Experts: Scaling of financial incentives urgently needed to preserve last intact forests

• Last intact forests on earth under mounting threat of irreversible, permanent loss if new approaches to protect them are not urgently supported
• Classified as High Forest, Low Deforestation (HFLD), a dozen countries and nearly 40 subnational jurisdictions together contain a quarter of the world’s existing forests – locking in billions of tonnes of carbon each year
• Until now, carbon credits have not been available to companies to support the protection of HFLD jurisdictions, which are generally defined as having high forest cover and low historical rates of deforestation
• Climate Impact X, Conservation International, Emergent, Natural Climate Solutions Alliance and Wildlife Conservation Society convened to offer guidance on the role of credits from HFLD jurisdictions within broader climate mitigation portfolios – and to preserve nature at scale

SINGAPORE / LONDON / NEW YORK – 2 November 2022 – A coalition of leading non-profits and organisations have convened to mobilise support for the preservation of the planet’s last intact forests. This coalition is launching guidance on the use of carbon credits from High Forest, Low Deforestation (HFLD) jurisdictions, represented by a dozen countries and nearly 40 subnational jurisdictions globally. HFLD jurisdictions hold a quarter of the world’s forests and currently have low deforestation rates – locking in billions of tonnes of carbon and contributing to the global terrestrial sink, which absorbs some 30 per cent of global emissions each year. Soon, carbon credits from HFLD jurisdictions will be available under two reputable standards, offering a market-based incentive to preserve nature at scale.

Carbon credits provide a readily available market-based solution for protecting intact forests at a time when ambitious action is urgently needed. Climate Impact X, Conservation International, Emergent, Natural Climate Solutions Alliance and Wildlife Conservation Society have come together to provide guidance for ambitious companies to make more informed decisions about using credits from HFLD jurisdictions within broader climate mitigation portfolios. The guidance is available in a whitepaper released in conjunction with COP27 in Sharm El-Sheikh, Egypt.

HFLD jurisdictions now have the opportunity to generate credits through the Architecture for REDD+ Transactions (ART-TREES) and the World Bank (FCPF). These credits will be available for investment and purchase, with the potential to protect some of the most critical forest areas remaining on the planet.

Like other high-quality credits, these HFLD credits employ very conservative benchmarks to quantify the beneficial contribution of HFLD jurisdictions to global climate mitigation.

Credits from HFLD jurisdictions play an ongoing role in buttressing the integrity of forest credits

While nearly all forests will eventually face threats, carbon credits have, until now, focused predominantly on areas that have already experienced high rates of deforestation. Perversely, this has meant that forests in HFLD jurisdictions were overlooked until they were under immediate threat or after they had been cut.

This oversight failed to acknowledge their significant value. Scientists have estimated that the loss of intact forests causes about six times the carbon impact, in terms of emissions and lost sequestration, than from deforestation alone. Going beyond climate, HFLD jurisdictions also promote biodiversity protection, valuable ecosystem services, and support for Indigenous peoples and local communities (IPLCs).

The guidance paper provides more context and sets out the following guidelines for businesses and governments looking to support nature preservation at scale through credits from HFLD jurisdictions.

• Fungibility: Credits from HFLD jurisdictions with attributes of high environmental and social quality are fungible – or interchangeable – with other types of nature-based avoidance credits such as those from existing REDD+ (avoided deforestation) projects. They should therefore play a crucial role in balanced and diversified carbon credit portfolios.
• Additionalityⁱ : Credits from HFLD jurisdictions are additional, as loss of forests in these areas is occurring and increasing, with threats shifting rapidly and unpredictably. Global deforestation persisted at an alarming rate over the past 20 years, with the planet losing a football field of rainforest every six secondsⁱⁱ . Human intervention is necessary for protection of forests in HFLD jurisdictions.
• Leakageⁱⁱⁱ: Credits from HFLD jurisdictions can play an important role in minimising domestic and international leakage, by providing jurisdictions with the resources and incentives to implement programmes that more holistically address leakage within their boundaries and resist the spread of deforestation from beyond their own borders.
• Permanence: Credits from HFLD jurisdictions promote permanence of forest protection outcomes. This provides jurisdictions with an opportunity to continue receiving predictable carbon finance even after deforestation falls, in recognition that the threats do not cease.

The proportion of credits from HFLD jurisdictions within an overall portfolio will differ by company, according to its own priorities and goals. Our guidance paper lays out a number of considerations for determining the appropriate investment in HFLD credits. Companies may use this guidance alongside other considerations, such as the mix of non-forest credits, compliance needs, geography and alignment with broader benefits, as they determine their right balance.

Deforestation has been the second largest source of greenhouse gas emissions, and protecting the world’s remaining forests is essential for reaching the goal of zero net emissions by mid-century.

Download the guidance and learn more at preserveforests.org.

Mikkel Larsen, CEO of Climate Impact X, said, “Credits from HFLD jurisdictions can help to incentivise nature preservation at scale. They offer an additional way for companies to invest in preventative actions that support forest protection, while avoiding perverse incentives that reward jurisdictions which have experienced the highest rates of deforestation. Carbon markets provide valuable, ongoing finance to support projects that protect as well as restore forests and other natural ecosystems. This paper offers guidance for ambitious companies that are using carbon credits to supplement their existing climate strategies, and sets out how HFLD credits can fit into a broader portfolio of climate action.”

Jason Funk, Director of REDD+ Strategy, Conservation International, said, “For climate, for biodiversity, for communities – we know that protecting an existing forest is so much more valuable than stripping it for parts. But until recently, companies did not have a good way to incorporate this fact into their own climate strategies. Meanwhile, forest protectors are continuing to be overwhelmed by new threats and the global rate of ongoing deforestation is proof. HFLD credits are a tool that can connect corporate investments with forest protectors’ needs, giving companies a new opportunity to contribute to needed solutions. With this guidance, we pave the way for companies to add HFLD credits as an indispensable and long-awaited component of their climate strategies.”

Eron Bloomgarden, Founder and CEO, Emergent, said, “Ending forest loss this decade is a crucial part of meeting global climate, biodiversity and sustainable development goals. The LEAF Coalition and Emergent were created to increase the speed and scale of tropical forest protection. Emergent is proud to contribute to this guidance, advancing the clear and crucial case for supporting high forest, low deforestation countries and states. Together with the authors of the paper, we can bring together key private and public sector actors and ultimately catalyse the finance needed to preserve these vital ecosystems.”

