Singapore-based carbon exchange Climate Impact X (CIX) on Thursday formally launched its global spot trading platform, CIX Exchange, which aims to boost the liquidity of carbon offset trading and set a benchmark price for nature-based carbon credits.
The exchange represents another step in the growth of Singapore's carbon market and the nation's aspirations to be a global carbon trading and financing hub, said CIX chief executive Mikkel Larsen.
The exchange began trading on Wednesday, CIX said in a statement on Thursday.
Seven transactions totalling 12,000 carbon credits were traded and cleared involving CIX's first standardised contract called CIX Nature X, or CNX.
Each carbon credit represents a tonne of carbon dioxide (CO2), the main greenhouse gas, reduced or avoided from projects that meet international standards and are verified by third-party auditors.
Firms involved in the trading included banks such as Standard Chartered and DBS Bank, carbon project developer South Pole and trading and commodity firms including Chevron (International) Trading, CICC Commodity Trading and Engie Energy Marketing Singapore.
Mr Larsen said the exchange is focusing on the trading of offsets from nature-based climate projects initially.
These include projects such as mangrove replanting or those that restore and protect large areas of rainforest from being chopped down for agriculture or mining. Trees soak up and store large amounts of CO2 as they grow.
This story is from the June 09, 2023 edition of The Straits Times.
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This story is from the June 09, 2023 edition of The Straits Times.
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