How Singapore’s latest carbon exchange from Climate Impact X aims to help enhance trust and transparency in carbon markets globally in partnership with PALO IT.
PALO IT, a B Corp-certified Global Tech consultancy and software development company, continues to strengthen Singapore’s position as a carbon services and trading hub. PALO IT partnered with Climate Impact X (CIX) – Singapore-based marketplace and exchange for trusted carbon credits – to launch its spot exchange trading platform. The launch of CIX Exchange expands the breadth of carbon services available in the region, while increasing access and connectivity to global carbon markets that aid in reducing emissions.
Jointly owned by DBS Bank, SGX Group, Standard Chartered and Temasek’s decarbonisation investment platform company GenZero, CIX’s mission is to bring to market and help to scale demand for existing and the next wave of impactful carbon credits – all through a suite of solutions underpinned by trust. As part of the partnership, PALO IT co-designed and built the platform, helping to deliver CIX’s vision of an open and extensible platform.
“PALO IT is proud of being a key player of this rapidly emerging economy towards a more sustainable future,” Tanguy Fournier Le Ray, Co-Founder of PALO IT, said. It was a remarkable opportunity for us to build a long-term partnership with CIX and play a key role in completing its core suite of solutions to serve global carbon markets and empower organisations to action towards a net zero economy.”
“Aligned by common values and vision, our partnership with CIX demonstrates our strong commitment to harnessing the power of technology for the greater good, unlocking new opportunities for growth, and driving positive change.”
CIX’s understanding of carbon market user needs, underpinned by PALO IT’s deep experience of design-driven solutioning, enabled the delivery of a seamless user interface and experience; tailored to meet major user requirements in the carbon markets ecosystem, including the most comprehensive range of end-user, investor and intermediary needs.
CIX Exchange lives as an open registry, a system that allows carbon market professionals to seamlessly register and trade carbon credits across different – and verified – types of carbon credits from natural climate solutions to technology-based and engineered solutions. Importantly, the function enables CIX to create a connected carbon market infrastructure that is flexible and capable of supporting ongoing market changes and developments, to ultimately help actualise the true mitigation potential of carbon credits.
At present, 34 single nature-based Verra-verified projects and CIX’s first standardised contract, CIX Nature X, are available for trade on CIX Exchange. The projects support Reducing Emissions from Deforestation and Forest Degradation (REDD+), Improved Forest Management (IFM), and Afforestation, Reforestation & Revegetation (ARR).
Whenever an opportunity arises, CIX Exchange has the extensibility and modularity to scale up from its current ecosystem and serve more voluntary carbon markets worldwide. This would mean expanding the breadth of carbon credit projects available for organisations in the region to tap into such as tech and direct air capture, waste and landfill management, and more. Graham Collier, Chief Technology Officer, Climate Impact X, said: “Carbon markets are nascent yet fast-evolving. A key challenge in this context is that there weren’t many case studies we could reference and learn from when developing our backend solutions, but we knew we needed to create a platform that was dynamic, fluid and capable of scaling alongside market demands. We are pleased to partner with PALO IT to deliver CIX Exchange, which is custom- built for extensibility and modularity, and ultimately realise our vision of accelerating genuine environmental impact through carbon markets.”
Ed. Photo by Unsplash+ in collaboration with Aakash Dhage.