Giulia Carbone, Director at the Natural Climate Solutions Alliance, said, “A balanced portfolio of Natural Climate Solutions carbon credit should reflect the NCS hierarchy which calls for prioritising the protection of pristine ecosystems. The paper on High Forest Low Deforestation presents the arguments needed to make an informed decision about the inclusion of HFLD credits into the portfolio. It is crucial though that HFLD credits, like any other NCS credit, be verified by a recognised carbon-crediting programme to ensure their integrity, in particular with regards to the respect of all the safeguards and ensuring additionality.”

Stephanie Wang, Associate Director, Climate Finance Policy, Wildlife Conservation Society, said, “Carbon credits from High Forest Low Deforestation jurisdictions offer a new opportunity for a broader range of forest countries, subnational governments, and Indigenous Peoples to access carbon finance. This is a matter of equity for governments and communities that have kept rates of deforestation low in the face of increasing threats, but have been largely shut out of REDD+ finance for precisely this reason. By purchasing high-quality, fungible credits from HFLD jurisdictions, companies can enable these stakeholders to pursue sustainable low-carbon pathways while protecting forests that are indispensable for climate, biodiversity, and the preservation of nature.”

For more information, please contact:

• Climate Impact X – Daphne Chuah | daphne.chuah@stg-climateimpactxcom-staging.kinsta.cloud
• Conservation International – Jenny Parker | jparker@conservation.org
• Emergent – Phil Brady | phil@emergentclimate.com
• Natural Climate Solutions Alliance – Irene Gedeon | gedeon@wbcsd.org
• Wildlife Conservation Society – Katherine Jung | kjung@wcs.org

---

1. Additionality refers to efforts that support positive, protective actions that otherwise would not have occurred.
2. Global Forest Watch (2021). Primary Rainforest Destruction Increased 12% from 2019 to 2020.
3. Leakage refers to the displacement of deforestation to existing forests not otherwise receiving finance.

• Cloud-based SaaS technology from Nasdaq to underpin CIX’s third platform – a spot exchange for quality carbon credits
• Partnership brings cutting-edge trading functionalities to the voluntary carbon market for the first time to serve the growing needs of financial institutions and institutional investors
• Slated for launch in early 2023, the exchange will enable two-way spot trading via standardised contracts, increasing access to transparent pricing signals and real-time market data

New York and Singapore, 29 June 2022 – Nasdaq (Nasdaq: NDAQ) and Climate Impact X (CIX), a global marketplace and exchange for quality carbon credits, today announced a strategic technology partnership that will help unlock price transparency and liquidity in the voluntary carbon market. The agreement will see CIX leverage Nasdaq’s robust matching technology to power its spot trading platform, which will launch in early 2023 for financial institutions and institutional investors worldwide.

Carbon credits have a range of attributes that can influence their price – such as the type of project or its location – since buyers value these characteristics differently. This inconsistency creates challenges in matching an individual buyer with a corresponding supplier, and can often be a time-consuming and inefficient process.ⁱ

Through Nasdaq’s Marketplace Services Platform, CIX will enable resilient and dynamically scalable trading in a cloud-based Software-as-a-Service (SaaS) environment. Furthermore, CIX’s spot exchange will match buyers and sellers based on unique requirements. This helps to ensure that buyers are procuring quality credits that meet their regulatory obligations among other needs, while removing bottlenecks to supplier financing, further enabling the growth and development of the global carbon markets.

Designed according to rigorous regulatory, reliability and security standards proven in the financial industry, Nasdaq’s technology will enable CIX to bring exchange-grade trading functionalities to the voluntary carbon market. This will cater to the increasingly complex needs of buyers and sellers of standardised contracts.

Established as a joint venture between DBS Bank, Singapore Exchange (SGX Group), Standard Chartered and Temasek, CIX brings to life a vision to drive environmental impact at scale by building resilient platforms, collaborating with innovative partners, and fostering ecosystems that help companies take practical climate action. The upcoming launch of its spot exchange rounds out the suite of platforms CIX is developing to flexibly serve the market as well as create strong demand and pricing signals.

“One of CIX’s goals is to create strong pricing signals for the liquid market. Enabling a trade matching process that is as seamless as possible will help to simplify the buyer’s journey and improve price transparency in the voluntary carbon market,” said Mikkel Larsen, Chief Executive Officer of CIX. “Nasdaq brings unparalleled expertise in matching technology. We are pleased to join forces on our journey to build a global carbon exchange that is underpinned by quality and transparency.”

“As a technology partner to trusted market infrastructure operators and new markets around the world, Nasdaq is uniquely positioned to collaborate with a marketplace innovator like CIX to bring their bold climate vision to life through our SaaS technology platform,” said Roland Chai, Executive Vice President and Head of Market Platforms, Nasdaq. “We look forward to partner with CIX to develop and evolve the global carbon industry.

The technology agreement between CIX and Nasdaq is the most recent step in Nasdaq’s efforts in the intersection of carbon transformation and technology space. Earlier in 2022, Nasdaq launched the world’s first carbon removal indexes. Meanwhile, CIX and Nasdaq partner Puro.earth recently announced a strategic partnership to increase access to quality nature- and technology-based carbon removal credits.

Nasdaq’s end-to-end market technology powers more than 2,300 companies in 50 countries, spanning the world’s financial industry, including capital markets infrastructure operators, market participants, banks, and regulators.

For more information, please contact:

Nasdaq
Yan-yan Tong
yan-yan.tong@nasdaq.com

Climate Impact X
Daphne Chuah
daphne.chuah@stg-climateimpactxcom-staging.kinsta.cloud

---

1. McKinsey and the Taskforce on Scaling Voluntary Carbon Markets (2021)

• Offers unique access to 600,000 tonnes of voluntary carbon credits from three key projects in Respira’s portfolio, including the world’s largest blue carbon and soil carbon initiatives
• Powered by CIX’s auction platform, which will deliver an interactive and transparent bidding process that enables competitive price discovery
• Auction to take place in the third quarter of 2022, with specific dates to be announced shortly

Singapore and London, 15 June 2022 – Climate Impact X (CIX), a global marketplace and exchange for quality carbon credits, has partnered with Respira International, an impact-driven carbon finance business, to hold its first major auction for 2022. The auction will deliver a transparent bidding process and offer unique access to 600,000 tonnes of nature-based carbon credits from three key projects in Kenya, Pakistan and Sierra Leone. In addition to delivering positive climate impacts, these projects will drive broader biodiversity, social and economic benefits that can further advance the United Nations Sustainable Development Goals. ⁱ

Nature-based solutions – projects that protect and restore natural ecosystems like forests, mangroves and coastal habitats – can support up to one-third of the required mitigation for a below 2°C pathway by 2030. Yet, financing for such projects remains small compared to the estimated US$10-100 billion required to realise their true mitigation potential.ⁱⁱ

The voluntary carbon market is a critical and proven mechanism for channelling funding to nature-based projects that would otherwise not get off the ground. Auctions are a new and innovative method to help scale the market, driving pricing transparency, accessibility and demonstrating the value of these carbon credits.

