CIX proposes change to CIX ARR X – China methodology to allow credits from withdrawn projects

Climate Impact X (CIX) is proposing to change the methodology for its CIX ARR X – China (CAX-C) Standard Contract along with the methodology for its associated benchmark assessment. This change will allow credits from projects withdrawn from Verra’s Verified Carbon Standard (VCS) or Climate, Community & Biodiversity (CCB) Standards to be eligible for delivery, as long as the issued credits remain tagged with a CCB label.

The proposed new methodology would read: “CAX-C is designed to deliver ARR projects that are registered as part of Verra’s Verified Carbon Standard (VCS), domiciled in China and have Verra’s Climate, Community & Biodiversity (CCB) status. Chinese ARR projects holding either a VCS Standard or CCB certification status that are on hold by Verra will not be deliverable into CAX-C until the standard or certification status is restored. Projects with a VCS Standard or CCB certification status that is withdrawn will be deliverable as long as the issued credits remain tagged with the CCB label.”

The proposal follows the voluntary withdrawal of several China ARR projects from the Verra registry, which has reduced qualifying volume for the contract.

Market participants may provide feedback to pricing@climateimpactx.com before 8 June 2024. 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 market notice.

Following the decision notice (MN2024/07) and public consultation (MN2024/04) that ran from 2 February to 4 March 2024, Climate Impact X (CIX) confirms the reinstatement of the Kasigau Corridor REDD Project Phase II – The Community Ranches (VCS 612) 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, and v20-23.

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)
• Rio-Anapu Pacaja REDD Project, Brazil (VCS 2252)

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 single project symbols of nature-based contracts on the CIX client and trading portal will be updated effective 22 April 2024. Specifically, single project symbols on CIX Exchange will now reflect a standardised format consisting of the registry standard, project ID, and vintage start year of the project.

Kindly refer to the appendix below for the full list of updates.

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.

Appendix

Project name	Existing symbol	New symbol
Alto Mayo Conservation Initiative	AMYO	VCS944
Bale Mountains Eco-region REDD+ project	BALE	VCS1340
COMACO Landscape Management Project	COMA	VCS1532
REDD+ Project for Carribbean Guatemala: The Conservation Coast	CONC	VCS1622
Cordillera Azul National Park REDD Project	CORD	VCS985
Delta Blue Carbon – 1	DBC1	VCS2250
The Envira Amazonia Project – A Tropical Forest Conservation Project in Acre, Brazil	ENVA	VCS1382
Florestal Santa Maria Project	FLOR	VCS875
‘Guanare’ Forest Plantations on degraded grasslands under extensive grazing	GUAN	VCS959
Guoluo Grassland Sustainable Management Project	GUOL	VCS2458
Huadu Afforestation Project	HUAD	VCS2379
JARI/AMAPA REDD+ Project	JAMA	VCS1115
The Kasigau Corridor REDD Project – Phase II The Community Ranches	KAS2	VCS612
REDD in Keo Seima Wildlife Sanctuary	KEOS	VCS1650
Kulera Landscape REDD+ Program for Co-Managed Protected Areas, Malawi	KLRA	VCS1168
Kariba REDD+ project	KRBA	VCS902
Katingan Peatland Restoration and Conservation Project	KTGN	VCS1477
Luangwa Community Forests Project	LGWA	VCS1775
Madre de Dios Amazon REDD Project	MADD	VCS844
REDD+ Project Resguardo Indigena Unificado Selva de Mataven (RIU SM)	MATA	VCS1566
The Mai Ndombe REDD+ Project	MNDB	VCS934
Northern Kenya Grassland Project	NKGR	VCS1468
Ntakata Mountains REDD	NTAK	VCS1897
REDD project in Brazil nut concessions in Madre de Dios, Peru	NUTC	VCS868
ADPML PORTEL-PARA REDD Project (Pacajai)	PACJ	VCS981
Qianbei Afforestation Project	QNBE	VCS2082
Qianxinan Afforestation Project in Guizhou Province	QNXN	VCS1847
Rimba Raya Biodiversity Reserve Project	RAYA	VCS674
Rio Anapu-Pacaja REDD Project	RIOA	VCS2252
Southern Cardamon REDD+ Project	SCAR	VCS1748
REDD in Tambopata National Reserve and Bahuaja-Sonene National Park in Madre de Dios, Peru	TMBP	VCS1067
Forest Management to reduce deforestation and degradation in Shipibo Conibo and Cacataibo Indigenous communities of Ucayali region	UNIK	VCS1360
UNITOR REDD+ Project	UNTR	VCS2508
Zhangye Improved Grassland Management Project	ZHYE	VCS2748

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

With immediate effect, issued and verified credits by the approved standards under EcoRegistry and validated C-Sinks under Carbon Standards International are available for clearing and settlement via CIX Clear.

The CIX Operating Procedures have also been updated to incorporate the approved registries 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, Climate Action Reserve, 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 Carbon Standards International

At Carbon Standards, we’re at the forefront of shaping a sustainable future by setting carbon standards for biochar production and ensuring its quality (EBC, WBC). We also encompass carbon sinks with multiple methodologies (EBC C-Sink, Global Artisan C-Sink, Global Tree C-Sink). Whether you’re involved in industrial or artisanal biochar, we’ve got you covered. Moreover, with our World-Climate Farm Tool, we offer a comprehensive solution for calculating the carbon footprint of farms and their corresponding products. Join us as we set the standards for a greener tomorrow. For more information, please visit https://www.carbon-standards.com/en/home.

