The collaboration will expand the reach of CIX’s trade database, bringing high-quality transaction data and pricing insights to a broader set of market participants
Singapore and London, 23 July 2025 – Climate Impact X (CIX), a global environmental markets exchange, today announced its collaboration with MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, to distribute its carbon trade database through MSCI’s new dashboard.
CIX launched its market intelligence arm—CIX Intelligence—in 2024 to raise market-wide price transparency and support data-driven decision-making across the voluntary carbon market (VCM). Through this tie-up, CIX’s trade database will be made available within MSCI’s Carbon Markets suite, offering market participants greater access to high-quality pricing insights and transaction-level visibility.
CIX’s dataset includes tens of thousands of real, project-level historical and daily-updated price points from the carbon spot market and CIX’s trading venues. Users will gain granular insights into project-specific and credit-type price dynamics, including vintage and volume price impacts and evolving liquidity patterns—enabling better-informed, data-led procurement, risk management and trading.
Julien Hall, Head of Intelligence at Climate Impact X, said, “We’re pleased to widen access to our trade database through MSCI’s cutting-edge platform. VCM pricing is often seen as opaque, and this collaboration helps address that by putting actual spot trade, bid and offer data into the hands of more market participants. Our goal is to support better-informed procurement, sales, accounting and analysis—ultimately contributing to a more transparent and well-functioning carbon market.”
William Zimmern, Head of Carbon Markets Products at MSCI, said, “Reliable, high-frequency pricing data is critical to understanding the potential of carbon markets. By integrating CIX’s transaction datasets into MSCI’s Carbon Markets platform, we are equipping market participants with actionable intelligence to help them navigate this complex and evolving space. This collaboration reinforces our commitment to delivering the data-driven tools investors and businesses need to support the net-zero transition.”
CIX’s trade database will be accessible via MSCI’s data platform, which supports over 7,000 clients in more than 95 countries, as of 31 March 2025.
Singapore and London, 17 June 2025 – S&P Global Commodity Insights welcomes Climate Impact X (CIX) as a first mover of the global exchange world to join its Meta Registry, a first-of-kind, infrastructure platform that connects registries and carbon market participants of all types worldwide. CIX, headquartered in Singapore with a presence in London, is a leading environmental markets exchange, and like S&P Global Commodity Insights’ Meta Registry®, shares the aim of advancing connectivity and scalability across the carbon markets.
Meta Registry® enables environmental registries to seamlessly connect with each other as well as others across the carbon credits ecosystem such as standards bodies, governments, and more, to better track, transfer and retire carbon credits and better mitigate risks of double counting of those credits.
Jonty Rushforth, head of energy transition and sustainability solutions product & portfolio, S&P Global Commodity Insights, said, “Meta Registry’s design of ‘Connect once, Connect to many’ specifically envisioned — not only registry-to-registry communication — but also facilitating communication to carbon credits exchanges and other key stakeholders. So, we’re pleased to welcome CIX as the first exchange to the Meta Registry reality and we look forward to the ever-expanding community we’re building together.”
CIX connects global supply and demand for verified environmental products such as carbon credits and Renewable Energy Certificates (RECs). The company is jointly backed DBS Bank, GenZero (a decarbonisation focused investment platform founded by Temasek), Mizuho Financial Group, Singapore Exchange (SGX Group), and Standard Chartered.
Mark Glossoti, Chief Operating Officer at CIX, said, “Joining the Meta Registry is a positive step toward building a more interconnected and well-functioning carbon market. As the market matures, robust infrastructure and greater interoperability between registries and exchanges will help support the integrity and transparency that participants value. We’re pleased to contribute to this evolution and help lay the groundwork for a more transparent and accessible global market.”
First physical spot contract to accept CORSIA-eligible credits from all ICAO-approved registries
Comprehensive registry connectivity helps establish more market-representative CORSIA price
Trading contract on CIX Exchange enables efficient transactions and broad participation from buyers and sellers
Singapore and London, 12 December 2024 – Climate Impact X (CIX), a global carbon market solutions provider, has unveiled plans to launch its first standardised physical spot contract for Eligible Emissions Units (EEU) under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The contract is designed to meet the anticipated surge in demand for EEUs—or CORSIA-eligible credits—as the aviation sector intensifies its decarbonisation efforts. This move follows the latest wave of CORSIA- approved registries announced by the International Civil Aviation Organisation (ICAO) last month.
