ACX (AirCarbon Exchange) and the Athens Stock Exchange (ATHEX) are delighted to establish a partnership to explore the development of a Voluntary Carbon Market in Greece, with the goal of creating a transparent and efficient market for Voluntary Carbon Credits.
This is the latest step in ACX’s bold ambition to operate the world’s largest environmental exchange network and the new Carbon Market in Greece will represent ACX’s first base in continental Europe.
“ACX is thrilled to partner with ATHEX to explore the prospect of establishing a Voluntary Carbon Market for Greece. This collaboration marks a significant milestone in our expansion strategy, particularly within the European Union. By leveraging ATHEX’s expertise and market reach, we are poised to create a robust platform that will facilitate carbon trading and accelerate the transition to a low-carbon economy in Greece. Together, we are committed to fostering sustainability. This partnership exemplifies our shared vision of a greener future and reinforces our dedication to creating meaningful environmental impact,” commented Thomas McMahon, ACX Co-CEO and Co-Founder.
The ACX and ATHEX partnership aims to combine ACX’s international, digital exchange platform with ATHEX’s extensive experience as a well-established operator of regulated entities (covering trading, clearing and settlement operations) within the EU capital market. This collaboration seeks to enhance price transparency and expand the reach of Voluntary Carbon Markets in Europe, providing valuable opportunities for governments and companies to achieve their net-zero goals. The establishment of this joint venture in Greece will further support multiple objectives:
- The partnership will facilitate the private sector participation with a target to achieve their net zero goals, over and above the goals set by the EU ETS scheme.
- It will create opportunities to support local carbon reduction and removal efforts, while also enhancing capital flows to programs that enable carbon offsets.
- With Greece’s recovery and resilience plan allocating over €600 million towards driving the green transition, the joint venture can provide the Greek state with an infrastructure with global reach to effectively address climate change issues and implement emission reduction and avoidance policies.
- The collaboration will foster the development of carbon markets in the region by granting access to a global carbon market. Moreover, it will enable the Athens Stock Exchange to collaborate closely with local project developers, particularly those involved in forest restoration, helping them navigate the route to market for their credits.
ATHEX has been actively involved in sustainable initiatives as part of the Sustainable Stock Exchanges (SSE) initiative of the United Nations since 2018. Moreover, Greece’s EU membership makes it part of the region’s Emission Trading Scheme.
A partnership of this type would establish an efficient market for the voluntary sector and could potentially render Greece the first country to offer access to both an active Compliance Carbon Market and a Voluntary one, benefiting from increased liquidity and investor access. This would be a crucial stepping stone in the alignment of Compliance and Voluntary Markets as part of the United Nation’s Article 6 framework.
“As the operator of EU-regulated infrastructures, including ATHEX, ATHEXCLEAR, and ATHEXCSD, we find ourselves in a unique position to empower our ecosystem to embrace Voluntary Carbon Credits. Our partnership with ACX enables us to facilitate seamless access for local and regional project developers, investors, and government bodies, empowering them to effectively drive Greece’s net-zero efforts. At ATHEX, we are committed to playing a vital role in accelerating the transition towards a greener and more sustainable future,” said Yianos Kontopoulos, ATHEX GROUP CEO.