Singapore Carbon Exchange Clears First 12,000 Tons Of Carbon Credits

Singapore Carbon Exchange Clears First 12,000 Tons Of Carbon Credits - Carbon Herald

Singapore Carbon exchange Climate Impact X (CIX) just celebrated its first day of trading and cleared a total of 12,000 tons of carbon credits. 

The announcement came today and detailed that the amount of carbon credits bought and sold on CIX during the first day since its launch was done in a total of seven transactions.

CIX is a joint venture between Singapore Exchange (SGX Group), Singapore state investor Temasek Holdings and the banks Standard Chartered and DBS. 

In addition to announcing its first transactions, CIX also published its very first price assessment for carbon credits, with nature-based credits issued from 2019 to 2022 being priced at $5.36 per ton. 

Nature-based standardized credits or NBS credits are generated from different carbon projects (e.g. reforestation and afforestation schemes designed to protect and restore forests that would otherwise be lost to development projects unless their preservation is financially incentivized). 

Among the first to purchase NBS credits via the Singapore carbon exchange were major companies like Chevron, Engie Energy Marketing, and Standard Chartered. 

Relevant: Singapore And Bhutan Agree To Collaborate On Carbon Credits 

And some of the projects from the carbon credits on CIX are offered include  the Cordillera Azul National Park REDD Project in Peru, Kasigau Corridor REDD Project in Kenya, and the Rimba Raya Biodiversity Reserve Project in Indonesia.

According to CIX, projects are thoroughly vetted and must meet very strict criteria in order to be considered eligible and to be featured on the exchange. 

Other participants on the carbon exchange are RWE Supply & Trading, Carbon Growth Partners, South Pole, Vitol, and others.

With the launch of CIX and similar major steps of this kind, the global carbon market can get closer to reaching the momentum needed to bring about meaningful climate action. 

Read more: Singapore And Vietnam Sign Key MoU To Advance Energy And Carbon Credits

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