“Singapore is located at the heart of Southeast Asia which is fertile ground to harness the potential of nature-based solutions,” Menon said, noting that the region holds more than one-third of the world’s mangroves and has about 120 million hectares (297 million acres) of land - an area four times the size of Malaysia - suitable for reforestation. Through CIX, companies big and small can directly purchase high-quality, nature-based carbon credits from specific projects in Southeast Asia and elsewhere, Menon said, allowing for a broader range of businesses to participate in the voluntary carbon market and back solutions to conserve, restore and protect natural ecosystems while meeting their sustainability goals. bank Standard Chartered, the voluntary marketplace could be Southeast Asia’s “solution” to the problem of “fragmented carbon credit markets characterized by thin liquidity and credits of questionable quality,” Ravi Menon, managing director of Singapore’s central bank, said at the virtual launch last month. The initiative, known as Climate Impact X (CIX), will have two main platforms: a marketplace of nature-based projects for firms to invest in, and an exchange where high-quality carbon credits are freely traded in larger quantities, catering mainly to multinationals and institutional investors.īacked by Singapore’s state investment firm, stock exchange, its largest bank, DBS, and U.K. SINGAPORE - Singapore is launching a carbon trading marketplace focused on nature conservancy projects, a move that could protect at-risk tropical forests in the region while unlocking a ready source of carbon credits for businesses.
The new platform aims to harness the potential of nature-based solutions in Southeast Asia, protecting at-risk forests while unlocking high-quality carbon credits for businesses.Demand for nature-based carbon credits - those linked to ecosystem conservation and restoration projects - has been growing in recent years, but high-quality credits remain scarce.The Climate Impact X initiative has two main platforms: a marketplace for nature-based projects, and an exchange where carbon credits can be freely traded in larger quantities.Singapore last month launched a carbon trading marketplace backed by its state investment firm, stock exchange and largest bank.
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