Climate Impact X Launches CIX Exchange to Level up Carbon Market Transparency, Certainty and Liquidity
Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, has successfully launched its spot trading platform, CIX Exchange, completing the company’s core solutions suite with three operational venues. Powered by Nasdaq's trading technology, CIX Exchange offers carbon market professionals a customised experience built on international best practices for platform stability, performance and governance. Users can efficiently discover market-driven prices, compare individual projects and trade standard contracts.
To address industry calls for greater transparency and price certainty, CIX has introduced the first daily on-exchange liquidity window in the voluntary carbon market with firm bids and offers. This dedicated 30-minute pricing session pools all-day liquidity from Asia, Europe and Middle East to help sharpen benchmark prices and improve order depth for spot nature-based credits.
By close of trading on 7 June 2023, bids and offers had converged to just a few cents and seven transactions totalling 12,000 tonnes of carbon credits had traded and cleared on CIX’s first standardised contract announced in March, CIX Nature X.
Bids, offers and transactions came from a variety of active market participants spanning leading project developers and suppliers, major financial institutions, trading houses and corporate end-users, demonstrating support for price discovery and market scaling. The first trades were executed by Chevron (International) Trading Pte Ltd, CICC Commodity Trading Limited, Engie Energy Marketing Singapore and Standard Chartered. Other supporters that participated include Carbon Growth Partners, DBS Bank, Hana Securities, RWE Supply & Trading, South Pole, Viridios Capital and Vitol Asia.
Chris Leeds, Head of Carbon Markets Development, Standard Chartered, said, “Nature X represents the level of transparency, pricing certainty and market representation that is critical to achieve scale and inspire confidence in carbon markets. By participating in this inaugural trading of Nature X, Standard Chartered is pleased to support the development of a liquid carbon credit market. We are confident that Nature X will become a key benchmark that will enable project developers to more effectively manage their price risks, and in doing so potentially draw more funds towards quality projects that will help cut global emissions in line with the Paris Agreement.”
John Kuehn, Supply & Trading President, Chevron, said, “At Chevron, we believe the future of energy is lower carbon and are committed to delivering more reliable, more affordable, and cleaner energy to meet the world’s growing demands. Chevron is committed to a holistic carbon reduction strategy, and participating in CIX’s new spot exchange helps us meet that goal with a portfolio of credible, verifiable, and sustainable credit units.”
Marking the debut of its pricing intelligence unveiled in May, CIX published a first assessment of USD $5.36 per tonne for leading nature-based avoidance credits with vintages of 2019-2022.
William Chin, Head of Commodities, SGX Group, said, “CIX’s successful launch of its spot trading platform is an important milestone towards enhancing liquidity and price transparency in the voluntary carbon markets. In line with SGX Group’s commitment to support global investors and companies in their transition towards net zero, we will collaborate with CIX on developing critical risk management tools that are central to achieving our collective global climate ambitions.”
Ariel Perez, Managing Partner at Vertree, a part of Hartree Partners, said, “Vertree is excited to help drive innovation and improved price discovery in the carbon market. We need continued developments like Nature X for the carbon market to live up to its promise and reach the scale needed to limit global warming to 1.5°C.”
BUILT FOR THE LONG-TERM
CIX Exchange is custom-built for extensibility and modularity to enable effective and dynamic scaling alongside market demands for new credit types, projects and standardised contracts. This provides enhanced trading and pricing functionalities to support further network, technology and data partnerships needed to scale carbon markets.
Roland Chai, Executive Vice President and Head of Marketplace Technology, Nasdaq, said, “The launch of CIX Exchange marks a significant step forward in the development and institutionalisation of the voluntary carbon market. Leveraging Nasdaq’s cloud-based trading technology, CIX will have the ability to match orders across multiple parameters, providing clear price signals to the market and empowering buyers to acquire credits specific to their requirements. With decades of experience as a market operator and technology partner to market infrastructures globally, Nasdaq is uniquely positioned to support the development of CIX’s carbon market.”
Mikkel Larsen, CEO of CIX, added, “This is an exciting chapter for CIX. The launch of our spot exchange completes the build of our core venues, which have been customised for the widest range of end-user, investor and intermediary needs. CIX is uniquely positioned to cater to all major user requirements in the carbon markets ecosystem. Our expanded breadth of solutions and unrivalled user experience reflect our purpose and shareholder vision: to leverage the power of carbon markets with trust and transparency to unlock finance – at the speed and scale necessary – to meet global climate ambitions, protect nature and safeguard local communities.”
To complement on-screen trading activities on CIX Exchange, CIX also launched a new clearing and settlement service for privately negotiated transactions, CIX Clear. The service will enhance the accessibility and scalability of carbon markets by reducing onboarding friction and counterparty risk when establishing bilateral trade relationships.
THE CASE FOR NATURE PRESERVATION
CIX Exchange currently lists 34 single nature-based projects which have been verified by Verra and curated from around the world. These projects support Reducing Emissions from Deforestation and Forest Degradation (REDD+), Improved Forest Management (IFM) and Afforestation, Reforestation & Revegetation (ARR). This includes the 11 projects that are eligible for delivery into Nature X.
Trading individually listed projects alongside standardised contracts support the evolution of carbon trading, providing an alternative avenue for the transparent discovery of pricing differentials among subtypes of carbon credits and specific project brands.
According to latest reports by the Intergovernmental Panel on Climate Change and Natural Climate Solutions (NCS) Alliance, there is no credible pathway to 1.5°C without immediate action to halt deforestation. Investing in NCS credits can help to address major gaps in funding.
