CTX to debut cross-border trading of tokens backed by China’s carbon credits
SINGAPORE, July 26, 2021 /PRNewswire/ — Cyberdyne Tech Exchange (CTX) said today that its digital exchange will soon debut cross-border trading of its proprietary Carbon Neutrality Tokens (CNTs) to be backed by the carbon credits of China, the world’s largest carbon market.
CTX has signed Memoranda of Understanding (MOU) with three Chinese entities to issue and facilitate the issuance of CNTs backed by carbon credits, green infrastructure and real estate projects and insurance products, packaged as Collective Investment Schemes under Singapore’s regulatory regime.
CNTs, patent pending, are digital representations of one ton of carbon credits. The latter are tradeable certificates that allow its holder to emit one ton of carbon dioxide or other greenhouse gases.
The three Chinese entities are CECEP Green Carbon Investment and Development Co, a subsidiary of China Energy Conservation and Environmental Protection Group (CECEP), China Jinmao Holdings’ subsidiary, Jinmao Capital, and China Taiping Insurance Singapore.
CTX, backed by the US$2 billion Asia Green Fund, said its CNTs will pave the way for carbon credits to be transferred across international borders. This has not been possible due to protracted disagreements among signatories to the Paris Agreement on Article 6 of the landmark pact on climate change.
Dr Bai Bo, Co-founder and Executive Chairman of CTX, said: “We are excited with the responses we have been getting from prospective issuers since we unveiled CTX two months ago. They saw the innovation behind our CNT and how it can involve the international community in helping pollutive industries reduce their emissions sustainably.
CTX’s carbon neutrality token contains shared carbon information including emission records and tracing, carbon offsetting, carbon capture, storage, and reuse. Citing an example in China, Dr Bo said a green infrastructure owner can participate by getting its carbon voluntary emission reduction (VER) verified by a 3rd party NGO agency like Bureau Veritas. It then permanently “freezes” its VER certificates with the country’s national carbon registry.
In Singapore where CTX is based, a non-fungible digital “twin” of the asset or VER is created and the information embedded on the carbon neutrality token, which is then traded through the CTX exchange by international investors.
Dr Bai disclosed that CTX is also in talks with institutions in Europe and North America to issue tokens on its exchange.
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