Singapore’s OCBC Bank has partnered with MetaVerse Green Exchange (MVGX) to develop financial solutions, including tokenized carbon credits, to help large corporations offset their carbon emissions, according to a statement.
See related article: Crypto exchange Gemini buys carbon offsets, pledges carbon-neutrality
Fast facts
- The tokenized carbon credits, due to launch later this year, will use a non-fungible token (NFT) distributed ledger technology supported by MVGX to provide a “verifiable, immutable and constantly updated record of the carbon performance of the climate-action projects that they have invested in through these digital carbon credits,” the statement said.
- Carbon neutrality tokens (CNTs), which use MVGX’s proprietary Non-Fungible Digital Twin (NFDT) distributed ledger technology, are tied to sustainable projects across the globe that help generate carbon credits, such as reforestation and renewable energy undertakings.
- “With the recently released report by the United Nations’ Intergovernmental Panel on Climate Change (IPCC), there will be increased urgency in corporates’ transition to a low carbon future by cutting down greenhouse gas emissions,” said Elaine Lam, head, Global Corporate Banking, OCBC Bank.
- OCBC was studying whether to set up its own crypto exchange last year.
See related article: China’s Greenland plans cross-border carbon credit trading with Singapore exchange
