2022-11-01-国际清算银行-创世纪2.0_绿色债券附带基于智能合约的碳信用（英）_87页_6mb

Project Genesis 2.0 Summary: Blockchain-Based Green Bonds

Project Genesis 2.0 addresses the issues of greenwashing and lack of additionality in the green bond market by integrating carbon markets with green finance through smart contract-based carbon credits. The initiative, developed by a consortium involving the BIS Innovation Hub, Hong Kong Monetary Authority, and UN Climate Change Global Innovation Hub, explores a new financial instrument: green bonds appended with Mitigation Outcome Interests (MOIs).

Key Objectives

• Enhance transparency in green finance by linking green bond proceeds to measurable environmental outcomes.
• Provide investors with real-time tracking of carbon credits (MOUs) derived from funded green projects.
• Ensure that green bonds directly contribute to climate goals under the Paris Agreement by attaching future carbon credit obligations to the bonds.

Core Innovation

The green bond structure includes MOIs, which are instruments of carbon unit indebtedness that require repayment with MOUs (verified carbon credits) at maturity. The MOIs are tracked, delivered, and transferred using blockchain and smart contracts, enabling:

• Real-Time Monitoring: IoT devices and APIs provide granular data on environmental impact during the bond lifecycle.
• Automated Settlement: Smart contracts facilitate instant delivery of MOUs against MOIs, reducing settlement cycles and operational costs.
• Anti-Greenwashing: By tying financial instruments directly to environmental outcomes, the solution ensures genuine green impact, reducing reputational risks.

Prototypes and Technology

Two prototypes were developed:

1. Goldman Sachs Consortium: A decentralized platform using Canton ledger and Daml smart contracts to tokenize green bonds and MOIs. Features include real-time data tracking via Allinfra’s climate platform and OTC secondary trading capabilities.
2. InterOpera Consortium: Introduces a regulatory-defi operating system (RDOS) for interoperable cross-chain transfers of MOUs and mitigation outcome interests (ITMOs), addressing challenges like double counting and climate performance tracking.

Benefits

• For Issuers: Access to cheaper funding through premium payments for MOIs; enhanced capital market participation for green projects.
• For Investors: Objective environmental transparency; exposure to carbon markets as an additional investment class; automated settlement and reduced counterparty risk.
• For the Green Finance Ecosystem: Increased transparency; liquidity in carbon markets; standardized environmental impact tracking across borders.

Vision

Project Genesis 2.0 serves as a foundational blueprint for the future of green finance, demonstrating how innovations like blockchain, smart contracts, and IoT can standardize and enhance environmental integrity, efficiency, and impact in climate finance. Learnings from the prototypes will guide the development of scalable solutions for global market adoption.