Branded ‘CIX CORSIA Phase 1 X – Global Market’ (CIX CP1X-GM), this will be the first contract in the market to accept eligible carbon credits issued by all fully approved ICAO registries for the 2024-2026 compliance period (first phase). CIX is the first exchange to connect to the complete network of registries currently fully approved by ICAO, with connectivity to these registries being an important pre- condition for reflecting a market-representative CORSIA price.
In November, ICAO announced the full approval of four registries, which includes Climate Action Reserve, Global Carbon Council, Gold Standard and Verra. This takes the total number of fully approved registries to six, in addition to ACR and the Architecture for REDD+ Transactions. Newly approved registries will be added to the contract’s eligibility criteria with advance notice.
CIX’s latest offering addresses key challenges in the CORSIA and broader carbon markets, including fragmented liquidity and opaque pricing, by providing an efficient, standardised instrument for trading spot CORSIA-eligible credits. This will unlock new opportunities for airlines and other market participants to access International Transferrable Mitigation Outcomes (ITMO) units at scale.
Only credits explicitly labelled as CORSIA-eligible or CORSIA-compliant by ICAO-approved registries will qualify for delivery into the contract. To ensure transparency and ease of access, CIX will provide market participants with a daily updated list of eligible credits through its trading portal.
Trading of CIX CP1X-GM will be complemented by CIX’s signature on-exchange, time-bound spot pricing window. Taking place every Wednesday at the intersection of the Asian and European time zones, the session will pool liquidity from the most active carbon markets, generating deeper order books and driving more precise price discovery. Trading activity in the contract will provide bona fide and firm datapoints to inform the CP1X-GM benchmark launched in June 2024, helping to establish transparent, market-driven price reference for CORSIA-eligible credits.
Ellery Sutanto, Head of Exchange at CIX, said, “With more registries and projects securing approval from ICAO, the market urgently needs a transparent and reliable pricing mechanism for CORSIA-eligible credits. Our new contract will help to facilitate on-screen price discovery, while providing an efficient instrument for airlines and market participants to access large volumes of credits eligible under CORSIA Phase 1 as supply increases. This will lay the groundwork for a more liquid and well-functioning market.”
Julien Hall, Head of Intelligence at CIX, added, “Spot contracts and benchmarks for immediate delivery are very well-suited to the dynamic nature of CORSIA eligibility criteria and can provide a very pure expression of the value of a CORSIA eligible emissions unit. This is because unlike instruments involving forward delivery, they can continually reflect the latest ICAO eligibility criteria and reduce speculation about how these criteria will change in the future.”
Liquidity and price transparency are key risk management tools and enable better-informed budgeting for CORSIA-eligible credits. Market-representative benchmarks are also essential for anchoring long- term forward agreements, physically delivered futures, as well as financially settled OTC swaps and futures. In addition, the benchmark price for CORSIA-eligible credits could serve as a reference for pricing premiums on Article 6-authorised carbon credits.
Aviation accounts for around 2% of global energy-related greenhouse gas emissions, with airlines facing mounting pressure from regulators, consumers and investors to accelerate decarbonisation. Demand for CORSIA-eligible credits is projected to grow exponentially over the coming years—forecasted by the International Air Transport Association (IATA) to reach up to 162 million tonnes by 2026—as the deadline for airline operators to meet their obligations under the first compliance period approaches.
Note to Editors:
CIX Exchange trading hours are Mondays to Fridays, 12:00-18:30 SGT. A weekly CORSIA pricing session will take place from 5:00pm-5:30pm SGT every Wednesday – this will complement the daily pricing session for CIX Nature X; and weekly sessions for CIX Cookstoves X and CIX ARR X on Tuesday and Thursday, respectively.
CIX publishes two CORSIA benchmarks: CIX CP1X-GM (CP00002), which represents the spot value of CORSIA EEUs for the 2024-2026 compliance period (first phase), and CIX CORSIA X (CP00001), which reflects the value of CORSIA EEUs over time and across the various compliance periods of the scheme. CIX assesses its benchmarks in alignment with best practices as determined under the IOSCO Principles for commodity benchmarks.
CORSIA is a global market-based mechanism launched by ICAO and represents a global effort to address the environmental impact of the aviation industry. To avoid penalties and maintain their license to operate, participating airlines must offset emissions growth beyond 2019 levels by purchasing CORSIA-eligible carbon credits.
