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Climate change is one of the most pressing issues facing humanity today, and finding innovative solutions to mitigate its effects is crucial. One such solution is the digitalisation of financial markets, and InterOpera, a Singapore-based technology company, is at the forefront of this movement. They develop and implement Distributed Ledger Technology, such as blockchain and smart contracts, to provide the necessary digital infrastructure for financial market digitalisation.

By linking green bonds to the carbon markets, InterOpera’s innovative and sustainable form of green financing reduces the risk of greenwashing. Since the successful implementation of Genesis 2.0, InterOpera has been working tirelessly with banks and corporate investors to continue enabling the ecosystem building of carbon markets.

In this latest episode of Climate Tech 100, we will explore the role InterOpera plays as a market enabler and value-chain builder, and learn more about their efforts to tackle climate change through financial market digitalisation.

Can you provide a bit of background on InterOpera and explain its role in the carbon markets, and how it supports efforts to combat climate change?

InterOpera is a Singapore-based technology company that develops and implements Distributed Ledger Technology to provide the digital infrastructure needed for the digitalisation of the capital markets. We play the role of a market enabler and value-chain builder.

In 2022, InterOpera was mandated by BIS and the UN Climate Change Global Innovation Hub as tech lead in Project Genesis 2.0, where a futures-like financial instrument known as a Mitigation Outcome Interest (MOI) was issued in a prototype model together with a green bond. The MOI is intended to be exchanged for Mitigation Outcome Units (MOUs, essentially carbon credits) upon maturity of the green bond. Using blockchain and smart contracts, we built a prototype to track, deliver and transfer the carbon credits.

Linking green bonds to the carbon markets provides an innovative and sustainable form of green financing. Registering carbon credits on blockchain can reduce the risk of greenwashing.

After this prototype was delivered, InterOpera was invited to present it at COP27 and has been working tirelessly with global financial institutions and institutional investors to enable the ecosystem-building of carbon markets by means of commercialising the platform solution delivered in Project Genesis 2.0.


Can you explain how InterOpera uses distributed ledger technology to facilitate the trading of carbon credits and renewable energy certificates?

There are different ways to facilitate the trading of carbon credits and renewable energy certificates (RECs), but one of the first steps can be to tokenise the carbon markets product, i.e. carbon credits and RECs. The most basic form of trading on DLT can be executed by peer-to-peer transfers (of asset or security tokens), which can evolve and be scaled up into more complex capital markets-based environments with automated market-making capabilities. Interoperable solutions to connect liquidity pools are important in order to expand and deepen the market and capabilities between markets.

Can you describe the process of buying and selling carbon credits and renewable energy certificates on InterOpera’s platform, and how user-friendly it is?

In building an ecosystem to connect carbon markets with capital markets, InterOpera will facilitate the purchase and sale of carbon credits and renewable energy certificates using its end-to-end platform infrastructure. This can accommodate seamless value-chain activities such as issuance and allocation, external purchases or the redemption of carbon credit and REC tokens.

A demo of the Project Genesis 2.0 prototype is available on the BIS website.

How does InterOpera’s platform support the compliance with various regulations and standards in the carbon markets, such as the Paris Agreement and other emission trading schemes?

The delivery of the prototype in Project Genesis 2.0 was aligned to Article 6.4 of the Paris Agreement. Article 6.4 provides a framework for international cooperation in the international carbon market and creates a new carbon crediting mechanism, governed by the UNFCCC (United Nations Framework Convention on Climate Change), which will generate carbon credits recognised under the Paris Agreement to be traded by both public and private sectors.

Operationalising Article 6 is a complex process which may take time. We believe that voluntary market standards and practices may help to converge the regulations and processes in the compliance market.

What are the current partnerships that InterOpera has established in the carbon markets, and how do they contribute to its success?

As a market enabler, InterOpera collaborates with all participants in the carbon markets. Our current partnerships include:

  • InterOpera-led consortium comprising Krungthai Bank, Samwoo and Sungshin Cement. The consortium members participated in Project Genesis 2.0, which was initiated by BIS HK Centre and UN Climate Change Global (UNFCCC) Innovation Hub. InterOpera is working with the consortium members to commercialise the new green bond structure introduced in the Project Genesis 2.0.
  • InterOpera’s MoU with DAOL Digital Partner, a technology firm under DAOL (Thailand), to strategically collaborate on providing digital asset services in Thailand.
  • In January 2023, InterOpera signed an MoU with Singapore-based digital exchange known as AsiaNext Digital Exchange, and with RECs marketplace operator, T-RECs.AI, to jointly develop the carbon credits and REC markets.

What sets InterOpera apart from its competitors in the carbon markets?

InterOpera has a first-mover advantage in the untapped and high-growth-potential markets of securitised carbon credits and RECs.

How does InterOpera plan to scale its platform to reach a global audience and make a significant impact on the carbon markets?

InterOpera focuses on scalable and sustainable sales. We scale by enabling country and regional ecosystems, having established strong partnerships and collaborations in Thailand, the Philippines, Korea and the Kingdom of Saudi Arabia (amongst others).

We sustain by developing indirect capabilities together with anchor partners. We leverage on the capabilities and networks of anchor partners to drive greater infrastructure connectivity of our digital infrastructure.


Find out more about InterOpera at