia: Melissa Tan + 65-6597-6241, melissa.tan@spglobal.com   

About S&P Global Commodity Insights

At S&P Global Commodity Insights, our complete view of global energy and commodity markets enables our customers to make decisions with conviction and create long-term, sustainable value.  

We’re a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts^® products and services, including leading benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights. S&P Global Commodity Insights maintains clear structural and operational separation between its price assessment activities and the other activities carried out by S&P Global Commodity Insights and the other business divisions of S&P Global.  

S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.