• Traded volume within CIX Exchange offering crosses 1 million tonnes of carbon credits less than four months following launch
• Average of 40,000 tonnes bid and offered on the CIX Nature X benchmark contract daily
• Over two million tonnes of carbon credits transacted in total across CIX’s core solutions suite

Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, has crossed the 1 million tonne milestone in traded and cleared credits within its CIX Exchange offering. Launched in June 2023, CIX Exchange is one of three core venues established by the company, after CIX Marketplace and CIX Auctions.

Collectively, over two million tonnes of carbon credits have been transacted across CIX’s suite of solutions since the inception of its first venue in March 2022.

 Mikkel Larsen, Chief Executive Officer of CIX, said, “Scaling carbon markets at the speed it needs remains challenging in the headwind of negative media coverage, and amid a slowing global economic outlook. The pace of demand recovery is slower than the market had hoped for, but we are encouraged to see a good depth of participation on our venues. This signals to us that our value proposition to enhance trust and transparency in the market is on the right track. Many corporations are rightly concerned about the climate emergency, some remain dedicated supporters of high-quality climate action projects, while others are keeping carbon credits for future action pending further clarity around standards. It is only the beginning for CIX and we will continue to build on our efforts to help scale carbon markets.”

Total traded volume within the CIX Exchange offering comprises transactions that took place both on-screen as well as off-screen via CIX Clear, the clearing and settlement service for privately negotiated transactions.

To date, around 3.5 million tonnes of carbon credits have been bid and offered on CIX Nature X, the company’s first global standard contract series, equating to a daily average of 40,000 tonnes. The average widest bid-offer spread on the contract series during the daily pricing session stands at around USD $0.30 per tonne, tightening to an average spread of around $0.10 per tonne. As of 6 October 2023, 152 transactions totalling 252,000 tonnes of carbon credits had traded and cleared on the CIX’s curated Nature X benchmark contract alone.

Ongoing market uncertainties have reduced end-user demand, creating a knock-on effect on price and the value of the voluntary carbon market (VCM) as a whole. The benchmark assessment for Nature X, which trades under the contract code CNX, settled at $5.36 per tonne on its first day of trade, before rising to a high of $5.65 per tonne in July and falling to a monthly average of $3.62 per tonne in September.

Despite the general slowdown in the VCM, retirements of CNX eligible projects remain robust given a general flight to quality. CNX represents 11 of the most established and best run REDD+ projects globally. “A total of 13,408,724 tonnes of carbon credits issued by the 11 CNX-eligible projects were retired by the end of September, just 311,000 tonnes below the total retirements during the whole of 2022,” CIX highlights in a new perspectives paper published today.

Access more insights on VCM developments and pricing trends. Download the new CIX Pricing Perspectives paper here.

Source: Climate Impact X