Singapore and London, 4 November 2024 – Today, carbon ratings agency BeZero Carbon and global carbon market solutions provider Climate Impact X (CIX) announce a partnership to bring critical carbon credit risk analysis to CIX Exchange.
CIX Exchange’s main trading screen for carbon credits will now feature BeZero Carbon’s headline ratings, offering users access to project-level quality assessments to supplement their trading decision-making. A critical step in building high-integrity carbon markets, this will enable users including financial institutions, intermediaries and corporate buyers to make better-informed trading and investment decisions on climate action projects.
The BeZero Carbon Rating analyses the likelihood a carbon credit will deliver on its claim to avoid or remove a tonne of carbon dioxide equivalent (CO2e) from the atmosphere, presented on an eight-point scale from ‘AAA’ to ‘D’. At its core, it will equip CIX Exchange’s users with the tools to better understand the relationship between price and quality in the context of carbon credit liquidity.
CIX Exchange facilitates real-time trading of benchmark spot contracts alongside single project listings on a unified trading interface. This enables market participants to trade efficiently and transparently discover price differentials between benchmarks and individual projects. By adding information around ratings, CIX Exchange empowers users with an additional reference point on project integrity risks, supporting more informed trading decisions.
Evidence-based ratings help investors understand the impact of their investments and direct capital to quality climate projects. By increasing confidence in carbon credits as reliable instruments for climate action, ratings are building a crucial bridge between the price of credits and their effectiveness as each BeZero Carbon rating notch adds an average premium of around 30% to the price of a credit.
Tommy Ricketts, CEO and co-founder of BeZero Carbon, said, “Singapore is leading the way on climate action from both businesses and government, so we’re delighted to bring our expertise to Climate Impact X’s platform and cement our ambition for growth in the region’s carbon markets. It’s through partnerships such as these that ratings have quickly become critical infrastructure for the expansion of carbon markets on a global scale, enabling the effective allocation of capital towards high-quality projects that protect our planet and future.”
Ellery Sutanto, Head of Exchange at Climate Impact X, said, “Scaling carbon markets requires ecosystem-wide collaboration to drive innovation and growth. By bringing BeZero Carbon’s ratings to CIX Exchange, we are further enhancing our platform’s capabilities, equipping market participants with even more data to align their trading and investment strategies with their risk appetite. This partnership not only reinforces CIX’s commitment to fostering a more transparent and efficient carbon market, but also demonstrates our dedication to providing our customers with seamless access to the insights they need to make informed decisions.”
Oi-Yee Choo, most recently CEO of ADDX, will begin her new role effective 21 October 2024
Former UK minister Claire O’Neill appointed as Board Chair effective 1 November 2024
Mark Glossoti to return to role as Chief Operating Officer after seamless interim period
Singapore and London, 17 September 2024 – Climate Impact X (CIX), a global carbon market solutions provider, is set to welcome Oi-Yee Choo as its new Chief Executive Officer (CEO), effective 21 October 2024. Her appointment follows an extensive global search by the company’s Board to identify a visionary leader with the strategic and commercial acumen needed to drive CIX’s next phase of growth.
Oi-Yee will take over from interim CEO Mark Glossoti, who stepped into the role on 1 July 2024 to ease the search process and will now return to his role as Chief Operating Officer. Mikkel Larsen, CIX’s CEO until July, will continue serving on the Board as an Executive Director during the transition.
Oi-Yee is a seasoned business leader with 25 years of experience in financial markets. She has built and led high-performing businesses across sectors, with a proven track record in fintech, innovation and capital markets.
Oi-Yee was most recently CEO of ADDX, a blockchain-based private capital markets exchange in Singapore licensed and regulated by the Monetary Authority of Singapore. Under her leadership since 2020, ADDX strengthened its partnerships with global blue-chip companies and grew its platform to surpass US$1 billion in tokenised securities, one of the largest worldwide. Prior to ADDX, Oi-Yee spent over 20 years in investment banking, leading major capital markets transactions for clients across Asia, Europe and the US. She has held leadership roles at Citigroup, Morgan Stanley, Nomura and UBS.
Appointment of Claire O’Neill as Board Chair
CIX also announced that Claire O’Neill, a member of its Board since 2022, will assume the role of Board Chair, effective 1 November 2024. This transition marks a strategic shift from the rotational chairperson system previously in place. Claire takes over from Bill Winters, Group Chief Executive of Standard Chartered and the current Board Chair.