Slated to take place in Q3 2022, the auction will be powered by CIX’s platform and supplied through Respira’s portfolio of high-quality nature-based carbon credits. This specialised digital venue delivers an interactive and transparent bidding process, which enables competitive price discovery of unique projects and standardised products through the efficient aggregation of market supply and demand.

Carbon credits available for auction are supplied from Respira’s portfolio and include the world’s largest blue carbon project in Pakistan (Delta Blue Carbon), the world’s largest soil carbon project in Kenya (Northern Kenya Rangelands), and an iconic forest conservation project in Sierra Leone (Gola Rainforest Conservation).

Combined, the three projects will protect and restore more than 2.4 million hectares of natural ecosystems – with Delta Blue Carbon alone expected to produce 128 million carbon credits over its 60- year lifetime and sequester 142 million tonnes of carbon from the atmosphere. As well as protecting 68 threatened species, the projects will directly benefit a quarter of a million (or 242,000) people from the surrounding local communities through the creation of new jobs and additional income opportunities.

“We are excited to be part of this innovative method for enabling more carbon finance to be channelled into these high-quality projects. We are committed to increasing transparency and integrity in the voluntary carbon market, ensuring carbon projects such as these are being rewarded for delivering large scale impacts for climate, biodiversity and local communities,” said Ana Haurie, Co-founder and CEO of Respira International.

“CIX’s auctions platform aims to help increase the accessibility of quality carbon credits by simplifying the buying experience. It establishes a fair and appropriate market value for carbon project suppliers, while presenting a unique buying opportunity for businesses looking to gain early access to curated credits that are verified by technology and independent data,” said Mikkel Larsen, CEO of CIX. “Our collaboration with Respira will bring high-quality nature-based carbon credits, which are an essential existing mechanism that is one part of the solution to our climate crisis.”

In November 2021, CIX completed a pilot auction which successfully cleared 170,000 carbon credits from a curated portfolio of eight recognised nature-based projects. The projects collectively support more than 55,000 jobs, improve education for more than 35,000 students, help fund 60 medical facilities and infrastructure projects and support efforts to protect over 250 threatened species.

ABOUT THE PROJECTS

Delta Blue Carbon is the world’s largest blue carbon project. It will protect and restore 350,000 hectares of tidal river channels and creeks, low-lying sandy islands, mangrove forests and inter-tidal areas on the south-east coast of Sindh in Pakistan. This auction features Delta’s first project issuance.

• 43,000 people to benefit from this project
• 1,000 jobs created of which 40% are for women
• 500 people provided with clean drinking water daily

The Gola Rainforest Conservation Project conserves 70,000 hectares of the highly threatened Gola Rainforest National Park in Sierra Leone, one of the world’s most important biodiversity hotspots. This auction features Gola’s first project issuance since 2016.

• Averaging approximately 500,000 tonnes of CO2e in emissions reduction per year
• Directly benefits 24,000 people in 122 different communities
• 68 threatened species protected including the endangered Western Chimpanzee

Northern Kenya Rangelands is the world’s largest soil carbon project. Managed by the Northern Rangelands Trust and Native, a Public Benefit Corporation, it is restoring grassland throughout almost 2 million hectares of community managed rangeland under improved grazing practices in northern Kenya.

• 50 million tonnes of CO2 expected to be removed from the atmosphere over its 30-year lifetime
• 175,000 people positively impacted by the project
• 70% of revenues paid to local communities during the project’s operating life

Note to editors:

• A carbon credit represents a tonne of reduced or avoided CO2 emissions from a verified project.
• Hi-res images of the projects are available for download here. Copyright information for each image is included in the file name, i.e. Gola Rainforest Conservation 1 (Image credit to RSPB). Please ensure images are credited appropriately.

---

1. United Nations Sustainable Development Goals (2015).
2. World Business Council for Sustainable Development’s Natural Climate Solutions Alliance (2021). Natural Climate Solutions for Corporates.

• Strategic partnership to increase access to quality nature- and technology-based carbon removal credits, addressing growing demand in the voluntary carbon market
• Deal marks the arrival of Puro.earth’s presence in Asia and highlights CIX’s expertise in providing nature-based solutions, while demonstrating the combined ability of the partners to drive market innovation and enable more portfolio diversity
• Supports the development of dynamic carbon credit portfolios – as articulated by the Oxford Offsetting Principles – which progressively increase the volume of long-term carbon removal and storage to support reaching the global net zero emission balance earlier

Singapore and Helsinki, 6 June 2022 – Climate Impact X (CIX), a global marketplace and exchange for quality nature-based carbon credits, and Puro.earth, the world’s first marketplace, standard and registry for science-based carbon removal credits, are joining forces to spur innovation in the voluntary carbon market through a strategic partnership.

The collaboration enables a first of its kind blend of nature- and technology-based removal credits in a single solution, meeting demand for portfolios that map to The Oxford Principles for Net Zero Aligned Carbon Offsetting. The principles recommend a progressive increase in the volume of long-term carbon removal and storage in the blend of credits used by corporates to reach net zero.

Together, the partners will help to address growing imbalances in demand and supply in the voluntary carbon marketⁱ , by making it easier for businesses and financial institutions globally to access new and emerging credit types which remove carbon from the atmosphere.

CIX, jointly established by DBS Bank, Singapore Exchange (SGX Group), Standard Chartered and Temasek, brings to the partnership trusted nature-based solutions that protect, restore and grow natural ecosystems such as forests, mangroves and coastal habitats.

