Chinese state-backed real estate giant Greenland Group has formed a partnership, through its financial arm, with Singapore-based digital securities exchange MetaVerse Green Exchange (MVGX), to offer cross-border digital carbon credits trading services.
See related article: China eyes blockchain for carbon trading
Fast facts
- The partnership will allow accredited, institutional investors to trade digital carbon credits on MVGX’s platform with Greenland’s Guizhou Green Finance and Emissions Exchange, which only serves domestic Chinese investors at the moment.
- The pair also plans to tokenize green infrastructure assets to create channels for international capital to finance green projects in China.
- Bo Bai, co-founder and executive chairman of MVGX, told Forkast that despite China’s crackdown on cryptocurrency, the nation is open-minded on firms that “leverage the metaverse technology for sustainable efforts.”
- China is seeking to meet a carbon neutrality goal proposed by Chinese President Xi Jinping in 2020, which says the country aims to have carbon emissions peak by 2030 and reach carbon neutrality by 2060.
See related article: How blockchain can power the growth of green finance