Claire brings a wealth of experience spanning over three decades in both the private and public sectors. A former UK minister and today a global expert on sustainability and decarbonisation, her expertise in policy, international business development, and her extensive global network, will continue to play a pivotal role in shaping CIX’s strategic direction.
Claire was a UK Member of Parliament from 2010 and Minister of State for Energy and Clean Growth from 2017, where she played a key role in the acceleration of the country’s decarbonisation strategies. She left politics in 2020 to join the World Business Council for Sustainable Development (WBCSD), the world’s leading corporate sustainability organisation.
The appointments represent a natural evolution for CIX, offering a balanced leadership that combines regional expertise with a truly global outlook. As CEO, Oi-Yee will also be appointed to the CIX Board as a Director when she assumes her new role.
Bill Winters, Group Chief Executive, Standard Chartered and current Chair of the CIX Board, said, “The Board would like to thank Mark for leading CIX during the search for a CEO and for ensuring the business maintains its momentum during this period of transition. We are excited to welcome Oi-Yee, who brings a track record of success in leadership roles, strong commercial acumen and exceptional experience in scaling high-performing businesses. Her fresh perspective, combined with a deep understanding of fostering robust ecosystems, will be instrumental as CIX enters its next phase of growth. I am also delighted to pass the baton to Claire. Collectively, Oi-Yee, Claire and the CIX leadership team offer highly complementary expertise and skills, which will no doubt amplify the capabilities that already exist within the company.”
Oi-Yee Choo, CIX’s incoming CEO, said, “This is a pivotal moment for global net zero efforts and CIX is uniquely positioned to drive meaningful change. Our focus on building trust in carbon markets will help unlock their full potential, channelling vital finance into impactful climate action projects and creating transparent markets that benefit businesses, communities and the environment. Throughout my career, I’ve never seen climate change and sustainability discussed as urgently in boardrooms as in recent years. Leading CIX at this transformative time is incredibly exciting. I look forward to working closely with Claire, the Board and the talented team at CIX to ensure a smooth transition. Together, we will build on the strong foundations already in place, ensuring continuity while positioning CIX for future growth.”
Claire O’Neill, incoming Chair of the CIX Board, said, “I am delighted to accept the role of Board Chair for CIX. I joined the Board of CIX in its early stages as I was impressed by the company’s strategy, team and shareholder commitment. While the global carbon markets have faced growing pains, I believe we are at an inflection point. There are emerging positive signs that point to a growing market, such as clearer standards for quality via the work of the ICVCM and maturing regulation to guide high-integrity use—all of which inspire confidence. I have witnessed firsthand CIX’s great progress with its focus on high-quality credits and buyer services, and look forward to working with Oi-Yee, who has a brilliant track record, to grow the company further and deliver lasting value for all our stakeholders.”
Chief Executive Officer, Climate Impact X (effective 21 October 2024)
Oi-Yee is the incoming Chief Executive Officer of Climate Impact X (CIX), a global carbon market solutions provider headquartered in Singapore.
Oi-Yee is a seasoned, visionary leader with a background spanning 25 years in financial markets. She brings a wealth of experience in building and leading high-performing businesses across sectors, with a proven track record in fintech, innovation and capital markets.
Oi-Yee was most recently CEO of ADDX, a digital private capital markets exchange in Singapore that leverages blockchain to tokenise and trade private market assets, and which is licensed and regulated by the Monetary Authority of Singapore (MAS). Under her leadership since 2020, ADDX strengthened its partnerships with regional and global blue-chip fund managers and grew its platform to surpass US$1 billion in tokenised securities, one of the largest globally. ADDX is also a member of Project Guardian, an MAS-led initiative to enhance financial market liquidity and efficiency through asset tokenisation.
Prior to ADDX, Oi-Yee spent over 20 years in investment banking, leading major capital markets transactions for clients across Asia, Europe and the US. She spent six years as Head of Singapore Investment Banking at UBS, and also held leadership positions at Citigroup, Morgan Stanley, Nomura and Parkway Holdings. Oi-Yee is currently a Board Member for the Urban Redevelopment Authority of Singapore (URA), Capitaland Ascendas REIT and Singapore’s National Kidney Foundation.
