The cryptocurrency industry continues to face pressure from governments and environmental groups to reduce its electricity consumption and improve its green credentials. The core focus has been on Bitcoin and similar proof-of-work (PoW) networks, which allegedly consume more energy than some small countries. Despite evidence from researchers revealing Bitcoin’s considerable green energy and renewable energy usage, opponents of cryptocurrencies feel not enough is being done.
Now, a new initiative from Metaverse Green Exchange (MVGX) promises to aid the fight in proving the cryptocurrency industry’s commitment to reducing its environmental impact. MVGX is the first company in the world to use blockchain-based cross-border carbon credits to become an officially certified carbon neutral business.
The certification is based on two verification processes provided by the British Standards Institution (BSI): ISO 14064-1:2018 and PAS 2060. It’s the first time the BSI has recognized tokenized carbon credits as a means to verify carbon neutrality.
MVGX is a digital green exchange licensed and regulated by the Monetary Authority of Singapore. Its Carbon Neutrality Management System is built on proprietary blockchain technology intended to bring integrity, transparency, and trust to the carbon-neutral certification process. Using its own Carbon Neutrality Token (CNT), the system is now available to all institutions looking to enhance their sustainability efforts and further their environmental, social, and governance (ESG) mandates.