Singapore startup tokenises project carbon credits from PRC

Singapore startup tokenises project carbon credits from PRC

Singapore-based startup Cyberdyne Tech Exchange (CTX) has realised the first tranche of tokens backed by carbon credits from a wind power project in Zhangjiakou city, Hebei province.

Singapore compliance exchange CTX announced the sale of 5,000 carbon credit Token CNT to Hong Kong-based private equity firm Celadon Partners. The quota was generated by a wind energy project in Zhangjiakou, China. 

The Office of Foreign Economic Cooperation of China's Ministry of Environmental Protection verified and registered the project in the national carbon emission registry. Similar standards have been developed in the European Union.

For tokenisation, the Chinese partner certified the carbon credits with an independent agency and then reduced the supply of such instruments on the national market by that amount. The project is linked to power generation for the upcoming Beijing Olympics in February 2022.

CTX is approved by the Monetary Authority of Singapore. By launching a carbon credit marketplace for accredited and institutional investors, the firm aims to facilitate the financing of green projects around the world. The project is supported by Asia Green Fund.

The carbon-neutral tokens sold are equivalent to quotas for total emissions of 5,000 metric tonnes of CO2. CTX plans to place the next tranche of a similar amount by the end of September.

The tokens contain "emission tracking, offsetting, capture, storage and reuse data".

Thanks to blockchain, the tool enables buyers and issuers to have unchanging and constantly updated data on compliance with ESG targets. Unique identifiers help solve the problem of potential 'double spending'.

As a reminder, Nornickel's palladium fund has listed carbon-neutral nickel-backed tokens on the Vienna Stock Exchange.

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