Oi-Yee is passionate about leveraging technological innovation to advance financial inclusion and create meaningful impact. She has presented and spoken at numerous conferences including Point Zero, Money 2020, Asian Securities Industry and Financial Markets Association, and Digital Asset Week.
Oi-Yee graduated from Nanyang Technological University with a Bachelor of Accountancy. She also holds a Master of Business Administration from Manchester Business School.
APPENDIX | BIO
Claire O’ Neill
Board Chair, Climate Impact X (effective 1 November 2024)
Claire is the incoming Chair of the Board of Directors of Climate Impact X (CIX), a global carbon market solutions provider headquartered in Singapore.
A Board Director at CIX since 2022, she is considered a global expert on sustainability and decarbonisation, with a particular focus on practical action and the leading role of the private sector.
Claire served as a UK Member of Parliament from 2010 and as Minister of State for Energy and Clean Growth from 2017, where she is considered to have played a key role in the acceleration of the UK’s decarbonisation strategies and the success of COP26. During her tenure, she led the development of the UK’s Clean Growth and Green Finance Strategies and headed the UK Carbon Capture and Storage Taskforce. Claire also created the global Powering Past Coal Alliance (with Canada), negotiated the world’s first public-private Offshore Wind Sector Deal and brought forward the country’s Net Zero legislation in 2019. She oversaw the deployment of £3 billion of international Climate Finance and £200 million of cleantech innovation funding. She also led the UK’s winning bid to host COP26.
Claire left politics in 2020 to join the World Business Council for Sustainable Development (WBCSD), the world’s leading corporate sustainability organisation. She now co-chairs the WBCSD Global Imperatives Advisory Board and has non-executive Director roles at the Singapore Exchange (SGX Group), Occidental Petroleum and Windward AI. Claire is also a Senior Global Advisor to McKinsey & Company and holds other advisory roles across a global clean tech portfolio.
Claire grew up in the UK and studied Geography at Brasenose College Oxford, followed by an MBA at Harvard Business School. She had a transatlantic career in consultancy and finance before entering politics. She is a member of the UK Privy Council, a Fellow of the Royal Geographic Society and the Energy Institute, and is a Business Fellow at the Smith School of Enterprise and Environment at Oxford University.
Chief Operating Officer, Mark Glossoti, to be appointed as interim CEO with effect from 1 July 2024
Singapore and London, 30 May 2024 – Climate Impact X (CIX), a global carbon market solutions provider, today announced that its Chief Operating Officer (COO), Mark Glossoti will be appointed as interim Chief Executive Officer (CEO) with effect from 1 July 2024.
Mark has served as COO at CIX since January 2022, overseeing the core functions of risk, operations, finance, legal and compliance, and human resources. Prior to joining CIX, Mark was COO at TransAsia Private Capital and has held several leadership positions at Alphadyne Asset Management, Goldman Sachs and JPMorgan Chase over his career.
Mikkel Larsen will step down from his role as CEO upon Mark’s new appointment, and continue to serve on CIX’s Board as Executive Director to ensure a smooth transition. The search for a long-term candidate for the role of CEO continues to be underway by the Board, with the support of CIX’s key investors DBS Bank, GenZero, Mizuho Financial Group, Singapore Exchange (SGX Group) and Standard Chartered.
Bill Winters, Group Chief Executive, Standard Chartered and current Chair of the CIX Board of Directors, said, “The Board would like to thank Mikkel for his exceptional contribution to CIX over the years. Mark is an invaluable member of the leadership team at CIX and has been instrumental in CIX’s growth. With his deep knowledge of the strategic and operational aspects of CIX, he is well-placed to ensure a smooth leadership transition. He will work closely with the rest of the senior management team to continue building on the positive momentum at CIX.”
Commenting on his appointment, Mark Glossoti said, “I am honoured to lead CIX into its next phase of growth during this period of transition. We have a compelling suite of solutions that uniquely positions us to cater to all major user requirements in the carbon markets ecosystem. Our mission will not change and together with the CIX Board and leadership team, I am committed to ensuring continuity, maintaining service quality and sustaining the momentum of our business to prepare for our ambitious future.”
Note to Editors:
CIX adopts a rotational chairperson system, with Bill Winters, Group Chief Executive of Standard Chartered, being the current chairperson of the Board of Directors.
