Singapore-based Climate Impact X (CIX) has launched a spot trading platform CIX Exchange for carbon credits, as it looks to establish a benchmark price for nature-based carbon credits.
Trading on the exchange started on 7 June. Seven transactions totalling 12,000t of carbon credits were traded and cleared on CIX's first nature-based standardised contract CIX Nature X by the close of trading on 7 June.
CIX assessed the price of leading nature-based carbon credits issued between 2019 and 2022 at $5.36/t.
Carbon credit prices have dropped recently with the integrity of carbon credits called into question, leading to calls from stakeholders and UN special envoy on climate action and finance Mark Carney for higher oversight.
Argus last assessed prices at $5.50/t CO2e for 2018-vintage REDD+ voluntary carbon credits from southeast Asia on 8 June, down from $8/t CO2e when records began on 9 February. Argus also assessed prices at $5.70/t CO2e for 2018-vintage voluntary carbon credits from Southern Cardamom on 8 June, down from $8.50/t CO2e on 9 February 2023. Southern Cardamom is reducing emissions from a deforestation and forestation (REDD+) project in Cambodia.
Chevron, China-headquartered CICC Commodity Trading, Switzerland-based Engie Energy and UK bank Standard Chartered executed the first trades on the CIX Exchange. Other participants included Singapore's DBS Bank, trading firm Vitol and South Korea-based Hana Securities.
CIX has also launched CIX Clear, a new clearing and settlement price for privately negotiated transactions.
The exchange currently lists 34 single nature-based projects around the world that are verified by carbon credit registry Verra. These projects support REDD+, improved forest management (IFM), and afforestation, reforestation and revegetation (ARR).
CIX is a joint venture of DBS Bank, the Singapore Exchange, Standard Chartered and GenZero, a subsidiary of Singapore's state-owned Temasek.
