SINGAPORE, Oct. 30, 2023 /PRNewswire/ -- InterOpera, operator of Singapore-based carbon credit and Renewable Energy Certificates (REC) exchange, OperaX, has joined Climate Action Data Trust (CAD Trust) in a global digital campaign titled "Carbon Markets: The Power of Data & Innovation", officially launched at the Asia Climate Summit (ACS) in Tokyo, Japan which took place during 24-26 October 2023.
Founded by the World Bank, International Emissions Trading Association (IETA), and the Singapore government, CAD Trust is a global digital data platform that will create a decentralised record of data from major carbon credit registries using blockchain technology.
The campaign is focused on using technology to promote transparency and reliability within the international carbon credit trading sphere, to build trust and investor confidence in the carbon markets. InterOpera plans to connect with CAD Trust's open metadata platform to ensure greater credibility and transparency on its carbon credit and REC trading platform OperaX. This initiative aims to further mitigate the risks associated with double counting across various jurisdictions, to align with the principles outlined in Article 6 of the Paris Agreement on cross-border trading and Corresponding Adjustment. These data can also serve as key metrics for financial institutions when issuing sustainability-linked bonds and managing asset services.
In addition, InterOpera expects to utilise the data and other proprietary data points for the creation of standardised REC and carbon credit contracts. Will Lee, CEO of InterOpera, speaking at a panel discussion during the Asia Clean Energy Summit held concurrently in Singapore last week, explained the need for ASEAN standardised REC contracts as Singapore needs to import renewable energy from neighboring countries, but lacks the digital infrastructure to provide sufficient transparency and trust for a functioning market.
Steve Tan, the panel session's moderator and VP of Strategic Content at a Dow Jones Company, OPIS, emphasised the critical role of technology in energy transition - transparent and well managed data from green projects, and the availability of credible REC and carbon credit pricing serves as foundation to overall market development.
By leveraging on CAD Trust's metadata platform, OperaX will be able to provide greater reliability for its users via a seamless REC and carbon credit trading experience. CAD Trust, as a nexus of transparency and trust, will be instrumental in enhancing the overall integrity of the markets.
For more information on OperaX's efforts to promote renewable energy adoption, please visit https://www.interopera.co.
