First Verra credits with Article 6 label available on CIX Exchange

On the back of Verra’s announcement that it has applied Paris Agreement Article 6 (“Article 6”) authorisation labels to Verified Carbon Units (VCU), Climate Impact X (CIX) would like to inform members and market participants that the first project to receive the label is available for trade on CIX Exchange.

The DelAgua Clean Cooking Grouped Project (VCS 2749) is part of CIX’s improved cookstoves standard contracts – specifically [CCX-LV], which is composed of projects in the Least Developed Countries (LDCs) that have been verified by Verra.

This follows the addition of three projects that have received the first Article 6 labels from Gold Standard to the single project instruments list, which CIX announced via market notice on 4 December 2023. As shared then, the CIX Trading Portal is now equipped to reflect Article 6 labels alongside qualifying projects. Users may filter (refer to the image below) for instruments that have Article 6 authorisation labels on the platform.

In line with our spot exchange change governance process available here, CIX continually monitors market conditions and analyses where updates are necessary.

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.

References

Filter for Article 6 instruments using wildcard operator ‘?*’ within the ‘A6 AUTH’ column selection

Following Gold Standard’s announcement of attaching Paris Agreement Article 6 (“Article 6”) authorisation labels to carbon credits on its registry, we are pleased to share that CIX Trading Portal is now able to reflect these labels under a newly created column ‘A6 AUTH’. The new labels will specify the authorised uses of the respective credits, in line with the guidance from Article 6.2 – towards Nationally Determined Contributions (‘NDC’), international mitigation purposes (‘IMP’) or other purposes (‘Other’). An ‘All’ label reflects authorisation for all three uses.

Users may search (refer to Image 1) or filter (refer to Image 2) for instruments that have Article 6 authorisation labels on the CIX Trading Portal.

Following this, the three projects that have received the first Article 6 labels from Gold Standard – Improved Cook Stoves programme for Rwanda (GS1060), CPA 4 Improved Cook Stoves programme for Rwanda (GS4259) and CPA 5 Improved Cook Stoves programme for Rwanda (GS4261), have been added to the single project instrument list. In line with our spot exchange change governance process available here, Climate Impact X (CIX) continually monitors market conditions and analyses where updates are necessary.

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.

References

Image 1: Search for Article 6 instruments by sorting the ‘A6 AUTH’ column

Image 2: Filter for Article 6 instruments using wildcard operator ‘?*’ within the ‘A6 AUTH’ column selection

Climate Impact X (CIX) would like to inform market participants that carbon credits from the Southern Cardamom REDD+ Project (VCS 1748) in Cambodia have been suspended from delivery into the CIX Nature X (CNX) standard contract with immediate effect.

This Temporary Suspension decision follows a review conducted by Climate Impact X (CIX) to determine whether the project’s credits still meet the contract’s eligibility criteria, which was found not to be the case. CNX’s eligibility criteria can be found here.

The project has been placed under Monitoring Period, during which its credits are not deliverable into all vintages of CNX standard contracts, including v16-19, v17-20, v18-21 and v19-22.

For impacted clients, all open orders on CNX will be cancelled with immediate effect – there is no further action required from you at this stage. All credits from the Southern Cardamom REDD+ project have been unallocated from the CNX delivery basket, and no new credits can be allocated to the contracts until further notice.

CIX will conduct further reviews of the project’s adherence to CNX’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 the project within the contract. In either case, CIX will seek market feedback via a public notice.

Southern Cardamom REDD+ continues to be tradable as single project instruments on CIX Exchange and accepted for CIX Clear.

9 projects are currently deliverable into CNX standard contracts:

• 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)
• 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)

An additional project will become deliverable from 2 January 2024:

• Resguardo Unificado Selva de Mataven REDD+ Project (VCS 1566)

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.

From 1 January 2024, the Singapore Goods and Services Tax (GST) rate will be revised from 8% to 9%, as announced by the Ministry for Finance during Budget 2022.

Accordingly, Climate Impact X (CIX) would like to inform members that GST on transaction fees will be charged at the prevailing rate as per below:

Please note that as of 23 November 2022, the issuance, transfer or sale of any carbon credit (or any digital representation of a carbon credit), including those issued by the National Environment Agency, is treated as neither a supply of goods nor a supply of services. Further details can be found on the IRAS website here. Therefore, the above GST rate will only apply to CIX’s transaction fees.

For 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 the Kasigau Corridor REDD Project – Phase 2 (VCS 612) in Kenya have been suspended from delivery into the CIX Nature X (CNX) standard contract with immediate effect.

This Temporary Suspension decision follows a review conducted by CIX to evaluate if the project’s credits still meet CNX’s qualifying criteria, which was found not to be the case. As per CNX 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 project has been placed under Monitoring Period, during which its credits are not deliverable into all vintages of CNX standard contracts, including v16-19, v17-20, v18-21 and v19-22. All credits from the Kasigau Phase 2 project have been unallocated from the CNX delivery basket, and no new credits can be allocated to the contracts until further notice.

