Several major Singaporean companies — DBS Bank (DBS), Singapore Exchange (SGX), Standard Chartered and Temasek — have decided to join hands to take climate action through global carbon exchange and marketplace Climate Impact X (CIX).
CIX will be enhancing the transparency, integrity and quality of carbon credits that bring tangible and enduring environmental impact by leveraging satellite monitoring, machine learning and blockchain technology.
CIX offers distinct platforms and products that are designed to meet the needs of various buyers and sellers of carbon credits, which include the Exchange and the Project Marketplace. The products are expected to be launched by the end of 2021.
There has been an increasing demand for solutions that could help corporates effectively lower their carbon emissions. However, the current low-carbon technologies like the renewable energy solutions are unlikely to be sufficient in the near term.
A research has found that said technologies can only lower two-thirds of global emissions, which may not be enough if one aims to limit the global warming to 1.5 degrees Celsius. Utilizing high-quality carbon credits can help bridge this gap, especially in the near term, and will be an instrumental part of a holistic climate mitigation strategy.