Recently, The Legislative Yuan visited MetaVerse Green Exchange (MVGX) to learn more about our products and services. During this visit, we shared about the key shortcomings of the carbon market currently and how our carbon products and services can help solve these issues.
One of the issues surrounding the voluntary carbon market is the Nationally Determined Contributions (NDC). According to the United Nations, NDCs embody efforts by each country to reduce national emissions and adapt to the impacts of climate change. However, the issue of double counting arises when company A sells carbon credits to company B and BOTH companies claim to have met their reduction targets by counting the surplus or additional carbon reductions.
MVGX’s Carbon Neutrality Tokens (CNT®) solve the problem of double counting as we source high-quality carbon credits that have been verified and certified by reputable agencies to be units of emissions reduction or carbon removal. These carbon credits are then registered in regional, national, or international registries. We 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, preventing double counting.
Furthermore, we also shared the importance of the government’s role in ensuring that companies can transition to net zero. Obtaining a low-carbon or carbon-neutral label that is internationally recognized (ISO14064-1 or PAS2060) will strengthen the export competitiveness of enterprises, especially now that many countries have imposed a carbon tax. To achieve carbon-neutral status, governments can purchase MVGX’s high-quality carbon credits to offset their residual carbon emissions. In addition, MVGX’s carbon registry can facilitate cross-border carbon credit trading with ease, whilst ensuring the integrity of each carbon credit.
We also highlighted our partnership with the Indonesia Stock Exchange to explore opportunities in developing carbon markets by providing them with the carbon exchange infrastructure that will underpin their plan to develop a sustainable finance ecosystem. Our technological partnership with Chainlink also enables us to further develop our carbon trading capabilities, ensuring greater integrity and accountability in the green finance and broader ESG ecosystem.
To begin your journey toward sustainability, contact us to find out more at contact@mvgx.com.
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