CIX proposes to discontinue China ARR standard contracts and benchmarks

Climate Impact X (CIX) is proposing to discontinue its China ARR standard contracts, along with the associated benchmark assessments, and invites feedback on this proposal from market participants.

Under the proposal, trading of the CIX ARR X – China (CAX-C) standardised contracts on the CIX Exchange would cease as of 17 July 2025, including v21-24 and v20-24 contracts. In addition, CIX would discontinue the publication of the CAX-C benchmark assessments listed below.

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

This proposal comes in the context of ongoing voluntary withdrawal of China ARR projects from the Verra registry, which has significantly reduced the qualifying volume for these contracts and reduced trading activity in this segment of the market.

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.

Climate Impact X (CIX) has suspended the membership of Finbird Technologies Private Limited, effective 7 February 2025.

This action was taken following a breach of the CIX platform terms and user agreement, as outlined under Section 6.2 of the CIX Rulebook and Section 2 of the CIX Operating Procedures.

CIX is committed to fostering a high-integrity, transparent carbon market trading environment. This suspension underscores 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.

For any queries or further clarification regarding this notice, please reach out to the CIX support team at +65 6990 7518 or email operations@climateimpactx.com.

Climate Impact X (CIX) would like to inform members and other market participants that the list of projects eligible for delivery into CIX ARR X – China (CAX-C) has been updated with immediate effect.

Deactivated

The CAX-C contract specification stipulates that projects must be registered with Verra’s Verified Carbon Standard (VCS) and Community and Biodiversity (CCB) standards to be deliverable into CAX-C. Following changes in the certification and project status of the Hechu Afforestation Project in Anhui Province, the project is no longer eligible for delivery into CAX-C.

Project Name	Project ID
Hechu Afforestation Project in Anhui Province	VCS1855

For impacted clients, all open orders on CIX will be cancelled with immediate effect – there is no further action required from you at this stage.

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.

Climate Impact X (CIX) would like to inform members and other market participants that the list of projects eligible for delivery into CIX ARR X – China (CAX-C) has been updated with immediate effect.

Deactivated

The CAX-C contract specification stipulates that projects must be registered with Verra’s Verified Carbon Standard (VCS) and Community and Biodiversity (CCB) standards to be deliverable into CAX-C. Following changes in the certification and project status of Henan Yiyang Afforestation Project, the project is no longer eligible for delivery into CAX-C.

Project Name	Project ID
Henan Yiyang Afforestation Project	VCS2652

For impacted clients, all open orders on CIX will be cancelled with immediate effect – there is no further action required from you at this stage.

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.

Following the decision notice (MN2024/32) and public consultation (MN2024/27) that ran from 1 October to 1 November 2024, Climate Impact X (CIX) confirms the removal of the Rio Anapu-Pacaja REDD Project (VCS 2252) in Para, Brazil from the list of projects deliverable into the nature-based standard contract CIX Nature X (CNX), with immediate effect.

The project is now excluded from delivery across all vintages of CNX standard contracts, including v16-19, v17-20, v18-21, v19-22, v20-23, and v21-24.

Eleven projects are currently deliverable into the standard contract:

• The Kasigau Corridor REDD Project Phase II – The Community Ranches, Kenya (VCS 612)
• Rimba Raya Biodiversity Reserve Project, Indonesia (VCS 674)
• The Mai Ndombe REDD+ Project, Democratic Republic of the Congo (VCS 934)
• Cordillera Azul National Park REDD Project, Peru (VCS 985)
• REDD in Tambopata National Reserve and Bahuaja-Sonene National Park, Brazil (VCS 1067)
• The Envira Amazonia Project – A Tropical Forest Conservation Project in Acre, Brazil (VCS 1382)
• Katingan Peatland Restoration and Conservation Project, Indonesia (VCS 1477)
• Resguardo Unificado Selva de Mataven REDD+ Project, Colombia (VCS 1566)
• REDD+ Project for Caribbean Guatemala: The Conservation Coast, Guatemala (VCS 1622)
• Reduced Emissions from Deforestation and Degradation in Keo Seima Wildlife Sanctuary, Cambodia (VCS 1650)
• The Southern Cardamom REDD+ Project (SCRP) (VCS 1748)

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

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

Following the decision notice (MN2024/31) and public consultation (MN2024/26) that ran from 1 October to 1 November 2024, Climate Impact X (CIX) confirms the reinstatement of the Southern Cardamom REDD+ Project (VCS 1748) in Cambodia to the list of projects deliverable into the nature- based standard contract CIX Nature X (CNX), with immediate effect.

The project is now deliverable across all vintages of CNX standard contracts, including v16-19, v17- 20, v18-21, v19-22, v20-23, and v21-24.