CIX will conduct further reviews of the project’s adherence to CNX’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 the project within the contract. In either case, CIX will seek market feedback via a public notice.

Kasigau Phase 2 continues to be tradable as single project instruments on CIX Exchange, available on CIX Marketplace, and accepted for CIX Clear.

10 projects are currently deliverable into CNX standard contracts:

• 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)
• 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)
• Southern Cardamom REDD+ Project, Cambodia (VCS 1748)
• Rio-Anapu Pacaja REDD Project, Brazil (VCS 2252)

An additional project will become deliverable from 2 January 2024:

• Resguardo Unificado Selva de Mataven REDD+ Project (VCS 1566)

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.

The single project instruments list on CIX Exchange has been updated with immediate effect. In line with our spot exchange change governance process available here, Climate Impact X (CIX) continually monitors market conditions and analyses where updates are necessary.

Following new issuances by Verra for recent vintages of the Ntakata Mountains REDD in Tanzania (VCS1897), the below assets have been added to the single project instruments list:

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 successfully completed the first independent external assurance review for its nature-based carbon credit benchmark, CIX Nature X (“CNX”).

Professional services firm Ernst & Young conducted a limited assurance review of CIX’s administration and calculation of the benchmark for adherence to the International Organisation of Securities Commissions Principles for Oil Price Reporting Agencies (IOSCO Principles).

CIX took the decision to align its benchmarks with the IOSCO Principles in response to broad demand in the voluntary carbon market for professionally assessed, robust and data-driven benchmarks, which are priced transparently and consistently in concentrated liquidity sessions within a safe and accessible centralised trading venue.

The IOSCO Principles provide globally recognised best practice guidance on governance and control systems for the publication of commodity price benchmarks. It covers 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 and subsequent annual reviews will provide further assurance to users of the CIX Nature X benchmark in physical commercial agreements or derivatives markets, that it is administered in accordance with the highest possible global standards.

Full details of the scope of the audit and its findings are transparently available on CIX website at here.

Please address any further questions about CIX price benchmarks to pricing@climateimpactx.com.

Following market consultation, Climate Impact X (CIX) will add the Resguardo Unificado Selva de Mataven REDD+ Project (VCS 1566) in Colombia to the list of projects deliverable into the nature- based standard contract CIX Nature X (CNX), with effect from 2 January 2024.

The addition follows a proposal notice (MN2023/11) and public consultation that ran from 28 September 2023 and can be found here. Market feedback received during the consultation period was supportive of the proposal.

The project will be delivered across all vintages of CNX standard contracts, including v16-19, v17- 20, v18-21, v19-22, and v20-23 which will begin trading on 2 January 2024.

The addition of Mataven, a well-established, widely retired and large project, will help to increase the volume of credits deliverable into CNX. Eleven projects are currently deliverable into the standard contract:

• The Kasigau Corridor REDD Project Phase ll – 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 923)
• 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)
• 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)
• Southern Cardamom REDD+ Project, Cambodia (VCS 1748)
• Rio-Anapu Pacaja REDD Project, Brazil (VCS 2252)

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.

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

With immediate effect, transactions of Climate Reserve Tonnes (CRT) credits issued by Climate Action Reserve, can be facilitated via CIX Clear. Please note that a registry administration fee may apply.

CIX Clear permits only the settlement of verified credits from pre-approved carbon crediting certification programmes, as part of a single-project, multi-project or portfolio transaction. Other approved programmes include Gold Standard, Puro.earth and Verra’s Verified Carbon Standard.

Visit the CIX website to learn how you can submit a transaction notification under CIX Clear.

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 Climate Action Reserve

The Climate Action Reserve is the most trusted, efficient and experienced offset registry for global carbon markets. A pioneer in carbon accounting, the Reserve promotes and fosters the reduction of greenhouse gas (GHG) emissions through credible market-based policies and solutions. As a high-quality offset registry for the voluntary carbon market, it establishes rigorous standards involving multi-sector stakeholder workgroup development and local engagement and issues carbon credits in a transparent and publicly available system. The organisation also supports compliance carbon markets in California, Washington and internationally. The Reserve is an environmental nonprofit organisation headquartered in Los Angeles, California with staff members located around the world. For more information, please visit www.climateactionreserve.org.

Climate Impact X (CIX) is proposing to add the Resguardo Indigena Unificado Selva de Mataven REDD+ Project (VCS 1566) in Colombia to the list of projects deliverable into the nature-based standard contract CIX Nature X (CNX), with effect from 2 January 2024.

Under 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 which will begin trading on 2 January 2024. 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 CNX’s qualifying criteria, which can be found here.

The addition of Mataven, a well-established, widely retired and large project, will help to increase the volume of credits deliverable into CNX. Eleven projects are currently deliverable into the standard contract:

• The Kasigau Corridor REDD Project Phase ll – 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 923)
• 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)
• 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)
• Southern Cardamom REDD+ Project, Cambodia (VCS 1748)
• Rio-Anapu Pacaja REDD Project, Brazil (VCS 2252)

Market participants may provide feedback to pricing@climateimpactx.com before 30 October 2023. 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.