- Sets gold standard for carbon neutrality reporting by combining blockchain technology with BSI certification
- Proof-of-concept system uses tokenized carbon credits to achieve neutrality
- System to foster integrity and transparency into carbon reporting
MetaVerse Green Exchange (“MVGX”), has successfully certified its status as a carbon neutral business through tokenized cross-border carbon credits, the first company in the world to do so using blockchain technology. The landmark milestone is bolstered by certification from the British Standards Institution (“BSI”), the first time the body has accepted tokenized carbon credits. The move sets a new gold standard for carbon neutrality reporting in the wake of calls for more rigorous systems following COP26.
As organizations across the world struggle to navigate the complexities of carbon reporting, MVGX, a digital green exchange licensed and regulated by the Monetary Authority of Singapore, designed a proof-of-concept system to calculate and verify its own carbon neutrality in order to demonstrate the value that blockchain technology can deliver.
Leveraging BSI’s methodology to accurately verify carbon neutrality, MVGX was able to offset its carbon footprint precisely using its Carbon Neutrality Token (CNTTM). Enabled by proprietary protocols and blockchain technology, CNTTMs combine the immutability of NFTs with real-time data updates, offering an immutable and continuously updated record of carbon performance.
Following its successful pilot to neutralise its own carbon emissions, MVGX’s Carbon Neutrality Management System is now available to all institutions looking to enhance their sustainability efforts and further their environmental, social and governance (ESG) mandates. Backed by its proprietary blockchain technology, the system is built to instill integrity, transparency and trust into carbon neutral certification.
The Carbon Neutrality Management System supports businesses through the reporting, calculation and validation process to credibly certify carbon neutrality with ISO 14064-1:2018 Carbon Footprint Verification and PAS 2060 Carbon Neutrality Verification — the internationally recognised gold standards for carbon footprint validation in accordance with international management benchmarks. Carbon neutrality certification is recorded on the blockchain and minted as non-fungible tokens (NFTs), uniquely authenticating an organization’s sustainability efforts.
Commemorating the milestone, MVGX Executive Chairman and Co-Founder Bo Bai said, “We are honoured to make history as the first business globally to be certified carbon-neutral from tokenized cross-border carbon credits. The recognition from the BSI attests to our capacity to redefine carbon neutrality in the digital age and affirms the rigour and credibility of our Carbon Neutrality Management System. This is just the first step into furthering our ambitions to champion sustainability efforts. We will continue to make further inroads into the digital asset sector and pioneer innovative technologies to create a greener future.”
CNTTM was launched to address one of the most challenging aspects of the Paris Agreement (COP21) — the ability to properly account for and track carbon credits — enabling carbon neutrality at scale and facilitating the global agenda of net-zero emissions. Globally, nations have committed to the Paris Agreement to reduce emissions and reach the goal of net-zero emissions by 2050, achieving a climate-neutral world by mid-century.
In bridging the worlds of digital assets with the sustainability sector, MVGX’s Carbon Neutrality Management System imbues integrity into the verification process, guiding organizations through the entire exercise from reporting to certification. Valid for one year, organizations benefit from streamlined data management when re-validating on an annual basis to maintain their carbon neutrality certification.
Commenting on MVGX’s landmark achievement, Frank Zhang, Managing Director, Greater China at BSI said, “We are thrilled to welcome MVGX’s technological innovations to bolster BSI’s world-class reporting standards. Blockchain and digital assets are the cornerstones of today’s emerging technologies. With their traceability and immutability, these innovations will enhance BSI’s ISO 14064-1:2018 and PAS 2060 verification processes, strengthening it with precise real-time data. With the threat of climate change, there is an accelerating urgency for organizations to ingrain transparency and integrity into their carbon footprint reporting to tackle today’s environmental challenges for a greener tomorrow.”
Based in Singapore, MVGX is a global platform that connects high quality, certified and registered carbon reduction and removal schemes, with buyers and traders. The exchange leverages Nasdaq’s trading platform combined with blockchain technologies to create a practical solution to bolster carbon reduction. Last year, MVGX launched its first batch of its asset-backed CNTTMs ahead of COP26 in Glasgow. These asset-backed tokens were tied to carbon credits generated by a wind project in Zhangjiakou, China that was verified and registered with China’s National Carbon Registry. The first tranche of 5,000 carbon credits was sold to financial institutions last year, lowering barriers to access ESG assets for institutional investors in the Asia Pacific.
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