The Oversea-Chinese Banking (OCBC) and the Metaverse Green Exchange (MVGX), a Singapore-based green digital asset marketplace, announced on Monday that they are joining forces to take climate action.
The two companies said in a news statement that they will use tokenized carbon credits to promote green financing options for enterprises in hard-to-abate industries such as steel, cement, and chemical production.
The credits will be called MVGX Carbon Neutrality Tokens (CNTs) and will be supported by MVGX’s distributed ledger technology, which will enable companies to keep track of the carbon performance of the climate action initiatives they would invest in, according to the press release.
