The COP27 summit has brought about new rules, regulations, and promises for countries all over the world. One of the key takeaways from COP27 includes the promise by developed countries to help poorer countries through the establishment of a “loss and damage” fund. This fund would enable poorer countries to recover from the impacts of climate change, including destroyed homes and the loss of income. Previously, these countries only receive money for the mitigation of climate change which includes efforts to move away from fossil fuels. Hence, hopefully, with this money, developing countries can better cope with climate change mitigation and management.
Another aspect that COP27 focussed on was the need to establish a global market for trading carbon. Currently, there are many issues including the lack of regulation and standardization surrounding carbon markets, making them less effective in combating climate change. The World Bank highlighted that one key issue would be improving the integrity of carbon markets, as it is essential for scaling them up.
Michael Sheren, President, and Chief Strategy Officer of MetaVerse Green Exchange highlighted that a global registry needs to be created to ensure that carbon credits are not double-counted. Net zero carbon cannot be achieved unless there are pricing guidelines for carbon credits, as well as a clear and transparent methodology on what constitutes a carbon credit.
That’s why at MetaVerse Green Exchange (MVGX), we aim to empower countries with the ability to build a carbon registry, through our Carbon Neutrality Connect. Our Carbon Neutrality Connect consists of the Carbon Trading Exchange which incorporates Nasdaq core technologies and offers organizations and policymakers the chance to operate a carbon trading exchange.
This is available as a standalone system or as an Exchange as a Service (EaaS). This service would allow organizations in emerging economies to buy reliable carbon credits, and at the same time allow sellers to have a platform to sell carbon credits. Furthermore, the EaaS allows organizations to access technological infrastructure to trade carbon credits with other countries whilst ensuring the carbon credit’s integrity and eliminating the risk of double counting. With our Carbon Neutrality Connect, organizations and policymakers in Asia will become more connected to the global market. Unlike other alternatives that are only a registry or an exchange, we offer an end-to-end system with access to the capabilities of both our Carbon Registry and EaaS.
Furthermore, our Carbon Neutrality Tokens (CNT®) have been verified and certified by reputable agencies to be units of emissions reduction or carbon removal and are registered in regional, national or international registries. We also developed a proprietary distributed ledger technology to ‘freeze’ these carbon credits at the point of issuance in their host country and then track these CNTs® as they are bought and sold on MVGX. This thus prevents double counting and still enables cross-border trading on the Voluntary Emissions Market without triggering the UN’s Nationally Determined Contribution issues as established in the Paris Agreement. Watch our video to find out more about our CNTs®.
As such, businesses seeking to support the move to net-zero emissions can be assured that trading CNTs on MVGX will offset the equivalent amount of carbon and make a real impact on climate change. Contact us at contact@mvgx.com to start your sustainability journey today!
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