CIX Intelligence is a new carbon market data and analytics service slated to launch in July 2024
Offers the granular data needed to make VCM trading and investment decisions with confidence
Access CIX’s groundbreaking VCM trade database covering thousands of price points across CIX trading venues and the wider OTC market, as well as exchange-powered benchmarks
Singapore and London, 13 May 2024 – Climate Impact X (CIX), a global carbon market solutions provider, is set to launch a new market intelligence service in the coming months to help inform decision- making and raise market-wide price transparency across the voluntary carbon market (VCM). This builds on the success of its popular daily carbon market report, CIX Carbon Daily, which has drawn a global subscriber base of over 600 companies and counting since its release last year.
CIX Intelligence will offer exclusive access to a groundbreaking trade database, which aims to provide a new level of visibility into trading, price and liquidity patterns, and help to unlock better understanding of credit type- and project-specific price dynamics. The database will comprise several thousand project- or contract-specific transactional data points across the VCM. This repository of historical disaggregated records will include bid, offer and trade data reported by market participants as well as proprietary data from CIX’s trading venues, making it an ideal and powerful new tool for carbon traders, commercial managers and analysts.
The service also includes CIX’s growing suite of on-screen driven price benchmarks, which are built on global best practices and underpinned by trading activity during CIX Exchange’s signature time-bound pricing sessions. These daily or weekly liquidity windows concentrate trading activity for different segments of the VCM and generate high-quality data points, resulting in sharper, market-driven prices.
Julien Hall, Pricing Director at CIX, said, “Pricing in the VCM is both opaque and uniquely complex, hindering market efficiency and fairness. By lifting the veil and providing the market with a database of actual disaggregated trade data, we hope to contribute to a reduction in market-wide information asymmetry and equip market participants with foundational new tools to power their analytics. Price transparency is a cornerstone of a well-functioning market, and alongside this innovative new dataset, we are proud to continue our work to establish relevant and participatory price benchmarks.”
Mark Glossoti, Chief Operating Officer at CIX, said, “The launch of our new market intelligence service expands the CIX solutions suite underpinning our mission to create real impact by turning trust in carbon credits into tangible and actionable outcomes. Removing key barriers to participation, such as the lack of certainty and transparency, is crucial to building market confidence. Improved trust can in turn help to create the liquidity and depth needed to accelerate growth of the carbon markets, which are an essential part of the solution to climate change.”
CIX will continue to expand its VCM trade database, and new benchmarks will also be introduced in response to market needs and conditions.
CIX’s suite of on-screen driven benchmarks includes CIX Nature X (CNX), CIX Cookstoves X (CCX), the recently launched CIX ARR X (CAX), and will grow to include other relevant segments of the VCM such as credits eligible under the Integrity Council for the Voluntary Carbon Market’s (ICVCM) Core Carbon Principles (CCP), among others.
CIX spot price assessments are built on pricing methodologies and governance processes aligned with international best practice, with the company confirming alignment of its CNX benchmark with the International Organisation of Securities Commissions Principles for Oil Price Reporting Agencies (IOSCO Principles) last November following an independent audit by professional services firm Ernst & Young.
CIX ARR X is the third global standardised spot contract series to launch on CIX Exchange
Two contracts available at launch: CAX is a curated delivery basket of 12 global ARR projects, while CAX-C is composed of China projects issued by Verra
ARR trading activity enhanced by CIX’s signature on-exchange pricing session, delivering transparent, precise and market-driven benchmarks
Singapore and London, 5 April 2024 – Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, has launched a new series of standardised contracts for nature-based carbon removal credits. Validated through industry consultation, the latest physical spot contracts will enable market participants to trade and price the most liquid and relevant segments of the Afforestation, Reforestation and Revegetation (ARR) market today.
Branded CIX ARR X, this is the first carbon removals contract series to launch on CIX Exchange. Available at launch are two tradeable contracts comprising market-accepted ARR credits, grouped based on geographical coverage: CIX ARR X (“CAX”) and CIX ARR X – China (“CAX-C”).
Contract
Project Location
Registry
Project Inclusion
[CAX]
Global
Gold Standard, Verra
Selected projects – CAX represents a curated delivery basket of 12 global well-accepted ARR projects with generally attractive attributes
[CAX-C]
China
Verra
All eligible verified ARR projects in China
By close of trading on 4 April 2024, 10,000 tonnes of carbon credits had traded and cleared on CIX ARR X contracts. On screen, a total of 21,000 tonnes were bid and offered with a spread of around US$0.40. Assessed prices for the CAX and CAX-C benchmarks were $13.10 and $4.36 per tonne, respectively.