Eleven projects are currently deliverable into the standard contract:

• The Kasigau Corridor REDD Project Phase II – The Community Ranches, Kenya (VCS 612)
• Rimba Raya Biodiversity Reserve Project, Indonesia (VCS 674)
• The Mai Ndombe REDD+ Project, Democratic Republic of the Congo (VCS 934)
• Cordillera Azul National Park REDD Project, Peru (VCS 985)
• REDD in Tambopata National Reserve and Bahuaja-Sonene National Park, Brazil (VCS 1067)
• The Envira Amazonia Project – A Tropical Forest Conservation Project in Acre, Brazil (VCS 1382)
• Katingan Peatland Restoration and Conservation Project, Indonesia (VCS 1477)
• Resguardo Unificado Selva de Mataven REDD+ Project, Colombia (VCS 1566)
• REDD+ Project for Caribbean Guatemala: The Conservation Coast, Guatemala (VCS 1622)
• Reduced Emissions from Deforestation and Degradation in Keo Seima Wildlife Sanctuary, Cambodia (VCS 1650)
• The Southern Cardamom REDD+ Project (SCRP) (VCS 1748)

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

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

Climate Impact X (CIX) has successfully completed the latest annual independent audit of its suite of carbon credit benchmark products: CIX ARR X (CAX), CIX Cookstoves X (CCX) and CIX Nature X (CNX).

Conducted by professional services firm Ernst & Young, the assessments ensure that CIX’s benchmark methodology and governance processes continuously adhere to the International Organisation of Securities Commissions Principles for Oil Price Reporting Agencies (IOSCO Principles). The assurance reviews for CAX and CCX are based on specific dates of assessment, while the review for CNX covers a pricing period of up to 12 months.

The IOSCO Principles offer globally recognised best practice guidance on governance and control systems in the publication of commodity price benchmarks. They cover various aspects including price assessment methodology, the management of contract and index methodology changes, data reporting process, supervision of assessors, audit trails, the management and prevention of conflicts of interest, as well as auditing.

This audit, along with subsequent annual reviews, provides market participants with added confidence that CIX’s benchmarks—used in physical commercial agreements or derivatives markets—are administered in alignment with the highest possible global standards.

Full details of the scope and findings of the audit are transparently available on CIX’s website.

IOSCO audit reports for previous years are available upon request at pricing@climateimpactx.com. Please reach out to team for any queries or further clarification regarding this notice.

Climate Impact X (CIX) would like to inform members and other market participants that new vintage CIX Nature X (CNX), CIX Cookstoves X (CCX) and CIX ARR X (CAX) contracts as indicated below have been activated with immediate effect.

Contract Name	Project Vintage Eligibility
CNX v21-24	Vintages 2021 to 2024 only
CCX-LG 22-25	Vintages 2022 to 2025 only
CCX-DG 22-25	Vintages 2022 to 2025 only
CCX-LV 22-25	Vintages 2022 to 2025 only
CCX-DV 22-25	Vintages 2022 to 2025 only
CAX v21-24	Vintages 2021 to 2024 only
CAX-C v21-24	Vintages 2021 to 2024 only

These contracts underpin a new series of price assessments tracking the spot traded value of eligible projects within the corresponding vintage bands, as transacted during the respective on exchange pricing sessions. At the same time, CIX’s benchmark assessments (CNX, CCX LDC GS, CCX DC GS, CCX LDC VCS, CCX DC VCS, CAX, CAX-C) will roll to reflect the latest contracts. These assessments are published in the CIX Carbon Daily pricing intelligence, available here.

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

For any queries or further clarification regarding this notice, please reach out to the CIX support team at +65 6990 7518 or email operations@climateimpactx.com.

Climate Impact X (CIX) observes public holidays in Singapore and will be closed for nine market holidays in 2025. Please see below our holiday schedule.

CIX Market Holiday Schedule

Date	Holiday
1 Jan 2025	New Year’s Day
29 Jan 2025	Chinese New Year
30 Jan 2025	Chinese New Year
31 Mar 2025	Hari Raya Puasa
18 Apr 2025	Good Friday
1 May 2025	Labour Day
12 May 2025	Vesak Day
20 Oct 2025	Deepavali
25 Dec 2025	Christmas Day

During market holidays, trading on CIX Exchange and CIX Carbon Daily will not be available; and no CIX price assessments will be made on those days. We will continue to accept transaction notices for CIX Clear and these will be processed on the next business day.

CIX Exchange is open for trading Monday through Friday (excluding public holidays) from 12:00pm to 6:30pm SGT (GMT+8), with CIX Clear available during normal business hours.

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

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

Climate Impact X (CIX) is extending the market consultation period for its proposal to reinstate any cookstoves projects developed by C-Quest Capital (CQC) that are taken off hold and maintain a reverted status of ‘Registered’ on Verra, with effect from 17 March 2025.

The following standard contracts are impacted:

• CIX Cookstoves X – Developing Countries Verra (CCX-DV)
• CIX Cookstoves X – Least Developed Countries Verra (CCX-LV)

This announcement follows the proposal published on 21 October, under which the projects will be deliverable across all vintages of CCX-DV and CCX-LV contracts, including v20-23, v21-24, and v22-25, which will begin trading on 2 January 2025. CIX seeks further feedback on this proposal from market participants.

The proposal follows Verra’s announcement that the registry has completed quality control reviews of 22 of the 26 cookstoves projects developed by CQC. Verra determined that CQC must compensate for the excess issuances of the affected projects. Accordingly, CQC requested, and Verra has processed, the cancellation of the Verified Carbon Units (VCUs).

Market participants may provide feedback to pricing@climateimpactx.com before 31 January 2025. Feedback received will be published unless marked as confidential. Upon review of feedback received, CIX will publish a Decision Notice. Should the addition 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 market notice.

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