“In a complex and fast evolving carbon market, businesses seek products that are designed to be net zero aligned and that can effectively address tomorrow’s demands. An appropriate mix of nature- and tech-based solutions helps to facilitate this. We need a blend of solutions to restore ecosystems as well as deliver broader socio-economic benefits for local communities,” said Mikkel Larsen, CEO of Climate Impact X. “Our partnership with Puro.earth helps to unlock new supply by sending a clear demand signal. It is a unique collaboration that will help drive the creation of a science-aligned solution that reduces frictions for businesses and institutions looking to incorporate a blend of curated credits in their carbon portfolios.”

In partnership with Nasdaq, Puro.earth offers technology-based carbon removal certificates verified by an independent third party. Puro.earth has pioneered the development of new carbon removal methodologies including biochar, carbonated building materials, and geologically stored carbon. Leveraging the new dynamic carbon credit portfolios will help more Asian companies on their pathways to carbon neutrality and net zero. Puro.earth’s presence in Asia will also make it easier for suppliers of carbon removal projects in the region to get credits issued under the Puro Standard, the first carbon removal standard for engineered carbon removal methods in the voluntary carbon market.

Antti Vihavainen, CEO of Puro.earth, said, “Permanent carbon removal projects are in their infancy and therefore supply is very constrained. At Puro.earth, we are looking to change this. A ready-made high-quality portfolio with an annually increasing share of permanent removal will prove companies progress on their carbon net zero pathway. Puro.earth is the multi-methodology standard that focuses on carbon removal with a long-term sequestration guarantee. We will continue to innovate and, together with leading scientists and organizations, to enable the best local ways to remove carbon in the APAC region.”

Professor Myles Allen of the University of Oxford, the Chairman of Puro.earth’s Advisory Board and co-author of the Oxford Principles, said, “Carbon removals with durable, meaning geological time-scale, storage will inevitably play a role in stabilising atmospheric concentrations of carbon dioxide, and potentially even reducing them after net zero is achieved. To support this transition, users of offsets must increase the portion of their offsets that come from carbon removals, rather than from emission reductions, ultimately reaching 100 per cent carbon removals with durable storage by mid-century to ensure compatibility with the goals of the Paris Agreement. Creating demand for carbon removal offsets today will send a signal to the market to increase supply of this scarce but vital resource.”

Note to editors:

• A carbon credit represents a tonne of reduced or avoided CO2 emissions from a verified project.
• Puro.earth’s carbon credits are known as CO2 Removal Certificates (CORC). Each CORC represents one metric ton of CO2 removed from the atmosphere for the long term.
• Corporate and industry buyers of carbon credits are faced today with a range of different carbon credits, which they may hold in a portfolio until retirement. The processes by which carbon is removed from the atmosphere are categorised as biological, geochemical or chemical.ⁱⁱ
• Afforestation, soil carbon and mangrove restoration are examples of widely practiced biological removal methods. Biological, nature-based credits can deliver large-scale carbon removals, but cannot fully compensate for trade-offs in storage timescale and risk of reversal. Therefore, greater volume of long-term geochemical and chemical carbon removals in the blend of credits would support reaching the global net zero emission balance earlier.
• Nature-based solutions can deliver many broad benefits such as biodiversity conservation, better livelihoods, food security and adaptation to climate change for local and indigenous communities that can support the United Nations Sustainable Development Goals.
• Biochar is a very stable, solid form of carbon that can endure in soil for thousands of years, making it an ideal technology for scalable carbon removal. It has multiple commercial uses at potentially industrial volumes, for example, as greenhouse additive, in soil regeneration and in wastewater treatment. It is produced from biomass or biowaste, through pyrolysis (heated in the absence of oxygen).

---

1. McKinsey & Company (2021). A blueprint for scaling voluntary carbon markets to meet the climate challenge.
2. Intergovernmental Panel on Climate Change (2022). Sixth assessment report of the IPCC: Summary for Policymakers.

• Key carbon market players develop a pilot to enable reliable, secure and scalable trading of carbon credits

Singapore and London, March 25, 2022 – Carbonplace, the new carbon credit settlement platform, and global carbon marketplace and exchange, Climate Impact X (CIX), have teamed up on a pilot to lower entry barriers for organisations seeking high-quality carbon credits on the voluntary carbon market while delivering a seamless experience for customers to discover, compare, buy, and retire credits.

With global demand for voluntary carbon credits expected to increase fifteenfold by 2030 and a hundredfold before 2050, carbon markets will become an important driver of the shift to a low-carbon economy. This pilot aims to transform the voluntary carbon market by building in the accessibility, trust, and transparency needed to grow at scale and maximise climate impact.

The pilot will establish the technical, legal, and operational framework for executing carbon credit transactions via CIX’s platform, “Project Marketplace”, a new digital platform for businesses and carbon project suppliers launched last week, with Carbonplace performing all settlements. It will enable many new customers – including corporations and financial institutions of all sizes – to progress their climate strategies, and buy and trade carbon credits to fund large-scale emissions removals or reductions that would not otherwise be possible.

The collaboration joins the strengths of the two new, high-profile carbon market participants. Carbonplace’s wide client base, unique settlement technology, wallet service to record and store voluntary carbon credits, and the high standards set by the regulatory environment for banks will be combined with CIX’s curated marketplace of quality-assured credits, giving existing bank customers scaled access to the carbon market. The resulting end-to-end solution will reduce complexity and increase access, trust, and transparency.

CIX, a joint venture with DBS Bank, Singapore Exchange, Standard Chartered and Temasek, enables the purchase of high-quality carbon credits directly from specific projects. Using satellite monitoring and machine learning, CIX ensures transparency, integrity, and quality of carbon credits, ensuring projects are assessed for carbon sequestration potential and benefits to biodiversity and local communities.

Carbonplace is a settlement platform that will provide a record of ownership and enable reliable, secure, and scalable trading of certified carbon credits. Launched last year and expected to be fully operational by the end of 2022, the fintech is being developed by banking giants BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest Group, Standard Chartered, and UBS. Only carbon credits verified according to internationally-recognised standards will be processed on its platform.

Mikkel Larsen, CEO of CIX, said: “Voluntary carbon credits provide a robust, market-based approach to financing solutions for climate mitigation. However, the rate of finance is still very low compared to what is needed to keep global warming under a 2 degrees Celsius pathway by 2030. The collaboration between Carbonplace and CIX, through Project Marketplace, brings together easy access to curated, quality credits and a settlement system underpinned by transparency and integrity. It is precisely the type of accelerator we need for scaling up the voluntary carbon market.”

