‘CIX CORSIA Phase 1 X – Global Market’ enables trading of eligible credits from all fully approved ICAO registries, unlocking a new level of access and price transparency for CORSIA participants worldwide
Singapore and London, 2 December 2025 – Climate Impact X (CIX), a global environmental markets exchange, has launched its first standardised physical spot contract for CORSIA-eligible credits: CIX CORSIA Phase 1 X – Global Market (CIX CP1X-GM). The contract consolidates supply from all registries fully approved by the International Civil Aviation Organisation (ICAO) for the 2024–2026 compliance period (first phase), giving airlines and other market participants efficient access to Eligible Emissions Units (EEU) under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).
During the pricing session on day one, bids and offers converged and narrowed to a spread of 10 per cent, providing early improvements to market transparency and price discovery.
The launch comes on the heels of Gold Standard’s first CORSIA-eligible issuance from Hestian’s Malawi clean cooking programme last month – the second project worldwide to meet ICAO’s criteria for the first phase, after those issued by the Architecture for REDD+ Transactions (ART) to Guyana.
Combined, these issuances bring the volume of CORSIA Phase 1-eligible credits to over 17.3 million. Yet, supply remains a fraction of projected demand. The International Air Transport Association (IATA) forecasts that the aviation sector will require 146-236 million tonnes of offsets for the first phase alone.
Ellery Sutanto, Chief Commercial Officer at Climate Impact X, said, “As the CORSIA market takes shape amid supply constraints, early movers that secure eligible credits today not only gain greater control over their compliance pathways but also position themselves to hedge against market and price volatility. Standardisation will be key to unlocking scale and confidence. CIX CP1X-GM delivers that foundation, offering an efficient, standardised gateway to CORSIA Phase 1 EEUs that helps manage risk, consolidate liquidity, and ultimately catalyse a transparent, liquid CORSIA market.”
Trading of CIX CP1X-GM is complemented by CIX’s on-exchange, time-bound spot pricing window. Held daily at the intersection of the Asian and European trading hours, the session pools liquidity from the most active carbon markets to deepen order books and sharpen price discovery. Activity in the contract will generate firm, high-quality datapoints to inform the CP1X-GM benchmark launched in June 2024, helping establish a transparent, market-driven and futures-grade reference price for CORSIA EEUs. As of 1 December 2025, the CP1X-GM benchmark was assessed at US$19.50/mt.
With the deadline for the first compliance phase approaching, CIX CP1X-GM unlocks a new level of access to spot CORSIA EEUs – including units that, where applicable, may also qualify as Article 6-authorised Internationally Transferred Mitigation Outcomes (ITMOs).
EEUs deliverable into the contract are sourced from all registries fully approved by ICAO for the first phase. CIX is connected to the complete network of currently fully approved registries: ACR, ART, Climate Action Reserve, Global Carbon Council, Gold Standard, Isometric, Thailand’s Premium Voluntary Emission Reduction Programme (T-VER) and Verra. Newly approved programmes will be added to the contract’s eligibility criteria with advance notice.
Only credits explicitly labelled as CORSIA-eligible or CORSIA-compliant by ICAO-approved registries qualify for delivery. A whitelist of EEUs is available on the CIX Exchange platform.
Boris Mak, Vice President Sustainability, Singapore Airlines, said, “CORSIA has an important role in the aviation industry’s decarbonisation journey. Singapore Airlines is working closely with governments and partners in the aviation ecosystem to scale up viable solutions to decarbonise emissions. A transparent CORSIA pricing benchmark will aid airlines in shaping their carbon offset strategy, and complement other decarbonisation initiatives in the aviation sector.”
Herry Cho, Head of Sustainability and Sustainable Finance, SGX Group, said, “Establishing a liquid and transparent CORSIA Phase 1 spot market is pivotal for robust price discovery and market confidence, and it enables airlines to meet compliance obligations efficiently. This will catalyse the evolution of scalable carbon markets and unlock pathways for risk management tools as the ecosystem matures.”
Rory McDougall, Chief Financial Officer, DelAgua, said, “CORSIA provides assurance of scientifically credible and socially transformative credits. Having secured governments’ support and Letters of Authorisation across all DelAgua projects, we are now leveraging this framework to trade our credits. DelAgua fully supports greater pricing transparency in the carbon markets, and we recognise the critical role Climate Impact X plays in scaling the market. The CORSIA contract brings confidence in credit integrity and will enable greater flow of climate finance capital back into host countries delivering lasting impact for communities and the environment.”
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Note to Editors:
- At the time of publication, two projects have been tagged CORSIA Phase 1–eligible:
- GS11677 – Biomass Energy Conservation Programme in Malawi (Issued under Gold Standard; Developed by Hestian; Supply: 1.5 million CORSIA EEUs)
- ART102 – Guyana Jurisdictional REDD+ Programme (Issued under ART – The REDD+ Environmental Excellence Standard (TREES); Supply: 15.84 million CORSIA EEUs).
- Launched by ICAO in 2016, CORSIA is a global market-based mechanism that aims to deliver carbon-neutral growth for international aviation from 2020. Under the scheme, airlines must offset emissions exceeding 2019 levels using EEUs or sustainable aviation fuels. Compliance for the 2024–2026 period (Phase 1) is due by 31 January 2028.
- Aviation accounts for around 2% of global energy-related greenhouse gas emissions.
