Singapore Startup Sells Carbon Neutrality Tokens Backed by Chinese Carbon Credits

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Singapore startup Cyberdyne Tech Exchange (CTE) bought its first tranche of carbon neutrality tokens backed by Chinese carbon credit, in response to a Monday press release.

  • The change mentioned it could promote the tokens, dubbed Carbon Neutrality Token (CNT), again in July.
  • CTE bought tokens corresponding to five,000 metric tons of carbon credit generated by a wind undertaking in Zhangjiakou. Another 5,000 models will likely be launched later this month, it mentioned.
  • To concern a token, firms confirm their carbon credit with a third-party company, after which “freeze” the carbon credit at China’s nationwide carbon buying and selling market, in response to a July press release. “Freezing” is a bureaucratic process by which the agency asks the market buying and selling operator to cease promoting the credit.
  • Tokens include “shared carbon information including emission records and tracing, carbon offsetting, carbon capture, storage, and reuse,” in response to the July press launch, which may help firms show they’re pursuing environmental objectives.
  • Zhangjiakou is a metropolis in Beijing’s neighboring Hebei province that can co-host the 2022 Winter Olympics. The carbon credit come from a wind undertaking developed by a Chinese state-owned enterprise in Zhangjiakou’s Olympics services, in response to the CTE website.
  • CTE is licensed by the Monetary Authority of Singapore. According to its web site, it holds a market operator license, crucial for working an change, two capital markets licenses, for asset custody and dealing in capital markets merchandise, and is exempted from the Payment Services Act whereas it’s ready for its license utility to be accredited, together with dozens of different firms.
  • China launched its carbon buying and selling market in July. The market is predicted to be the world’s largest as soon as it’s totally operational.

Read extra: BIS and Hong Kong Monetary Authority to Experiment With Tokenized Green Bonds