CIX launches CORSIA Phase 1 X – Global Market benchmark contract

Climate Impact X (CIX) will today launch its standardised physical spot contract for CORSIA-eligible credits: CIX CORSIA Phase 1 X – Global Market (CIX CP1X-GM).

Trading under the contract code ‘CP1X-GM’ on CIX Exchange, 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 access to Eligible Emissions Units (EEU) under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

Contract Code	Project Locations	Market Scope	Vintage Range
[CP1X-GM]	Global	All eligible credits, per eligibility criteria defined by the ICAO Council for the CORSIA 2024-2026 compliance period (first phase), as captured within the ICAO document on “CORSIA Eligible Emissions Units”.	2021-2026

To view the CP1X-GM spot contract instrument, see here. 

A new contract for the next phase of the CORSIA scheme will be created closer to 2027, reflecting the start year of the 2027-2035 compliance year (second phase).

In conjunction with the launch of the CIX CORSIA X contract, CIX has updated its Benchmark Methodology Guidebook with immediate effect to include the CIX CORSIA X Methodology Waterfall. The updated CIX Benchmark Methodology Guidebook is available here.

The CP1X-GM contract will help inform the CIX CORSIA Phase 1 X – Global Markets (CP00002) price benchmark, which tracks the spot traded value of the most competitive CORSIA Eligible Emissions Units for the 2025-2026 compliance period (first phase). 

The assessment is published in the CIX Carbon Daily pricing intelligence report, and through CIX paid data services.
 
CIX Exchange is open for trading Monday through Friday (excluding public holidays) from 9:00am to 7:00am (the following Trading Day) SGT. 

If you are interested in trading the CP1X-GM contract, please reach out to exchange@climateimpactx.com. 

Climate Impact X (CIX) has suspended the memberships of the following entities:

• PT Bala Biotech Indonesia, effective 17 October 2025.
• Crowdfunding.CL SpA, effective 17 October 2025. 

These actions were taken following breaches of the CIX Platform Terms and Conditions, as outlined under Section 6.2 of the CIX Rulebook  and Section 2 of the CIX Operating Procedures. 

CIX is committed to maintaining a high-integrity, transparent environmental market trading ecosystem. All members are reminded of their ongoing obligations under CIX’s governance protocols, which ensure that activity on the CIX Exchange platform reflects firm, good-faith participation and supports the orderly functioning of the market.

The suspensions underscore our dedication to upholding the standards that protect the interests of our members and market participants, and to ensuring the proper functioning of this ecosystem.

About the new CIX Exchange

CIX Exchange is an integrated trading platform operated by Climate Impact X (CIX). Bringing together CIX’s original trading venues into one destination, it supports the full lifecycle of environmental market transactions through high-integrity, rules-based participation. The platform is designed to promote transparent price discovery, seamless participation and reliable settlement. All bids, offers and trades executed on the platform are binding and governed by the CIX Rulebook.

Following the decision notice (MN2025/13) and public consultation (MN2025/09) that ran from 5 March 2025 to 4 April 2025, Climate Impact X (CIX) has discontinued the publication of several older vintage Nature X and Cookstoves X price assessments.

The following price assessments have been discontinued as of 13 May 2025. Notwithstanding this discontinuation, trading of the CIX Nature X (CNX) v16-19 and CIX Cookstoves X (CCX) v20-23 standard contracts will continue to be available on the CIX Exchange.

Nature X

Price Assessment Name	Assessment Code
CNX v16-19	NC00005
CIX Nature v16 (Vintage assessment)	NC00009
v16 differential to Nature X (Benchmark to Vintage Differential)	NC00013
Nature v16 to v17 (Inter-vintage differential)	NC00016

Cookstoves X

Price Assessment Name	Assessment Code
CCX-LG v20-23	CC00005
CCX-DG v20-23	CC00006
CCX-LV v20-23	CC00007
CCX-DV v20-23	CC00008

Questions or feedback can be sent to pricing@climateimpactx.com. On the day of implementation, CIX will publish an additional Implementation Notice to alert market participants that the change has come into effect.

Please ensure that the appropriate members of staff within your organisation and customers are advised of the content of this notice.

For any further queries, please reach out to CIX’s support team at +65 6990 7518 or email operations@climateimpactx.com.

Following market consultation, Climate Impact X (CIX) has decided to discontinue the publication of price assessments of older vintage Nature X and Cookstoves X price assessments.

The decision follows a proposal notice and a public consultation that commenced on 5 March 2025. The proposal was made following a routine evaluation of the level of activity and relevance of these price assessments. Market feedback received during the consultation period was supportive of the final decision to discontinue price assessments that are associated with the CIX Nature X (CNX) v16-19 and CIX Cookstoves X (CCX) v20-23 standard contracts. Notwithstanding this decision, trading of CIX Nature X (CNX) v16-19 and CIX Cookstoves X (CCX) v20-23 standard contracts will remain available on the CIX Exchange.

Following the decision, below price assessments will cease as of 13 May 2025.

Nature X

Price Assessment Name	Assessment Code
CNX v16-19	NC00005
CIX Nature v16 (Vintage assessment)	NC00009
v16 differential to Nature X (Benchmark to Vintage Differential)	NC00013
Nature v16 to v17 (Inter-vintage differential)	NC00016

Cookstoves X

Price Assessment Name	Assessment Code
CCX-LG v20-23	CC00005
CCX-DG v20-23	CC00006
CCX-LV v20-23	CC00007
CCX-DV v20-23	CC00008

Questions or feedback can be sent to pricing@climateimpactx.com. On the day of implementation, CIX will publish an additional Implementation Notice to alert market participants that the change has come into effect.

Please ensure that the appropriate members of staff within your organisation and customers are advised of the content of this notice.

