Climate Impact X Selects Nasdaq Technology to Power New Global Carbon Exchange
June 28 2022 - 8:00PM
Climate Impact X Selects Nasdaq Technology to Power New Global
Carbon Exchange
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 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.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the
capital markets and other industries. Our diverse offering of data,
analytics, software, and services enables clients to optimize and
execute their business vision with confidence. To learn more about
the company, technology solutions and career opportunities, visit
us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com
About Climate Impact XJointly established by DBS
Bank, Singapore Exchange (SGX Group), Standard Chartered and
Temasek, Climate Impact X (CIX) is a global marketplace and
exchange for quality carbon credits based in Singapore. CIX
maintains a high-quality threshold for carbon credits offered on
its platforms and is committed to a high-integrity approach to
scaling the voluntary carbon market. CIX is developing several
platforms and products to flexibly serve different needs of carbon
credit buyers and suppliers. The CIX Project Marketplace (launched
February 2022) offers quality carbon credits that can meet
corporate sustainability objectives. CIX’s Auction platform is a
specialised digital venue for discovering prices of unique credit
types, newly issued credits and customised portfolios of projects
through the efficient aggregation of market supply and demand. The
exchange will enable two-way spot trading of quality credits
through standardised contracts, hosting liquid contracts and
providing the market with clearer price transparency and risk
management solutions. For more information, please
contact:
Nasdaq Yan-yan Tongyan-yan.tong@nasdaq.com +1
240 721 80 66
Climate Impact X Daphne
Chuahdaphne.chuah@climateimpactx.com
i McKinsey and the Taskforce on Scaling Voluntary Carbon Markets
(2021):
https://www.mckinsey.com/business-functions/sustainability/our-insights/a-blueprint-for-scaling-voluntary-carbon-markets-to-meet-the-climate-challenge
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