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Landmark carbon credit auction by Singapore-based Climate Impact X oversubscribed, credit priced at US$27.80

Wong Pei Ting

Wong Pei Ting

Published Fri, Nov 4, 2022 · 11:28 AM
    • The Delta Blue Carbon project in Pakistan is expected to produce 128 million carbon credits over its 60-year lifetime and sequester 142 million tonnes of carbon from the atmosphere.
    • The Delta Blue Carbon project in Pakistan is expected to produce 128 million carbon credits over its 60-year lifetime and sequester 142 million tonnes of carbon from the atmosphere. PHOTO: INDUS DELTA CAPITAL

    THE first major carbon credit auction brokered by the Singapore-based Climate Impact X (CIX) has fetched US$27.80 per credit, which translates to a premium of close to 40 per cent above current spot prices for major credits of similar vintage, the carbon marketplace said.

    The credits, each to remove one tonne of carbon dioxide from the atmosphere, were tied to the Delta Blue Carbon project in Pakistan, the world’s largest mangrove restoration project. This auction, which was oversubscribed, features the project’s first issuance.

    In a statement with its auction partner, carbon finance company Respira International, CIX – a joint venture among DBS, the Singapore Exchange, Standard Chartered and Temasek – said 250,000 of the credits, of 2021 vintage, were sold at the rate through the auction.

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