Robert Begbie, CEO of NatWest Markets, said: “Collaborating with CIX has the opportunity to transform the voluntary carbon credit market. Through Carbonplace, we can drive transparent and secure trading, provide access to global distribution channels, and, due to the highly regulated standards of the banking industry, remove the need for multiple intermediaries, simplifying the process for carbon credit sellers and helping buyers to trust the process more.”

Contact:

Carbonplace :

www.carbonplace.com
carbonplace@browningenvironmental.com
+44.7585-034895

Climate Impact X

www.climateimpactx.com
media@stg-climateimpactxcom-staging.kinsta.cloud

Daphne Chuah
daphne.chuah@stg-climateimpactxcom-staging.kinsta.cloud

Natwest:

Amy Cayzer
amy.cayzer@natwestmarkets.com

Notes to editors:

The voluntary carbon market has a critical role in supporting the transition of corporations to net zero greenhouse gas emissions, as part of their climate action strategies. Carbon credits are bought by corporations looking to compensate for emissions that they cannot reduce or remove. The credits fund high-quality projects that couldn’t have been funded otherwise, and which either avoid greenhouse gas emissions being released into the atmosphere or remove carbon dioxide from it.

• Project Marketplace, a Singapore-based digital platform designed for the seamless navigation of the voluntary carbon market goes live
• Leverages satellite technology and independent ratings to facilitate the listing and sale of international carbon credits
• To drive deeper understanding of the voluntary carbon market, Climate Impact X set up an independent international advisory body comprising a diverse panel of subject matter experts

Singapore, 16 March 2022 – Climate Impact X (CIX), a global carbon exchange and marketplace, today announced the launch of Project Marketplace, a digital platform for businesses and carbon project suppliers to list, discover, compare, buy and retire quality carbon credits. It aims to accelerate the corporate sector’s ability to take climate action through the provision of verified carbon projects.

The platform is designed for seamless user experience such as shortened purchase journeys and one-click retirement and transfers. It will offer robust information on projects, along with third-party ratings and satellite monitoring technologyⁱ to facilitate the growing interest, and create greater trust, in the voluntary carbon market (VCM).

“Creating marketplaces defined by transparency and integrity is of utmost importance for a rapidly evolving landscape like the VCM, especially during periods of uncertainty,” said Mikkel Larsen, Chief Executive Officer of CIX. “Responsible corporates are looking for assurance that the credits they buy will deliver tangible, lasting climate impact. Therefore, we chose to launch Project Marketplace ahead of our Auction and Spot Exchange platforms. It is the ideal venue for companies that want to explore the VCM. Our aim is to engender greater confidence amongst buyers and sellers of carbon credits. To achieve that goal, we focus on curating quality credits and offering credible data, insights and practical guidance to our wider community.”

To scale up genuine climate impact, CIX has made ‘quality’ a core component of its project curation. All projects listed on the platform are verified by global registries; subjected to internal evaluations of carbon sequestration performance, governance and risk management, social integrity, and biodiversity contribution; and checked against independent ratings. Project Marketplace currently offers credits from nature-based projects, with the aim of expanding into other credits later in the year.

One project on offer is the Tambopata-Bahuaja Biodiversity Reserve in Peru. The project creates an economic buffer zone around a 573,299-hectare forest that is critical habitat to 30 threatened species including the Giant Otter, Blue-Headed Macaw and Giant Armadillo. It helps smallholder farmers transition to sustainable cocoa production, restores degraded land and helps relieve deforestation pressures by working with local and indigenous communities.ⁱⁱ

Lisa Walker, CEO at Ecosphere+, the project’s marketing arm, said: “With growing consensus around the role of natural climate solutions as a powerful tool to mitigate climate change, ensuring ‘quality’ and ‘impact’ will be fundamental to scaling the market in 2022 in a way that ensures a lasting contribution. CIX’s Project Marketplace provides a much-needed platform to connect climate finance with the highest-quality projects that deliver a range of core benefits not just for climate, but also for biodiversity and local communities. Ecosphere+ is happy to be one of the Marketplace’s founding suppliers.”

The marketplace will enable businesses of all sizes to participate in the voluntary carbon market, by actively lowering barriers for companies to access quality credits easily. These range from Singapore- based SMEs such as Rentalworks, Singfar, to those with global reach such as BHP, Mirae Asset Securities and ST Telemedia. They share a common view that carbon credits play a part in their climate mitigation strategies and efforts to decarbonise.

“Our core business in sustainable technology lifecycle management, which involves leasing and extending a device’s usable life, positions us to think deeper about circularity and sustainability,” said Alan Puah, Managing Director, Rentalworks. “We’re inspired to educate our customers, both SMEs and enterprises in the Southeast Asian region, encouraging them to join our journey. We see the VCM as an opportunity to ‘close the gap’ in our commitment but finding the right transaction partner was a challenge until now. CIX helped address our concerns around trust and transparency, giving us the assurance we needed to take that first step.”

“BHP has been supporting high-quality, natural climate solutions (NCS) carbon offsets projects since 2013. We prioritise NCS projects that focus on a breadth of additional co-benefits for biodiversity, community, and social in addition to climate impact,” said Vandita Pant, Chief Commercial Officer, BHP. “We fully support CIX in its ambition to establish a marketplace that provides transparency and a curation of high-quality carbon compensation projects. We see the platform not just providing access to these types of projects for market participants, but also enabling project suppliers’ access to a broader market; which creates a positive multiplier effect on ecosystems and communities in otherwise at-risk landscapes.”

International advisory council set up

To facilitate a deeper understanding of the VCM, CIX has set up an independent international advisory council (IAC) composed of a diverse panel of subject matter experts, joining the council in a personal capacity, from academia, NGOs, global verification bodies and industry; as well asindividual observers. The panel provides views on the latest science, policy and market application. It guides CIX on project evaluation and best-practice insight, enabling the company to offer Project Marketplace community members action-oriented guidance for their carbon transition pathway. (A list of council members can be found in the Appendix.)

Appointment of Board of Directors

CIX also announced the members of its Board of Directors, which include Mikkel Larsen, CEO of CIX, Piyush Gupta, CEO of DBS, Loh Boon Chye, CEO of Singapore Exchange (SGX), Bill Winters, Group CEO of Standard Chartered, Dilhan Pillay Sandrasegara, Executive Director and CEO of Temasek Holdings, and Claire O’Neill, Co-Chair of the World Business Council for Sustainable Development Imperatives Advisory Board.

