CIX proposes to reinstate Southern Cardamom (VCS 1748) to CIX Nature X

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@climateimpactx.com 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@climateimpactx.com.

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@climateimpactx.com 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@climateimpactx.com.

Climate Impact X (CIX) would like to inform market participants that carbon credits from an additional ten projects, which list C-Quest Capital (CQC) as a project proponent, have been suspended from delivery into the following standard contracts with immediate effect:

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

The additional suspensions follow an update on Verra’s system, which places both CQC projects and projects where CQC is listed under “Multiple Proponents” on hold. Kindly refer to the appendix for a full list of additional projects affected. An earlier market notice setting out impacted projects with CQC as the primary proponent can be found here (MN2024/21).

This Temporary Suspension decision follows a review conducted by CIX to evaluate if the projects’ credits still meet CCX’s qualifying criteria, which was found not to be the case. As per CCX governance protocols, this contract change type is used to urgently suspend credits which no longer meet our eligibility criteria; for example, due to a market event or sudden loss of acceptance.

The projects have been placed under Monitoring Period, during which its credits are not deliverable into all vintages of CCX-DV and CCX-LV standard contracts, including v21-24 and v20-23. In total, all credits from 25 affected projects have been unallocated from the CCX-DV and CCX-LV delivery baskets, and no new credits can be allocated to the contracts until further notice.

CIX will conduct further reviews of the projects’ adherence to CCX’s qualifying criteria. Depending on the outcome, CIX will initiate either a formal and permanent project removal process or a formal addition process to reinstate projects within the contract. In either case, CIX will seek market feedback via a public notice.

CIX welcomes comments on its decision and its processes. These 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 market notice.

Appendix

Contract Code	Project ID	Project Name
CCX-LV	VCS2340	Installation of high efficiency wood burning cookstoves in Zambia
CCX-LV	VCS2371	Installation of high efficiency wood burning cookstoves in Zambia – Project 2
CCX-LV	VCS2372	Installation of high efficiency wood burning cookstoves in Malawi – Project 2
CCX-DV	VCS1720	ONIL Stoves – Guatemala – CPA 002
CCX-DV	VCS1721	ONIL Stoves Guatemala Uspantan
CCX-DV	VCS1803	Distribution of ONIL Stoves – Mexico, CPA 002
CCX-DV	VCS2366	Installation of high efficiency wood burning cookstoves in Tanzania
CCX-DV	VCS2523	Installation of high efficiency wood burning cookstoves in Vietnam
CCX-LV	VCS2712	Distribution of Improved Cook Stoves in Sub- Saharan Africa-Malawi-CPA-006
CCX-LV	VCS2713	Distribution of Improved Cook Stoves in Sub- Saharan Africa-Zambia-CPA-007

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 Liangdu Afforestation Project, the project is no longer eligible for delivery into CAX-C. Please note that vintage eligibility for delivery into CAX-C still applies.

Project Name	Project ID
Liangdu Afforestation Project	VCS2083

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 3135 1620 or email support@climateimpactx.com.

Climate Impact X (CIX) would like to inform market participants that carbon credits from 15 C-Quest Capital (CQC) projects have been suspended from delivery into the following standard contracts with immediate effect:

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

Kindly refer to the appendix for a full list of projects affected.

This Temporary Suspension decision follows a review conducted by CIX to evaluate if the projects’ credits still meet CCX’s qualifying criteria, which was found not to be the case. As per CCX governance protocols, this contract change type is used to urgently suspend credits which no longer meet our eligibility criteria; for example, due to a market event or sudden loss of acceptance.

The projects have been placed under Monitoring Period, during which its credits are not deliverable into all vintages of CCX-DV and CCX-LV standard contracts, including v21-24 and v20-23. All credits from the 15 projects have been unallocated from the CCX-DV and CCX-LV delivery baskets, and no new credits can be allocated to the contracts until further notice.

CIX will conduct further reviews of the projects’ adherence to CCX’s qualifying criteria. Depending on the outcome, CIX will initiate either a formal and permanent project removal process or a formal addition process to reinstate projects within the contract. In either case, CIX will seek market feedback via a public notice.

CIX welcomes comments on its decision and its processes. These 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 market notice.

Appendix

Contract Code	Project ID	Project Name
CCX-LV	VCS2342	Installation of high efficiency wood burning cookstoves in Malawi
CCX-LV	VCS4157	Installation of high efficiency wood burning cookstoves in Tanzania – Project 3
CCX-DV	VCS2341	Installation of high efficiency wood burning cookstoves in Zimbabwe
CCX-DV	VCS2349	Installation of high efficiency wood burning cookstoves in Kenya
CCX-DV	VCS1216	Distribution of ONIL Stoves – Mexico, San Felipe Usila 1
CCX-LV	VCS2711	Distribution of Improved Cook Stoves in Sub- Saharan Africa-Malawi-CPA-002
CCX-DV	VCS2522	Installation of high efficiency wood burning cookstoves in Thailand
CCX-LV	VCS2351	Installation of high efficiency wood burning cookstoves in Mozambique
CCX-DV	VCS2890	Installation of high efficiency wood burning cookstoves in Zimbabwe – Project 2
CCX-LV	VCS2409	Cleaner Cooking Solutions Program
CCX-LV	VCS2981	Installation of high efficiency wood burning cookstoves in Angola – Project 2
CCX-LV	VCS2521	Installation of high efficiency wood burning cookstoves in Laos
CCX-LV	VCS2886	Installation of high efficiency wood burning cookstoves in Malawi – Project 3
CCX-LV	VCS2888	Installation of high efficiency wood burning cookstoves in Mozambique – Project 2
CCX-LV	VCS2390	Installation of high efficiency wood burning cookstoves in Angola

Following market consultation, Climate Impact X (CIX) has made the decision to retain the current methodology for its CIX ARR X – China (CAX-C) standard contract. This methodology excludes credits from projects withdrawn from Verra’s Verified Carbon Standard (VCS) Programme or Climate, Community and Biodiversity (CCB) certification from delivery eligibility.