According to the IPCC, all pathways to limit global warming to 1.5°C involves the use of carbon removals. Around half of these efforts can be supported by natural climate solutions, with ARR projects making up the majority. While retirements of ARR credits with considerable co-benefits reached an all-time high in January 2024, the variance and opacity in pricing alongside liquidity fragmentation continue to be major barriers to broader market participation.
CIX ARR X contracts are designed to be precise enough to give buyers confidence and certainty in the projects delivered, while remaining broad enough for ample liquidity and to give sellers optionality.
Ellery Sutanto, Head of Exchange at CIX, said, “Contract standardisation plays a key role in enhancing the functionality of carbon markets by addressing challenges such as illiquidity, delivery certainty and pricing opacity. Our decision to launch CIX ARR X is backed by global demand for nature-based removal projects, with Europe and Asia Pacific being the biggest retirees of ARR credits. By concentrating trading activity, we are building a deeper, more efficient and transparent ARR market – all of which are critical ingredients for scaling investment, confidence and new participants in carbon markets.”
To generate shaper and more transparent market prices, CIX will leverage its signature on-exchange spot pricing session to concentrate ARR trading activity within a weekly 30-minute window every Thursday. Taking place at the intersection of Asian and European time zones, this not only helps to pool liquidity from some of the most active ARR markets to generate more order depth, but also build market- driven price benchmarks.
Julien Hall, Pricing Director at CIX, said, “Given the complexity and differences in the underlying traits of ARR projects, pricing for ARR credits is inherently stratified. As with our existing REDD+ and cookstoves prices, CIX ARR X benchmarks are intended as robust and consistent bellwethers to track price movements across the ARR market, providing a ‘base price’ on which premiums and discounts can be applied – for example, to account for project characteristics or for vintage or volume differences. In the long-term, our hope is that they will help bring about enhanced price transparency and new risk management tools such as market-linked pricing mechanisms.”
In addition to standardised contracts, individually listed ARR projects will also be available for trade on CIX Exchange, helping shed new light on project-level price differentials. This includes all projects eligible for delivery into CIX ARR X contracts.
Jonathan Gan, Carbon Originator at Vitol, said, “Globally, pricing of ARR credits face significant variance due to the differences in the underlying project attributes, impeding its scaling potential. The curation of CIX ARR X to represent globally well-accepted projects with generally attractive attributes is a positive step towards building market confidence and fostering deeper participation from both buyers and sellers in the ARR category.”
CAX Benchmark Contract
In curating projects for contractual delivering into the CAX contract, CIX firstly considers the world’s largest ARR projects by issued, retired and circulating volume. CIX then employs a consistent points matrix that takes into account criteria including the number and types of species being planted at the projects; how actively retired the projects are; whether there are co-benefits to the projects and whether they have specific labels or certificates; as well as how the project is viewed in the market.
Projects with credits eligible for delivery into CAX:
VCS 2512: Afforestation of Degraded Grasslands in Vichada, Colombia – Colombia
VCS 2410: Reforestation of Degraded Forest Reserve Areas in Ghana, West Africa – Ghana
GS 4240: Bagepalli CDM Reforestation Programme – India
GS 4220: Reforestation Program in the Southeastern Region of Nicaragua on degraded pastureland – Nicaragua
VCS 737: TIST Program in Kenya, VCS005 – Kenya
VCS 1530: Grouped Project for Commercial Forest Plantations Initiatives in the Department of Vichada –Colombia
VCS 2401: Reforestation of Degraded Lands in Sierra Leone – Sierra Leone
GS 4210: WithOneSeed Timor Leste Community Forestry Program – Timor-Leste
GS 2940: CO2OL Tropical Mix – Panama
VCS 987: Reforestation of Degraded Forest Reserves in Ghana – Ghana
GS 2913: BaumInvest Reforestation Project – Costa Rica
CIX spot market assessments are distributed via the CIX Carbon Daily market intelligence: register your interest here.
Note to Editors:
CIX Exchange trading hours are Mondays to Fridays, 12:00-18:30 SGT. A weekly ARR pricing session will take place from 5:00pm-5:30pm SGT every Thursday – this will complement the daily pricing session for CIX Nature X and weekly Tuesday session for CIX Cookstoves X.