The Board of Directors will support the company as it drives investments in the VCM by creating a robust ecosystem of demand and supply, and help connect CIX with relevant and influential knowledge and technology partners.

“We are excited to have appointed a Board that brings both breadth of expertise and a global outlook. Our Board represents not just the strength of commitment from our shareholders but diverse views from beyond the corporate sector, all of which serves to enrich what we do. I have great confidence that the strengths of our individual board members will enable us to closely align our market strategy with our purpose and vision,” said Larsen.

CIX will adopt a Rotational Chairperson system, with Mr Gupta as the first Chairperson of the Board.

Media contacts:

Denise Chak – denise.chak@stg-climateimpactxcom-staging.kinsta.cloud
Daphne Chuah – daphne.chuah@stg-climateimpactxcom-staging.kinsta.cloud

SUPPLEMENTARY QUOTES:

Mirae Asset Securities

“As a leading financial institution in Korea, Mirae Asset, is committed to pioneering financial solutions that promote sustainability. We believe nature-based carbon credits not only deliver climate benefits but also provides co-benefits such as increasing biodiversity,” said Seong Junyeop, CEO of Mirae Asset Securities (Singapore). “CIX’s Project Marketplace provides great visibility of quality carbon projects for buyers like us. Through the purchase of credits from Project Marketplace, Mirae Asset aims to bring greater awareness and access of high-quality nature-based carbon credits to the Korean market.”

Singfar International

“As fleet owner of more than 20 tankers and bunker barges trying to transition to more sustainable operations and facilitate carbon-neutral supply pathways for our customers, we see value in high- quality carbon credits for unavoidable emissions. We therefore appreciate CIX’s commitment to ensuring that the credits we will purchase are from projects that deliver genuine, tangible impact,” said Pai Hong Yao, Managing Director, Singfar.

ST Telemedia

“The need for stakeholders to come together and work at scale and reach to curb global warming has never been more critical,” said Stephen Miller, President & Group CEO, ST Telemedia. “We are excited for the launch of Project Marketplace which will be a win-win to enable our triple bottom line world. As a group, ST Telemedia is committed to a low carbon future. CIX’s practical climate action complements our sustainability ambition to take collective actions for meaningful environmental and societal changes. We were delighted to support CIX in its successful pilot auction in 2021, through our portfolio company ST Telemedia Global Data Centres as a buyer, and we look forward to furthering this partnership as we grow and expand.”

APPENDIX

CIX International Advisory Council

Members:

1. Robert Baigrie, Vice President, Conservation International
2. Derik Broekhoff, Senior Scientist, Stockholm Environment Institute
3. Gary Bull, Professor, University of British Columbia
4. Ben Caldecott, Director, Oxford Sustainable Finance Group and the Lombard Odier Associate; Professor of Sustainable Finance, Oxford University
5. Koushik Chatterjee, Executive Director and Chief Financial Officer, Tata Steel
6. Jeff Delmon, Senior Infrastructure Finance Specialist, World Bank / IFC
7. Jeannette Gurung, Founder & Executive Director, WOCAN
8. Koh Lian Pin, Director, Centre for Nature-based Climate Solutions, National University of Singapore
9. Andrew Krikby, Head of Forests Programme, Birdlife International
10. Anna Lehmann, Global Climate Policy Director, Wildlife Works
11. Connie Leung, Senior Director, Financial Services Business Lead (Asia), Microsoft
12. Esteban Mezzano, General Counsel Operations & Sustainability, Nestle
13. Raghu Raghunathan, CEO, WWF
14. Edward Rumsey, Managing Partner, Permian Global
15. Jatna Supriatna, Professor & Chairman, University of Indonesia
16. Akifumi (Chris) Takigawa, Head of Project Sourcing, Mitsubishi Corporation
17. Tan Chin Hwee, CEO APAC and Chairman, Trafigura, SGTradeX
18. Claire O’Neill, Co-Chair, World Business Council for Sustainable Development (WBCSD) Imperatives Advisory Board
19. Martijn Wilder, Founding Partner, Pollination

Observers:

1. AndrewHoward, Senior Director, Climate Finance and Markets, Verra
2. Lim Bey An, Head of Sustainability Office, Monetary Authority of Singapore
3. Darian McBain, Chief Sustainability Officer, Monetary Authority of Singapore
4. Bill McGrath, General Manager, Shell
5. Kavita Prakash-Mani, CEO, Mandai Nature
6. Luke Pritchard, Manager of Nature Based Solutions, Systems Transformation, We Mean Business
7. Kim Rosenkilde, Group Chief Investment Officer, Singapore Life Ltd
8. Artur Runge- Metzger, Director (Retired), European Commission (Former)
9. Michael Salvatico, Head of Asia Pacific ESG Solutions, S&P Global Sustainable 1
10. Hugh Salway, Head of Environmental Markets, Gold Standard
11. Maxime Van Eecke, Chief Commercial Officer, Compagnie Maritime Belge Group
12. Sunny Verghese, Co-Founder & Group CEO, Olam

---

1. CIX’s third-party ratings and satellite monitoring partner is Sylvera. More about Sylvera’s carbon intelligence platform can be found here.
2. Activities inside the forest include biological monitoring and scientific research, as well as surveillance and control of illegal human behaviours, creating a protective barrier around the rainforest and the communities living there.

• CIX completes pilot auction of a curated portfolio to help scale global voluntary carbon market
• 19 global buyers across various industries supported the pilot auction event
• 170,000 tonnes of carbon credits transacted as part of a curated portfolio of eight natural climate solution (NCS) projects¹
• The portfolio gives buyers diversified exposure to a global selection of quality projects with high environmental and social impact
• CIX will host regular auctions in early 2022

Singapore, 1 November 2021 – Global carbon credit exchange and marketplace Climate Impact X (CIX) today announces that it has completed a pilot auction of a portfolio of high-quality carbon credits². The auction successfully cleared 170,000 carbon credits from eight recognised NCS projects curated to form a diversified portfolio, at USD 8.00 per tonne. Each of the NCS projects, spanning reforestation and avoided deforestation initiatives – across Africa, Asia and Latin America – demonstrate the high-performance of carbon sequestration and high levels of verified co-benefits, such as supporting biodiversity, along with social and economic development in local communities.