Gerald Prolman, CEO of Everland, said, "This is a really important development for the voluntary carbon market as it will promote liquidity and price transparency around high integrity REDD+ projects. That is a critical step in building buyer confidence, and providing sustainable revenue streams to communities on the front lines of the climate crisis. These communities need reliable alternative sources of income over the long term to create the right incentive to preserve and protect our forests. That is the only way to ensure a tree is not worth more dead than alive."
Note to Editors:
- CIX Exchange trading hours are Mondays to Fridays, 12:00-18:30 SGT and is complemented by a 30-minute daily pricing session at 17:00-17:30 SGT.
- This launch follows extensive consultations with about 100 core market participants, including experienced project developers, industry and corporate end-users, merchant banks, trading houses, carbon and commodity brokerages, ratings agencies and NGOs.
About Climate Impact X
Climate Impact X (CIX) is a global marketplace, auctions house and exchange for trusted carbon credits based in Singapore, jointly owned by DBS Bank, Singapore Exchange (SGX Group), Standard Chartered and Temasek’s decarbonisation investment platform company GenZero. CIX’s mission is to bring to market and scale demand for existing, new and emerging carbon credits through a suite of solutions underpinned by trust, transparency and integrity.
CIX Marketplace offers seamless access to curated projects to reduce friction for businesses starting on their carbon compensation journey, help them go further in climate action and support corporate sustainability goals. CIX Auctions is a specialised platform for discovering the value of unique and desirable projects, newly issued credits or customised portfolios of projects. CIX Exchange enables two-way spot trading of standardised contracts and individually listed carbon credit projects, concentrating liquidity and providing the market with price transparency and risk management solutions. Follow us on LinkedIn.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Climate Impact X
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SLB Announces Third-Quarter 2023 Results Conference Call22.9.2023 19:00:00 CEST | Press release
SLB (NYSE:SLB) will hold a conference call on October 20, 2023 to discuss the results for the third quarter ending September 30, 2023. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until November 20, 2023, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outsid
Energy Dome's CO2 Battery ™ to Revolutionize U.S. Energy Landscape With First Installation Slated for 202622.9.2023 17:45:00 CEST | Press release
A groundbreaking development in sustainable energy storage is on the horizon for Columbia County, Wisconsin, U.S., spearheaded by Alliant Energy in collaboration with Energy Dome and other key stakeholders. Alliant Energy has just announced its selection to receive a federal grant of up to approximately $30 million from the U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED) for the pioneering Columbia Energy Storage Project, a proposed 200-megawatt hour energy storage system, based on Energy Dome’s signature technology: the CO2 Battery™. This visionary battery system, aptly named the “Columbia Energy Storage Project”, is poised to be a trailblazer in the United States, marking a pivotal stride towards a more sustainable, reliable, and cost-effective energy future. Claudio Spadacini, CEO of Energy Dome, declared: “I’m honored to be part of this remarkable journey alongside Alliant Energy. The Columbia Energy Storage Project marks the genesis of a new era, where the
Settlement Administrator Angeion Group Announces Proposed Settlement In U.S. Dollar LIBOR-Based Instrument Class Action22.9.2023 15:00:00 CEST | Press release
There are lawsuits impacting individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with 17 banks and that received payments tied to U.S. Dollar LIBOR. A Settlement totaling $101 million has been reached with Coöperatieve Rabobank U.A. (“Rabobank”), Lloyds Banking Group plc, Lloyds Bank plc, HBOS plc, and Bank of Scotland plc (together, “Lloyds”), Royal Bank of Canada (“RBC”), and Portigon AG and Westdeutsche Immobilien Servicing AG (together “Portigon”). Earlier settlements totaling $680 million were reached with Barclays, Citibank, Deutsche Bank, HSBC, MUFG, Norinchukin, and SocGen bringing the total settlement amount to $781 million. The remaining Non-Settling Defendants include Bank of America, Credit Suisse, JPMorgan Chase, Royal Bank of Scotland, and UBS. What does the Settlement provide? The Settlement will create a Settlement Fund totaling $101 million that will be used to pay eligible Class Members who submi
Kenvue to Announce Third Quarter 2023 Results on October 26, 202322.9.2023 12:30:00 CEST | Press release
Kenvue Inc. (NYSE: KVUE) (“Kenvue”), the world’s largest pure-play consumer health company by revenue, will announce its financial results for the third quarter ending October 1, 2023, before market open on October 26, 2023. The company will host a conference call and webcast at 8:30 a.m. Eastern Time to discuss its third quarter results. The conference call can be accessed by dialing 877-407-8835 from the U.S. or 201-689-8779 from international locations. A live webcast of the conference call will be available at https://investors.kenvue.com. A replay will be available approximately two hours after the live event. About Kenvue Kenvue is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage, our iconic brands, including Aveeno®, BAND-AID® Brand Adhesive Bandages, Johnson’s®, Listerine®, Neutrogena® and Tylenol®, are science-backed and recommended by healthcare professionals around the world. At Kenvue, we believe in the extraordinary
OS Achieves 800-Puff Milestone with FEELM Max Technology22.9.2023 11:34:00 CEST | Press release
A significant mark in the vaping industry was set when OS Vape, a pioneering disposable product series from OS, showcased its dynamic range at the InterTabac from September 14th to 16th in Germany. Recognized as a leading brand in Germany's shisha product market, OS boasts an extensive local network of channels. Drawing upon this rich resource base, OS's foray into the disposable e-cigarette domain promises consumers enhanced puff counts, cost-efficiency, and unparalleled vapor consistency. As revealed by Future Marketing Insights, Europe's disposable market witnessed a substantial surge, accounting for a 32.3% revenue share in 2022. This robust growth underscores the escalating consumer preference for hassle-free, smokeless alternatives that eliminate the need for recharges or refills. The evolution of the disposable sector brings heightened convenience and a broader array of choices for consumers. Capitalizing on this trend, OS, through its innovative product series and leveraging it
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom