Polycentric Governance of Carbon-Linked ReFi: A System-of-Systems Reading of Voluntary Carbon Market Tokenisation
カーボンリンク型ReFiのポリセントリックガバナンス：自主的炭素市場トークン化のシステム・オブ・システムズ解釈 (AI 翻訳)
Gabriela Mariutac, Claudiu Brândaș, Otniel Didraga, Mihai Plesa
🤖 gxceed AI 要約
日本語
本論文は、自主的炭素市場（VCM）のトークン化をシステム・オブ・システムズ（SoS）の視点から分析し、ポリセントリックなガバナンス枠組みを提案する。2023年以降のVCMの正当性危機を背景に、KlimaDAOやToucan Protocolなどの4事例を定性的・定量的に分析し、DAOと登録機関間のインターフェース仕様や改革アジェンダを導出した。開示主体が規制より約7週間早く影響を与えたことも示された。
English
This paper analyzes the tokenization of the voluntary carbon market (VCM) through a system-of-systems (SoS) lens, proposing a polycentric governance framework. Against the post-2023 legitimacy crisis, it qualitatively and quantitatively examines four cases including KlimaDAO and Toucan Protocol, deriving DAO-registry interface specifications and a reform agenda. It finds that disclosure by an analytical intermediary preceded formal regulatory action by about seven weeks.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではJ-クレジット市場の活性化が進む中、トークン化による新たなガバナンス課題が顕在化している。本論文のポリセントリックガバナンス枠組みは、日本におけるクレジットの品質担保と市場設計に示唆を与える。
In the global GX context
Globally, the integrity of voluntary carbon markets is under scrutiny after major scandals. This paper offers a governance framework for tokenized credit systems that could inform registry reforms and regulatory approaches, particularly relevant as ISSB and other disclosure standards evolve.
👥 読者別の含意
🔬研究者:Provides a novel system-of-systems governance framework for tokenized carbon markets, integrating Ostrom's principles with complex system governance.
🏢実務担当者:Offers six DAO-registry interface specifications and a five-level governance maturity rubric that can guide platform design.
🏛政策担当者:The reform agenda and the finding on disclosure timing suggest that intermediaries can play a key regulatory role.
📄 Abstract（原文）
The voluntary carbon market (VCM) has faced sustained legitimacy stress since 2023, when peer-reviewed work found that fewer than one in six issued credits represented a real emission reduction. In parallel, tokenisation through Web3 protocols, decentralised autonomous organisations (DAOs), and regenerative finance (ReFi) infrastructures introduced new participants interacting with incumbent registries without a shared coordination framework. Existing scholarship examines commons governance, complex system governance (CSG), and tokenised carbon markets largely in isolation; the gap addressed here is the absence of an integrated system-of-systems (SoS) governance treatment of the tokenised VCM. This study develops and empirically applies a polycentric SoS governance framework for the tokenised VCM, structured around four research questions and five foundational contributions. We treat the tokenised VCM as an SoS that is polycentric in configuration but not by design, and develop a system-of-systems engineering (SoSE) governance reading of it. We reformulate Ostrom’s eight design principles as SoS governance criteria for digital–physical hybrid commons, map each to CSG metasystem functions, and apply the framework to four cases: KlimaDAO, Toucan Protocol, Regen Network, and the post-2023 Verra reforms. Qualitative coding is complemented by on-chain and Base Carbon Tonne spot-price evidence from October 2021 to December 2025. Disclosure by an analytical intermediary acted on the SoS roughly seven weeks before formal regulatory action and was associated with about 90% of the observed bridging slowdown, interpreted descriptively rather than causally. We derive an eight-item reform agenda, six DAO–registry interface specifications, and a five-level governance maturity rubric.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/systems14080895first seen 2026-07-29 05:09:51
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