His Majesty King Harald V and Her Majesty Queen Sonja of Norway Witnessed the Signing Ceremony of “DNV GL — VeChain Digital Low Carbon Ecosystem” in Beijing

October 16, 2018 — On behalf of a national agenda to deepen bilateral relations between Norway and China, their Majesties King Harald V and Queen Sonja of Norway have conducted an official state visit to China this week. As part of their activities, their Majesties served as signing witnesses of the “DNV GL-VeChain Digital Low Carbon Ecosystem”. The signing ceremony took place at the Norway-China Business Summit 2018. This event is co-sponsored between Norway’s most important entity for advancing Norwegian industry, “Innovation Norway” and the Chinese Central Government’s organization “Chinese Council for the Promotion of International Trade (CCPIT)”.

His Majesty King Harald V spoke at The Norway China Business Summit 2018

The signing of this document serves as the official creation of a new partnership between the influential Norwegian assurance company DNV GL and key partners of the Thirteenth Chinese Five-Year Plan: BYD, PICC, VeChain, Tsinghua University’s Sino US Relations Research Center, and Shanghai Xiandao Food (a subsidiary of Bright Foods). The purpose of this newly established ecosystem is to advance DNV GL’s existing efforts working with the United Nations to advance the UN’s environmentally-focused Sustainable Development Goals.

The ‘DNV GL-VeChain Digital Low Carbon Ecosystem’ achieves a vision of ‘building a digital low carbon ecosystem to reduce global carbon emissions and create a low carbon life’. Mr. Remi Eriksen, President and CEO of DNV GL Group, served as the signer on behalf of the ecosystem originators (DNV GL and VeChain) and Mr. Shu Youxing, President of BYD Automotive Intelligent Ecological Research Institute, served as signer on behalf of the ecosystem partners (BYD, PICC, Tsinghua University, and Bright Foods). Their Majesties King Harald V and Queen Sonja served as witness signatories to the creation of this low-carbon ecosystem, which is considered of great national benefit to China, Norway, and the world.

Remi Eriksen (4th on the left) and Shu Youxing (3rd on the left) at Signing Ceremony
His Majesty King Harald V and Her Majesty Queen Sonja of Norway witnessed the signing ceremony

This digital low-carbon ecosystem aims to leverage the VeChainThor Blockchain and Internet of Things devices to effectively record every carbon emission reduction behavior of enterprises and individuals, using smart contracts to calculate the carbon reduction equivalent and accordingly issue carbon credits. The solution distributes carbon credits to enterprises and individuals involved in emission reductions. Carbon credits are transferred through individual users in the ecology of inter-enterprise consumption activities to achieve the ecological diversion between different enterprises. The credits can then promote and enhance the sales of enterprise products or services. The digital low-carbon ecosystem can fully mobilize the enthusiasm of enterprises and individuals to reduce emissions in connection with the United Nations agenda, and promote the high-quality development of real economy. The technology for this ecosystem is already being tested and deployed across ecosystem partners, notably the already-produced electric vehicles from BYD that will go on sale in 2019.

The signing ceremony was the capstone of the Norway-China Business Summit 2018. The theme of the Summit was “Pioneering Sustainable Solutions”, which covers topics such as smart cities, offshore wind, technological driving innovations, oil and gas, and other fields in which DNV GL helps assure for the nation of Norway and thousands of national, public, and privately owned companies around the globe.

As contributing ecosystem members, Mr. Sunny Lu (CEO of VeChain), Mr. George Kang, (DNV GL Group Vice President), Professor Lu Junqun (Executive director of Sino US Relations Research Center, School of Social Sciences, Tsinghua University) and representatives from PICC and Shanghai Xiandao Food Co. Ltd (subsidiary of Bright Food Group Co. Ltd) were in also witnesses to the signing ceremony.

Also in participation included: Mrs. Anita Krohn Traaseth — CEO of Innovation Norway, Mr. Thorbjørn Røe Isaksen — Norwegian Minister of Trade and Industry, Mr. Gu Shengzu — Vice Chairman of Chinese People’s Political Consultative Conference (CPPCC), and Ms. Gao Yan — Chairman of the China Council for the Promotion of International Trade (CCPIT).

Mr. Gu Shengzu, Vice Chairman of Chinese People’s Political Consultative Conference (CPPCC) spoke at The Norway China Business Summit 2018

Currently, partners from multi-industry involved in the digital low-carbon ecosystem include:

VeChain — As an ecological initiator and technology provider, to provide digital low-carbon ecosystem infrastructure built on VeChainThor platform and basic technical services;

DNV GL — As an ecological initiator and a third-party body, a comprehensive review and review of carbon reduction processes and carbon credits issuance and transfer processes.;

Sino US Relations Research Center, School of Social Sciences, Tsinghua University — As A Research Institute of digital economy, it provides top-level design and feasibility analysis of the macro-architecture of the digital low-carbon ecosystem;

BYD Automobile Industry Co., Ltd — As a manufacturer of real economy and a new type of carbon emission reduction enterprise, BYD provides Di-Link open platform and vehicle networking data interface, promotes and promotes the owner’s participation in carbon emission reduction and carbon credits;

Peoples Insurance Company of China Shanghai branch — As a service-oriented enterprise and a recipient of carbon credits, provides products and services within the ecosystem and is a participant and promoter of the ecology;

Bright Food (Group) Co., Ltd. (Shanghai Xiandao Food Corp., Ltd) — As an economic enterprise and carbon credits recipient, accepts carbon credits and provides discounted products for credits as an ecological participant and promoter.

The cooperation integrates blockchain technology together with research institutes, third-party certification authorities, real economy enterprises and insurance companies, aiming to build a new business ecosystem with the concept of ‘complementary advantages, mutual benefit and joint development’, which is significant to all of the parties involved in the ecology. With the rapid development of technology today, the signing of “DNV GL-VeChain Digital Low Carbon Ecosystem” indicates the birth of a new type of industrial relationship, which will have a profound impact on the development of various industries.

MoU of the DNV GL — VeChain Digital Low Carbon Ecosystem

The VeChain Foundation is a non - profit entity established in Singapore.

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