The decision follows a proposal notice (MN2024/16) and public consultation that ran from 8 May 2024 and can be found here. Market feedback received during the consultation period was supportive of the decision.

This means that Chinese ARR projects with a withdrawn VCS or CCB certification status will remain undeliverable into the CAX-C standard contract.

Based on contract specifications and as of 18 June 2024, the list of projects that are deliverable into the standard contract is as follows:

• Qianxinan Afforestation Project in Guizhou Province (VCS 1847)
• Hechu Afforestation Project in Anhui Province (VCS 1855)
• Xiguan Afforestation Project in Guizhou Province (VCS 1865)
• Hunan Northern and Northwestern Area Afforestation Project (VCS 1896)
• Guinan Afforestation Project (VCS 2070)
• Liangdu Afforestation Project (VCS 2083)
• Zhangye City Afforestation Project in Gansu Province (VCS 2370)
• Jilin Sanchazi Afforestation Project (VCS 2375)
• Gansu Tianshui Afforestation Project (VCS 2391)
• Gansu Dingxi Afforestation Project (VCS 2405)
• Gangsu Lanzhou Afforestation Project (VCS 2418)
• Shanxi Loufan Afforestation Project (VCS 2451)
• Yunnan Qiubei Afforestation Project (VCS 2565)
• Henan Yiyang Afforestation Project (VCS 2652)
• Wuwei City Afforestation Project in Gansu Province (VCS 2745)

Comments, 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 market notice.

Climate Impact X (CIX) has today launched new daily price benchmarks reflecting the spot value of Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) Eligible Emissions Unit over time.

The new assessments include CIX CORSIA X (CIX assessment code: CP00001) and CIX CORSIA Phase 1 X – Global Market (CP00002). Both assessments will reflect the most competitive daily spot value for immediate delivery of CORSIA Eligible Emissions Units as defined by the International Civil Aviation Authority (ICAO).

These assessments will be further informed by standard contracts to be launched on CIX Exchange in the coming months. In the meantime, CIX Exchange members are already able to post live and firm bids and offers for individual projects that qualify as CORSIA Eligible Emissions Units for the 2024-2026 Compliance Period (First Phase), such as projects under the Architecture for REDD+ Transactions’ (ART) – The REDD+ Environmental Excellence Standard (TREES) – programme.

CIX CORSIA Phase 1 X – Global Markets (CP00001) will track the daily spot value of CORSIA Eligible Emissions Units specifically for the 2024-2026 Compliance Period (First Phase).

Both assessments will have the same value until the time when the next phase of the CORSIA scheme becomes more actively traded and relevant, at which point CIX CORSIA X (CP00001) will roll to reflect the new yet-to-be-launched assessment reflecting CORSIA Eligible Emissions Units in the following compliance period.

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 will be given to transactions transparently executed on CIX Exchange and to firm, executable bids and offers on CIX Exchange.

The CIX Benchmark Methodology Guidebook has been updated to reflect the addition of these CORSIA price assessments and can be found at the following link here.

These new assessments will be published in CIX Intelligence products, including the CIX Carbon Daily report and via other data delivery methods. To report information for use in CIX assessments, please contact pricing@climateimpact.com.

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 3135 1620 or email support@climateimpactx.com.

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

The clauses that have been updated are as follows:

CIX Operating Procedures

Clause	Amendments
Part E (CIX Clear)	Updated Clauses 1 and 6 to reflect an extension of CIX Clear operating hours from 9:00am to 12:00am SGT (GMT+8) for acceptance of Cleared Transaction and issuance of Transaction Confirmation
Appendix III – Schedule of Fees	Updated transaction fees for CIX Clear to reflect a minimum fee of USD75 per side if the total transaction size is less than 5,000 tonnes or MWh

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 3135 1620 or email support@climateimpactx.com.

Climate Impact X (CIX) has approved a new registry to CIX Clear, the clearing and settlement service for privately negotiated transactions.

With immediate effect, credits issued and verified under the Architecture for REDD+ Transactions’ (ART) The REDD+ Environmental Excellence Standard (TREES) are available for clearing and settlement via CIX Clear.

The CIX Operating Procedures has also been updated to incorporate the approved registry and permissible products under CIX Clear which can be found here.

CIX Clear accepts only verified credits from pre-approved voluntary credits crediting certification programmes, as part of a single-project, multi-project or portfolio transaction. Other approved programmes include American Carbon Reserve, Carbon Standards International, Climate Action Reserve, EcoRegistry, Evident, Gold Standard, Puro.earth and Verra’s Verified Carbon Standard.

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 3135 1620 or email support@climateimpactx.com.

About Architecture for REDD+ Transactions

The Architecture for REDD+ Transactions (ART) is a global initiative that seeks to incentivise governments to reduce emissions from deforestation and forest degradation (REDD), as well as restore forests and protect intact forests (+). ART provides a credible standard and rigorous process to transparently register, verify, and issue REDD+ emission reduction and removal credits that ensure environmental and social integrity. For more information, please visit https://www.artredd.org/.