Singapore-based digital green exchange MetaVerse Green Exchange (MVGX) announced today the launch of Net Zero Card, a new tool to enable businesses to track and offset hard-to-manage carbon emissions such as travel.
Designed to be an accessible way for companies to engage in climate action, the new solution is a prepaid card with Blockchain-based carbon credits. Targeted as a white-label solution designed for different situations in which a business may want to offset or enable their clients to offset their carbon footprint, the card will initially support travel-related applications within Singapore, including commuting to work or to events with public or private transportation.
The card marks MVGX’s first offering that applies to retail through institutional customers.
Dr. Bo Bai, Executive Chairman and Co-Founder of MetaVerse Green Exchange, said:
“We created the Net Zero Card to make it easier for businesses across the globe — no matter the industry or their size — to offset their carbon footprint, across all their activities in an accessible, affordable way.”
The card enables users to calculate their emissions based on the duration of travel and the mode of transportation in a “Net Zero Diary”. Once the emissions have been calculated, MCGX will retire the corresponding amount of Carbon Neutrality Tokens (CNTs) based on the prepaid amount on the card.
MVGX stated that it will also launch a mobile app, which will use the user’s smartphone’s geo-tracking to track and measure their journey’s carbon footprint.
Dr. Bai, said:
“A company’s sustainability strategy should not only be a matter of corporate accountability but also individual responsibility. A critical roadblock in mobilizing climate action is often when people are unable to truly visualize the full negative impact of their behavior on the environment. With the Net Zero Card and Net Zero Diary, we hope that people can come to realize that every action — as much as inaction — matters when it comes to securing the future of a greener planet.”