Chevron, Vitol, Standard Chartered and China’s CICC cleared 12,000 tonnes of carbon for the launch of Singapore’s voluntary carbon exchange, as the city-state bets big on the growth of the industry.
CIX, a joint venture between banks DBS and Standard Chartered, Singapore Exchange and state investor Temasek, on Thursday published its first price assessment, benchmarking nature-based credits issued between 2019 and 2022 at $5.36 per tonne.
Singapore is hoping it can be a global price setter for carbon credits. While the volumes from the first day of trade are low, the price per tonne is more than four times that for similar products of CME Group — the world’s largest futures exchange also aiming to be a voluntary carbon benchmark.
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