Singapore-based blockchain infrastructure provider, InterOpera, announced the debut of its carbon credit and renewable energy certificate exchange platform, OperaX. The platform is supported by Project Genesis 2.0, a joint project focusing on green finance by BIS Innovation Hub Centre, the Hong Kong Monetary Authority and United Nations Framework Convention on Climate Change, with two consortia.
InterOpera utilizes cutting-edge blockchain technology to digitize carbon credits and address key industry challenges in today's carbon markets, including double counting, issuance and offsetting.
This is achieved by the unique mechanism of blockchain architecture, which has a verifiable and auditable trail of the carbon credit entire lifecycle from origin to offsetting, incorporating an additional trust layer to the established framework of carbon credit registries.
This strategic approach realizes the effective monitoring and transfer of digitalized carbon credits between issuers, buyers and sellers and is expected to fuel product innovation while ensuring the compliance, transparency and credibility of carbon credit transactions.
OperaX will feature a 0% transaction fee for buyers to bring more transparency and fairer pricing into the carbon markets, striving to be a reputable buyer-centric and friendly exchange in the industry.
The company will initiate a one-month open beta phase with its ecosystem partners to promote sustainability among corporates while encouraging the use of carbon credits through OperaX to achieve carbon neutrality.