Credits eligible for delivery into CIX ARR X 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.
Each lot of CIX ARR X contract equates to 1,000 carbon credits, where each credit represents one tonne of removed carbon dioxide from eligible projects.
ARR projects help to restore and enhance the Earth’s natural ability to sequester carbon. They are one of the most readily available and relatively cost-effective carbon removal solutions, with broader social and biodiversity benefits beyond climate mitigation.
Retirements data cited is based on analysis by Trove Research (now MSCI).
CEO Mikkel Larsen to step down; remains at the helm until a successor is appointed and will continue to serve on CIX’s Board thereafter
CIX Board, supported by key investors, begins global search to identify best long-term candidate to lead the company on its next phase of growth
Singapore and London, 21 March 2024 – Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, today announced that its Chief Executive Officer (CEO) Mikkel Larsen, will be departing the company to focus on his family.
Mikkel will remain at the helm of CIX until a new or interim CEO is appointed, and will continue to serve on CIX’s Board thereafter to ensure a seamless transition.
Bill Winters, Group Chief Executive, Standard Chartered and current Chair of the CIX Board of Directors, said, “Mikkel has played a pivotal role in the development of CIX over the years, demonstrating commitment and foresight to navigate one of the most challenging and exciting periods for carbon markets. On behalf of the Board, I want to thank Mikkel for the remarkable job he has done, leading and building a global business that delivers positive climate impact. We are confident in the leadership team’s ability to drive the company forward during this transition period, and look forward to drawing upon Mikkel’s expertise in an advisory capacity as we prepare the incoming CEO for future success.”
Mikkel was formally appointed to the role of CEO in 2021. He was instrumental in shaping and driving CIX’s vision, overseeing the company since its launch the same year through to the full operationalisation of its core solutions today.
The Board, with the support of CIX’s key investors DBS Bank, GenZero, Mizuho Financial Group, Singapore Exchange (SGX Group) and Standard Chartered, have begun a global search to identify the best long-term candidate for the role of CEO who can lead the company on its next phase of growth.
Mikkel Larsen, CEO of CIX, said: “It has been a very difficult decision to leave a company that I had the good fortune of helping to build, and that I have so much conviction in. I am comforted by the fact that I leave behind a strong team and Board whose support I could always count on. A company is never built by one person but by a group of people with shared values and purpose. CIX is blessed with a team that believes in the good that carbon markets and CIX can uniquely bring. I am proud that we have built CIX from just an idea to a leading global marketplace and exchange operating across major carbon markets today. It has been my privilege to be part of a team which is united as a collective to deliver scalable positive climate impact. I look forward to ensuring a smooth transition, and supporting the team and incoming CEO as they continue to build on the positive momentum established at CIX.”
Note to Editors:
CIX adopts a rotational chairperson system, with Bill Winters, Group Chief Executive of Standard Chartered, being the current chairperson of the Board of Directors.
Singapore and London, 5 December 2023 – Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, has today unveiled plans to launch a new set of standard tradable contracts to support projected demand for credits approved under the Integrity Council for the Voluntary Carbon Market (ICVCM) Core Carbon Principles (CCP). The physical spot contract will comprise the first issuances of CCP credits expected in 2024.
The CCPs are designed to set a global threshold for high-integrity carbon credits, which will help to elevate confidence in the market and reassure potential buyers and investors, in particular.
Trading of the contract will be enhanced by CIX’s signature daily 30-minute pricing session. Taking place between 17:00-17:30 SGT, this aims to pool all-day liquidity from active carbon markets to help establish a liquid, transparent, market-driven spot benchmark price for CCP credits.
Ellery Sutanto, Head of Exchange at CIX, said, “A transparent, standardised and more efficient market will help to mobilise finance at the speed and scale necessary, and channel funds to projects that need it the most. CIX standard contracts are designed to evolve over time in response to market conditions, ensuring ongoing relevance and contract integrity. As CCP labels are increasingly rolled out, we will also look at transitioning existing contracts as appropriate to reflect this important new benchmark for high- integrity carbon credits.”
Eligible single project instruments listed on CIX Exchange will also carry a CCP label, enabling price discovery on such credits which are expected to trade at a premium. This will be similar to how Article 6 authorisation labels are now reflected alongside qualifying projects on the exchange, as CIX announced via market notice last week.
