Market closed on the eve of upcoming market holidays

Climate Impact X (CIX) would like to inform members and other market participants of the following holiday closures, in addition to the standard market holidays noted in this schedule:

• Tuesday, 24 December 2024: Eve of Christmas Day
• Tuesday, 31 December 2024: Eve of New Year’s Day

On these dates, trading on CIX Exchange, clearing and settlement on CIX Clear and customer support will not be available; no CIX price assessments will be made, and no CIX Intelligence products will be published. Market operations will resume on Thursday, 26 December 2024 and Thursday, 2 January 2025 respectively. 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@stg-climateimpactxcom-staging.kinsta.cloud.

Following market consultation, Climate Impact X (CIX) will remove 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 effect from 13 January 2025.

The addition follows a proposal notice (MN2024/27) and public consultation that ran from 1 October 2024 and can be found here. Market feedback received during the consultation period was supportive of the proposal.

The project will not be deliverable across all vintages of CNX standard contracts, including v16-19, v17-20, v18-21, v19-22, and v20-23.

Comments, questions or feedback can be sent to pricing@stg-climateimpactxcom-staging.kinsta.cloud. On the day of implementation, CIX will publish an 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@stg-climateimpactxcom-staging.kinsta.cloud.

Following market consultation, Climate Impact X (CIX) will reinstate 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 effect from 13 January 2025.

The addition follows a proposal notice (MN2024/26) and public consultation that ran from 1 October 2024 and can be found here. Market feedback received during the consultation period was supportive of the proposal.

The project will be deliverable across all vintages of CNX standard contracts, including v16-19, v17- 20, v18-21, v19-22, and v20-23. It will also be deliverable into the v21-24 contract, which will begin trading on 2 January 2025.

Comments, questions or feedback can be sent to pricing@stg-climateimpactxcom-staging.kinsta.cloud. On the day of implementation, CIX will publish an 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@stg-climateimpactxcom-staging.kinsta.cloud.

Climate Impact X (CIX) has partnered with BeZero Carbon to feature its headline ratings on CIX Exchange. Market participants can now access project-level quality assessments to supplement their trading decision making for every rated single project instrument on CIX Trading Portal, under a newly created ‘BEZERO’ column. Learn more about the partnership here.

BeZero Carbon Rating analyses the likelihood a carbon credit will deliver on its claim to avoid or remove a tonne of CO2e from the atmosphere, presented on an eight-point scale from ‘AAA’ to ‘D’.

Users may search (refer to the Appendix) for instruments with BeZero Carbon Ratings on CIX Trading Portal.

CIX Operating Procedures has been updated to include BeZero Carbon’s third-party disclaimers and can be found 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 on this notice, please reach out to CIX’s support team at +65 6990 7518 or email operations@stg-climateimpactxcom-staging.kinsta.cloud.

About BeZero Carbon

BeZero Carbon is the carbon ratings agency. Its ratings and risk products equip world-leading organisations with the knowledge, tools and confidence to make better climate decisions. It aims to scale investment in environmental markets that deliver a sustainable future.

Visit bezerocarbon.com and follow BeZero on LinkedIn and X to learn more.

Appendix

Search for BeZero rated instruments by sorting the ‘BEZERO’ column

Climate Impact X (CIX) would like to inform members and other market participants that the CIX Operating Procedures have been updated with immediate effect.

Please note that alongside changes to Hours of Operation, communications channels for CIX Support have been streamlined to include only email and phone.

The clauses and rules that have been updated are as follows:

CIX Operating Procedures

Clauses	Amendments
Hours of Operation	Updated CIX Support Hours to 9:00am – 6:30pm across all platforms and amended CIX Support email address and phone number
Part A (Common)	Added Section 7 on Third Party Disclaimers
Part E (CIX Clear)	Updated Clause 4 to include two options on how to submit a Clear Transaction Notification Updated Clause 6 for the timing of Transaction Notification Acceptance and confirmation issuance Updated Clause 9 to reflect a late settlement charge for CIX Clear
Appendix VI	Created Appendix VI to include Third Party Disclaimers of BeZero Carbon Rating

The summary of changes is also documented on the last page of the Operating Procedures, under the section ‘Document Revision History’.

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@stg-climateimpactxcom-staging.kinsta.cloud.

Following Verra’s announcement that it has completed quality control reviews of 22 of the 26 cookstoves projects that were developed by C-Quest Capital (CQC), Climate Impact X (CIX) is seeking feedback on a proposal to reinstate any projects that are taken off hold and maintain a reverted status of ‘Registered’ on Verra.

The following standard contracts are impacted:

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

Verra has determined that CQC must compensate for the excess issuances of the affected projects. Accordingly, CQC has requested, and Verra has processed, the cancellation of the Verified Carbon Units (VCUs).

