Fangda Partners has advised Global Carbon Asset Management, a wholly owned subsidiary of China Carbon Neutral Development Group, on the issuance of 500 million carbon coins through DigiFT, a licensed digital asset exchange based in Singapore. The transaction marks the world’s first compliant carbon coin issuance based on an internationally recognised carbon standard.
The carbon coins are backed by 500,000 tonnes of verified carbon credits certified under the Verified Carbon Standard (VCS). It is also the first instance of VCS-certified credits being used as underlying assets for carbon coins traded on a regulated offshore blockchain exchange.
Launched in 2005 by the United Nations and other climate institutions and administered by the international non-profit organisation Verra, the VCS is the world’s most widely adopted and respected voluntary greenhouse gas crediting programme.
Fangda partners Annie Shen and Wang Yingying led the team, providing legal services including deal structuring, document drafting and negotiation, and co-ordinating closure.
China Carbon Neutral Development Group, listed on the HKEX main board, focuses on carbon neutral-related business across three main sectors: green digitalisation, renewable energy and ecological governance. DigiFT is a digital asset exchange specialising in institutional-grade real world assets.