This pilot auction is an opportunity for Singapore-based CIX to demonstrate a new method for scaling the voluntary carbon market³. By curating supply into a portfolio, CIX simplifies the buying experience; by leveraging an auction, CIX offers an efficient and competitive price discovery mechanism that establishes a fair market price for both buyers and sellers.

The projects also help support a broad base of verified co-benefits and delivery against UN Sustainable Development Goals. The eight projects collectively support more than 55,000 jobs, improve education for more than 35,000 students, help fund 60 medical facilities and infrastructure projects; plus efforts to protect over 250 threatened species.

The portfolio auction is the first-of-its-kind in the global voluntary carbon market. By delivering greater transparency, efficiency and risk mitigation for buyers, the pilot auction supports the scaling of the voluntary carbon market, as advocated by the Taskforce on Scaling Voluntary Carbon Markets (TSVCM).

“The Pilot Auction was great proof of the desire of both buyers and sellers to find each other through a trusted market mechanism. It was also robust demonstration that an auctioning platform works, and that high-quality carbon credits can command better value. We believe that this is an important step in the journey towards scaling the voluntary carbon market,” said Piyush Gupta, CEO of DBS Bank.

CIX’s pilot auction attracted strong interest from many global companies, and the final group of buyers represent different industry segments and active market participants eager to grow the voluntary carbon market⁴ : Of the group of buyers, DBS Bank, Singapore Exchange, Standard Chartered and Temasek, being co-investors of CIX, purchased the carbon credits at auction clearing price instead of participating in the auction⁴.

The other companies include⁵ :

“We are grateful for the support we saw through this pilot auction. We saw conviction from buyers and sellers for high quality carbon credits and specifically the enthusiasm for natural climate solutions. Nature is ‘too big to fail’,” said Mikkel Larsen, Interim CEO of Climate Impact X.

“Standard Chartered is pleased to have been a part of CIX’s pilot auction. Through its focus on high quality projects and transparent pricing, the CIX auction marks a critical first step in unlocking the billions in funding needed to achieve our shared climate goals. With the Taskforce on Scaling Voluntary Carbon Markets’ Core Carbon Principles progressing well, work towards delivering a high-quality voluntary carbon market is accelerating and CIX is ready to help this market deliver on its full potential in the fight against climate change,” said Bill Winters, Group Chief Executive, Standard Chartered.

Going forward, CIX will continue to collaborate with an ecosystem of technology partners who share its vision of building a scalable, trusted and high-quality voluntary carbon market. This includes Sylvera which applies machine learning to satellite data and deep methodological analysis to evaluate projects; with Viridios AI to provide an independent assessment of spot market value of the portfolio; and with platform provider NovaFori to develop the auction technology.

CIX will leverage the expertise and experience from this pilot to launch regular auctions that will be held in early 2022.

Media contacts:

EMEA – Joe Riley, joe.riley@hkstrategies.com & +44 7429 106734
Asia – Selena Sheikh, selena.sheikh@hkstrategies.com & +65 9746 8519

Notes to Editor:

1. Natural Climate Solutions (NCS) involve protection and restoration of natural ecosystems such as forests, wetlands and mangroves. NCS are cost effective and provide significant benefits by supporting biodiversity and generating income for local communities.
2. A carbon credit is a certificate that represents an independently verified reduction of one metric tonne of CO2 emission.
3. Although auctions of portfolios are novel in the voluntary carbon market, an auction is a tried-and-tested mechanism for buyers in compliance carbon markets, as well as in commodity and financial retail markets more broadly, to transact complex products in an efficient and effective manner. This pilot auction was designed as a multi-round, sealed bid auction. Aggregated price information from each round was shared with participants to help them calibrate their bids. This pilot auction was also designed to have multiple winners as a distributive outcome is a better reflection of aggregate demand. The auction clearing price in this way reflected current ‘fair market’ value, as opposed to simply the highest price a single buyer is willing to pay. In the end, total aggregate demand exceeded the volume made available by CIX, and the auction cleared at USD 8.00/tonne.
4. Our investors did not participate in the pilot auction. Instead, they placed a limit order ahead of the auction so that if the clearing price was not higher than their limit price, they would purchase the pre- agreed amount of carbon credits at the clearing price. This ensures that their orders did not have any commercial impact on the outcomes of the pilot auction.
5. In addition to those listed, two buyers opted to remain confidential.

• DBS, SGX, Standard Chartered and Temasek to develop a carbon exchange and marketplace, Climate Impact X; providing organisations with high-quality carbon credits to address hard-to-abate emissions
• Climate Impact X will use satellite monitoring, machine learning and blockchain technology to enhance transparency, integrity and quality of carbon credits
• Forged as a result of Singapore’s Emerging Stronger Taskforce, Sustainability Alliance for Action (AfA), Climate Impact X will leverage Singapore’s position as a leading international financial, legal and commodities hub

Singapore, 20 May 2021 – DBS Bank (DBS), Singapore Exchange (SGX), Standard Chartered and Temasek today announced their intention to join forces to take climate action. Through a joint venture to be established by the four parties, Climate Impact X (CIX) aims to be a global exchange and marketplace for high-quality carbon credits.

CIX will leverage satellite monitoring, machine learning and blockchain technology to enhance the transparency, integrity and quality of carbon credits that deliver tangible and lasting environmental impact.

Global efforts to address climate change have been driving demand for solutions to help corporates effectively reduce their carbon emissions. However, today’s low-carbon technologies including current renewable energy solutions are unlikely to be enough in the near term.

Certain research shows that such technologies may only reduce two-thirds of global emissions¹ , which may not be sufficient to achieve the goal under the 2015 Paris Climate Agreement to limit global warming preferably to 1.5 degrees Celsius² . High-quality carbon credits can provide a practical solution to bridge this gap, especially in the near term, and will play an important role in a holistic climate mitigation strategy.

Mikkel Larsen, Interim CEO of Climate Impact X and Chief Sustainability Officer at DBS, said: “Climate Impact X will provide a solution for corporates to address unavoidable carbon emissions in the near term and propel the development of new carbon credit projects worldwide. With an initial focus on Natural Climate Solutions, the carbon credits will also create impetus to address another grave risk of biodiversity loss and help serve local communities. CIX will build on collective action by global governments, corporates and individuals to achieve a net-zero economy.”

