Transparency is needed in voluntary carbon markets in their pursuit of net-zero achievement

In this interview with MoneyFM 89.3, our Executive Chairman and Co-Founder Dr Bo Bai addressed concerns regarding greenwashing and the transparency of carbon credits. You may listen to the interview at this link, or read on for the summary below.

Dr Bai highlighted during the interview how residual carbon can be offset using voluntary carbon credits. However, he highlighted that there are problems with the voluntary carbon market, including the lack of standardization, lack of infrastructure to move carbon, and lack of integrity, which results in double-counting. To address these issues, Dr Bai explained how blockchain technology enables carbon credits to be auditable, traceable, and immutable, solving the problem of double-counting and ensuring the integrity of carbon credits as well. Dr Bai also discussed the importance of the voluntary carbon market because they would channel resources from the developed to the developing world, to allow developing countries to have the finances to reduce their carbon emissions.

When asked about how we at MetaVerse Green Exchange keep our carbon footprint small, Dr Bai highlighted that we use cloud-based data centers, which have a higher economies of scale, to reduce our energy consumption. Besides our efforts as a organization to mitigate our energy intensity and emissions, we also offset whatever residual carbon footprint that is left with high quality carbon credits. Lastly, addressing the future of the voluntary carbon market, Dr Bai emphasized the importance of education to bring awareness and auditing to ensure transparency and combat greenwashing.

If you are interested to know how you can get your organization to work towards carbon neutrality, do drop us a note at contact@mvgx.com.


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