About EcoRegistry

EcoRegistry is dedicated to advancing climate action through technological innovation. Their platform offers scalable digital solutions that empower global efforts to combat climate change. From registration platforms ensuring secure data for environmental asset issuance, to accounting systems ensuring traceability of environmental commodities, and tracking systems for monitoring a country’s commitments to the Paris Agreement, EcoRegistry’s innovative tools drive tangible progress towards a sustainable future. For more information, please visit www.ecoregistry.io.

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. CAX-C is part of CIX’s first carbon removals contract series to launch on CIX Exchange.

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 Qianbei 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
Qianbei Afforestation Project	VCS2082

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 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. CAX-C is part of CIX’s first carbon removals contract series to launch on CIX Exchange.

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 Huadu 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
Huadu Afforestation Project	VCS2379

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 members and other market participants that the CIX Benchmark Methodology Guidebook has been updated with immediate effect. Specifically, these changes reflect the addition of afforestation, reforestation and revegetation (ARR) assessment methodologies to CIX price assessments and added detail on CIX’s data reporting process.

The sections that have been updated are as follows:

Sections	Updates and details	Page reference
Part 2: Index Methodology	Added segment on ‘CIX ARR X Methodology Waterfall’, which is a framework CIX applies to determine each of its benchmark ARR credit assessments.	4-5
	Added detail to Data Reporting section.	6
Part 3: CIX Indices and Key Details	Added to table ARR indices that will be assessed and published by CIX going forward.	8-9
	Set out information on the two ARR benchmark assessment that are available at launch, including details on registry, geography, pricing session and additional certifications.	8-9

The updated CIX Benchmark Methodology Guidebook is 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 regarding CIX’s assessments and methodology, please reach out to CIX’s pricing team at pricing@climateimpactx.com.

Climate Impact X (CIX) will launch a new series of Afforestation, Reforestation and Revegetation (ARR) standardised spot contracts for the voluntary carbon market (VCM) today.

CIX ARR X contracts will trade under the contract series code ‘CAX’ on CIX Exchange. Available at launch are two contracts designed for market participants to trade and price the most liquid segments of the ARR market.

Contract Code	Project Location	Registry
[CAX]	Global	Gold Standard and Verra
[CAX-C]	China	Verra

Credits eligible for delivery into CAX and CAX-C contracts are issued within a fixed four-year vintage range, starting at launch with vintages 2020-2023. New contracts are created each year on the first working day of January, reflecting the most recent four-year vintage range.

The contracts will underpin a series of price assessments tracking the spot traded value of the most competitive eligible projects, as transacted during a weekly on-exchange pricing session that takes place on Thursdays from 5:00pm to 5:30pm SGT (GMT+8).

These new assessments will be published in the CIX Carbon Daily pricing intelligence, alongside existing assessments and differentials for nature-based reductions and cookstoves credit types.

CIX Exchange is open for trading Monday through Friday (excluding public holidays) from 12:00pm to 6:30pm SGT.

If you are interested in trading CIX ARR X contracts, please reach out to exchange@climateimpactx.com.

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

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

CIX Operating Procedures

Clause	Amendments
Part A (Common)	Updated Clause 3
Part C (CIX Auctions)	Added Clauses 1 and 5 Updated Clauses 2, 3 and 4
Part D (CIX Exchange)	Added Clause 4
Appendix III – Schedule of Fees	Updated transaction fees for CIX Marketplace and CIX Auctions

CIX Rulebook

Rule	Amendments
Annex II Part A (CIX Marketplace Rules)	Updated Paragraphs 3 and 4
Annex II Part B (CIX Marketplace Definitions)	Updated definitions of ‘Buyer Transaction Confirmation’, ‘Confirmation’, ‘Seller Pre-Sale Confirmation’, ‘Seller Transaction Confirmation’
Annex III Part A (CIX Auctions Rules)	Updated Paragraphs 3, 4, 5 and 6
Annex III Part B (CIX Auctions Definitions)	Removed definitions of ‘Auction Participation Information’, ‘Minimum Round Price Increment’, and ‘Unimproved Losing Bid’ Added definitions for ‘Cash Balance Account’ and ‘Disqualified Bid’ Updated definitions for ‘Bid Attrition’, ‘Minimum Bid Price’, ‘Minimum Bid Price Increment’, and ‘Supply Stack’
Annex VI (Product Disclaimers)	Updated Paragraph 2 Added Paragraph 3 on Article 6 Credits

The summary of changes is also documented on the last page of the Operating Procedures and Rulebook, 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.

Following market consultation, Climate Impact X (CIX) will reinstate the Kasigau Corridor REDD Project Phase II – The Community Ranches (VCS 612) to the list of projects deliverable into the nature-based standard contract CIX Nature X (CNX), with effect from 6 May 2024.

The addition follows a proposal notice (MN2024/04) and public consultation that ran from 2 February 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.

Comments, questions or feedback can be sent to pricing@climateimpactx.com. 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 3135 1620 or email support@climateimpactx.com.