---

^{1 “The Next Generation of Climate Innovation”, BCG, published 22 March, 2021,
2 “The Paris Agreement”, United Nations Framework Convention on Climate Change, retrieved 17 May, 2021,}

Driven by corporate climate commitments, global demand for high-quality carbon credits in the voluntary carbon market is estimated to increase at least fifteenfold by 2030, up to 1.5 to 2 gigatons of carbon dioxide (GtCO2) annually³. Despite this forecast, there are still challenges to address in today’s market. For example, trust among investors and buyers may still be limited by a lack of transparency over the risks and effectiveness of carbon projects. As a result, suppliers may face challenges in developing new carbon reduction projects, resulting in liquidity issues.

Larsen added: “By facilitating a well-functioning marketplace with strong impact and risk data, CIX will enable efficient price discovery and catalyse the development of new projects.”

CIX Exchange and Project Marketplace to be focused initially on Natural Climate Solutions (NCS); to be launched by end 2021

CIX will offer distinct platforms and products that cater to the needs of different buyers and sellers of carbon credits. These include the Exchange and the Project Marketplace, which are expected to be launched by end 2021. The Exchange will facilitate the sale of large-scale high-quality carbon credits through standardised contracts – catering primarily to multinational corporations (MNCs) and institutional investors.

In addition, the Project Marketplace will cater to a broader spectrum of corporates seeking to participate in the voluntary carbon market, offering them a curated selection of NCS projects that can help meet their sustainability objectives. Each project on the Project Marketplace will be supported by transparent environmental impact, risk and pricing data.

To start with, CIX will focus on helping to catalyse the market for NCS, which involve protection and restoration of natural ecosystems such as forests, wetlands and mangroves. NCS are cost effective and provide significant benefits by supporting biodiversity and generating income for local communities. Asia houses a third of the global supply potential and is therefore one of the largest suppliers of NCS globally⁴ . CIX will feature carbon credits from various high-quality NCS projects around the globe on its platforms. It is also in conversations with global rating agencies to provide independent ratings to these projects.

In addition, CIX will be guided by an International Advisory Council – an independent expert body comprising non-governmental organisations, leading corporates and project developers, and academics and thought leaders. CIX will also work with an ecosystem of global partners and international working groups, including the Taskforce on Scaling Voluntary Carbon Markets (TSVCM) and the Natural Climate Solutions Alliance, to align on leading standards for quality and integrity.

---

^{3 “A blueprint for scaling voluntary carbon markets to meet the climate challenge”, McKinsey & Company, published 29 January, 2021,
4 “Consultation: Nature and Net Zero”, World Economic Forum, published 25 January, 2021,}

The joint operation of CIX by DBS, SGX, Standard Chartered and Temasek will be subject to all required regulatory approvals/consents to be obtained⁵.

Piyush Gupta, Chief Executive Officer, DBS, said: “It is becoming increasingly apparent that the world requires a carbon market of the highest international standards. As a leading global financial and trading hub, supported by strong regulatory frameworks, Singapore is well placed to lead such sustainability efforts. To catalyse the development of new carbon credit projects, there is a need for more high-quality carbon credits and the active cross border trading of such credits to drive global price transparency. We look forward to galvanising change by gathering like-minded industry leaders to a centralised world-class platform, scaling the global voluntary carbon market and expediting the transition to a low-carbon economy.”

Loh Boon Chye, Chief Executive Officer, SGX, said: “SGX serves the ecosystem as a leading sustainable and transition financing and trading hub. Climate action is a key priority for us and we support internationally accepted carbon mitigation hierarchies. From avoiding and reducing emissions within companies’ operations and value chains, to using renewable energy sources wherever possible and finally neutralising and compensating for hard-to-abate emissions, we will work with our ecosystem throughout this journey. Climate Impact X will be an integral part of this vision, backed by SGX’s track record as a major price discovery venue for global commodities and Singapore’s strong and trusted financial infrastructure.”

Bill Winters, Group Chief Executive, Standard Chartered, said: “Standard Chartered operates in many of the world’s fastest-growing economies across Asia, Africa and the Middle East, which are home to a high proportion of the world’s natural climate solutions. To meet our shared climate objectives, we need to see a significant capital shift to these markets to protect nature and enable a sustainable low-carbon transition. Voluntary carbon markets are necessary to accomplish this transfer efficiently and, as set out in the work of the Taskforce on Scaling Voluntary Carbon Markets, we must agree to a consistently high standard of carbon credits for this market to be credible and effective. This is the decade for action, and we are confident that Climate Impact X will play a critical role in aligning the planet’s emissions profile to a net-zero future.”

Rohit Sipahimalani, Chief Investment Strategist, Temasek, said: “Temasek is committed to generating positive impact on people and the planet through our global investments. We provide capital to catalyse new ideas and solutions. Climate Impact X aligns with our commitment to invest in businesses that will yield positive climate benefits as well as developments in their broader ecosystems for the long term. We are pleased that the platform will help organisations to address their carbon footprints through both market and natural climate solutions.”

Leveraging Singapore’s world-class infrastructure to scale global voluntary carbon markets

CIX will be headquartered in Singapore and will leverage the country’s internationally-recognised financial, legal and commodities hub infrastructures. These infrastructures are foundational to nurturing a trusted ecosystem of partners required to scale the global voluntary market. In addition, Singapore has been supportive of initiatives that strengthen the trust and verifiability of carbon credits, as part of the nation’s ambition to become a global carbon services and trading hub.

CIX is an initiative born out of Singapore’s Emerging Stronger Taskforce’s Alliance for Action (AfA) on Sustainability⁶. The AfA on Sustainability aims to position Singapore as a hub for carbon- related services and nature-based solutions, transforming the country into a “Bright Green Spark”.

---

^{5 The contributions by the parties into CIX will include cash, technical expertise, networks, thought leadership, IT architecture, and other intangibles.
6 The Emerging Stronger Taskforce (EST) was formed under the Future Economy Council (FEC) in May 2020 to review how Singapore can stay economically resilient, and build new sources of dynamism to emerge stronger from COVID-19. The Alliances for Action formed are in the areas of AgriTech, Digitalising Built Environment, EduTech, Enabling Safe and Innovative Visitor Experiences, Facilitating Smart Commerce, MedTech, Robotics, Supply Chain Digitalisation, and Sustainability.}

For media enquiries, please contact:

Joy Fong
Edelman for Climate Impact X
joy.fong@edelman.com
+65 9653 3868

Charmaine Chen
Edelman for Climate Impact X
charmaine.chen@edelman.com
+65 9789 0028

ANNEX