Under the proposal, the projects will be deliverable across all vintages of CCX-DV including v21-24 and v20-23. CIX seeks feedback on this proposal from market participants.

Market participants may provide feedback to pricing@stg-climateimpactxcom-staging.kinsta.cloud before 22 November 2024. Feedback received will be published unless marked as confidential. Upon review of the 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 notice.

For any queries on this notice, please reach out to CIX’s support team at +65 3135 1620 or email support@stg-climateimpactxcom-staging.kinsta.cloud.

Climate Impact X (CIX) is proposing to remove 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 effect from 2 January 2025.

Under the proposal, the project will not be deliverable across all vintages of CNX standard contracts, including v16-19, v17-20, v18-21, v19-22, and v20-23, as of 2 January 2025. CIX seeks feedback on this proposal from market participants.

The proposal follows a review and analysis of potentially qualifying projects, which takes place regularly under the contract’s monitoring protocols. Preliminary analysis by CIX indicates that the project may no longer fulfil CNX’s qualifying criteria due to a decrease in market-representativeness and loss of acceptance.

Market participants may provide feedback to pricing@stg-climateimpactxcom-staging.kinsta.cloud before 1 November 2024. 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 these notices, please reach out to CIX’s support team at +65 3135 162 or email support@stg-climateimpactxcom-staging.kinsta.cloud.

In light of Verra’s announcement that it has completed its review into the Southern Cardamom REDD+ project (VCS 1748) in Cambodia, Climate Impact X (CIX) is inviting feedback on our proposal to reinstate the project into the nature-based standard contract CIX Nature X (CNX).

Verra has found that the project proponent has demonstrated the appropriate actions to address the alleged harm, mitigate the risk of future harm and continually improve project performance. As a result, Verra has clarified that the project remains active in all three programmes in which it is registered: the Verified Carbon Standard (VCS) Program, the Climate, Community & Biodiversity Standards (CCBS) Programme, and the Sustainable Development Verified Impact Standard (SD VISta) Programme.

Under the proposal, the Southern Cardamom project will be deliverable across all vintages of CNX standard contracts, including v16-19, v17-20, v18-21, v19-22, and v20-23. It will also be deliverable into the v21-24 contract, which will begin trading on 2 January 2025. CIX seeks feedback on this proposal from market participants.

Market participants may provide feedback to pricing@stg-climateimpactxcom-staging.kinsta.cloud before 1 November 2024. 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 these notices, please reach out to CIX’s support team at +65 3135 162 or email support@stg-climateimpactxcom-staging.kinsta.cloud.

Climate Impact X (CIX) is proposing to add the Generation Forest Group Project (VCS 2481) in Panama to the list of projects deliverable into its afforestation, reforestation and revegetation (ARR) standard contract, CIX ARR X (CAX), with effect from 2 January 2025.

Under the proposal, the project will be deliverable across all vintages of CAX standard contracts, including v20-23 and v21-24, which will begin trading on 2 January 2025. CIX seeks feedback on this proposal from market participants.

The proposal follows a review and analysis of potentially qualifying projects, which takes place regularly under the contract’s monitoring protocols. Preliminary analysis by CIX indicates that the project fulfils CAX’s qualifying criteria, which can be found here.

The addition of Panama’s Generation Forest Group Project, a well-established and high-quality project, will help to increase the volume of credits deliverable into CAX. 12 projects are currently deliverable into the standard contract:

• 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)

Market participants may provide feedback to pricing@stg-climateimpactxcom-staging.kinsta.cloud before 9 October 2024. 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.

Climate Impact X (CIX) has today launched new daily REDD+ single-project price assessments and differentials to its CIX Nature X (CNX) benchmark. These assessments will cover all projects deliverable into the CNX contracts.

CIX single-project differentials represent the daily premium or discount relative to the day’s CNX assessment. The assessments are “vintage-aligned” with the CNX benchmark. This means that in 2024, the single-project assessments represent the value of v20 credits. On 2 January 2025, the assessments will roll to reflect the value of v21 credits in line with the vintage roll of the CNX benchmark.

CIX single-project outright prices represent the daily outright value of each project’s credits and are also “vintage-aligned” with the CNX benchmark.

Assessments will be made holistically using all information available to the CIX Pricing team, including transactions, bids and offers for individual projects on CIX Exchange, other CIX trading venues and in the over-the-counter (OTC) physical spot market. Priority is typically given to transactions transparently executed on CIX Exchange, as well as to firm, executable bids and offers on the platform.

A price history for these assessments has been backfilled using the monthly price differentials for each project that were previously assessed and publish in the CIX Carbon Daily report.

The CIX Benchmark Methodology Guidebook has been updated to reflect the addition of these single-project price assessments and differentials and can be found 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 regarding CIX’s assessments and methodology, please reach out to CIX’s pricing team at pricing@stg-climateimpactxcom-staging.kinsta.cloud.