For any further queries, please reach out to CIX’s support team at +65 6990 7518 or email operations@climateimpactx.com.

Following market consultation, Climate Impact X (CIX) has decided to discontinue the China ARR X standard contracts, along with the associated price assessments.

The decision follows a proposal notice and a public consultation that commenced on 5 March 2025. Market feedback received during the consultation period was supportive of the final decision. As such, trading of the CIX ARR X – China (CAX-C) v21-24 and v20-23 standard contracts on the CIX Exchange will cease as of 22 July 2025. In addition, CIX will discontinue publication of the associated price assessments listed below.

Price Assessment Name	Assessment Code
CIX ARR X – China	AC00002
CAX-C v21-24	AC00006
CAX-C v20-23	AC00004

Questions or feedback can be sent to pricing@climateimpactx.com. On the day of implementation, CIX will publish an additional Implementation Notice to alert market participants that the change has come into effect.

Please ensure that the appropriate members of staff within your organisation and customers are advised of the content of this notice.

For any further queries, please reach out to CIX’s support team at +65 6990 7518 or email operations@climateimpactx.com.

Following market consultation, Climate Impact X (CIX) has decided not to reinstate any cookstove projects developed by C-Quest Capital (CQC) that have been taken off hold and reverted to a ‘Registered’ status on Verra. These projects will remain ineligible for delivery into CIX Cookstoves X (CCX) standard contracts, including the Least Developed Countries Verra (CCX-LV) and Developing Countries Verra (CCX-DV) contracts.

The decision follows a proposal notice (MN2024/28) and a public consultation that commenced on 21 October 2024. Market feedback received during the consultation period was supportive of the decision. Prior to the consultation, CIX had announced (MN2024/21) the temporary suspension of CQC projects placed under the Monitoring Period. With this final decision, CQC projects remain ineligible for delivery across all vintages of CCX-LV and CCX-DV standard contracts, including v22- 25, v21-24 and v20-23.

Questions or feedback can be sent to pricing@climateimpactx.com. Please ensure that the appropriate members of staff within your organisation and customers are advised of the content of this notice.

For any further queries, please reach out to CIX’s support team at +65 6990 7518 or email operations@climateimpactx.com.

Following market consultation, Climate Impact X (CIX) has decided not to add the Generation Forest Group Project (VCS 2481) in Panama to the list of projects deliverable under its afforestation, reforestation, and revegetation (ARR) standard contract, CIX ARR X (CAX).

The decision follows a proposal notice (MN2024/25) and a public consultation that commenced on 9 September 2024. Market feedback received during the consultation period was supportive of the decision. As a result, the 12 projects currently deliverable under CAX remain as follows:

• Afforestation of Degraded Grasslands in Vichada, Colombia (VCS 2512)
• Reforestation of Degraded Forest Reserve Areas in Ghana, West Africa (VCS 2410)
• Bagepalli CDM Reforestation Programme (GS 4240)
• Reforestation Program in the Southeastern Region of Nicaragua on degraded pastureland (GS 4220)
• TIST Program in Kenya, VCS005 (VCS 737)
• Grouped Project for Commercial Forest Plantations Initiatives in the Department of Vichada (VCS 1530)
• Reforestation of Degraded Lands in Sierra Leone (VCS 2401)
• WithOneSeed Timor Leste Community Forestry Program (GS 4210)
• CO2OL Tropical Mix (GS 2940)
• Reforestation of Degraded Forest Reserves in Ghana (VCS 987)
• Vichada Climate Reforestation Project (PAZ) (GS 4221)
• BaumInvest Reforestation Project (GS 2913)

Questions or feedback can be sent to pricing@climateimpactx.com. Please ensure that the appropriate members of staff within your organisation and customers are advised of the content of this notice.

For any further queries, please reach out to CIX’s support team at +65 6990 7518 or email operations@climateimpactx.com.

Climate Impact X (CIX) is proposing to discontinue its older vintage Nature X and Cookstoves X standard contracts, along with the associated price assessments, and invites feedback on this proposal from market participants.

Under the proposal, trading of the CIX Nature X (CNX) v16-19 and CIX Cookstoves X (CCX) v20-23 standardised contracts on the CIX Exchange would cease as of 17 July 2025. For CCX v20-23 contracts, it includes the Gold Standard Least Developed Countries (CCX-LG), Gold Standard Developing Countries (CCX-DG), Verra Least Developed Countries (CCX-LV), and Verra Developing Countries (CCX-DV) contracts. In addition, CIX would discontinue the publication of the associated benchmark assessments listed below.

Contract and Benchmark Name	Assessment Code
CNX v16-19	NC00005
CIX Nature v16	NC00009
Benchmark to Vintage Differential (v16 differential to Nature X)	NC00013
Inter-vintage differential (Nature v16 to v17)	NC00016
CCX-LG 20-23	CC00005
CCX-DG 20-23	CC00006
CCX-LV 20-23	CC00007
CCX-DV 20-23	CC00008

This proposal is part of a continuous and routine effort to ensure CIX’s standard contract and benchmarks offerings align with the more active and recent vintages, and comes in the context of reduced liquidity and trading activity for the vintages proposed for discontinuation.

Market participants may provide feedback to pricing@climateimpactx.com before 4 April 2025. Feedback received will be published unless marked as confidential. Upon review of feedback received, CIX will publish a Decision Notice. Should the methodology change go ahead as proposed, on the day of implementation, CIX will publish an additional Implementation Notice to alert market participants that the change has come into effect.

Please ensure that the appropriate members of staff within your organisation and customers are advised of the content of this notice.

For any queries on this notice, please reach out to CIX’s support team at +65 6990 7518 or email operations@climateimpactx.com.