Climate Impact X’s CEO resigns; global search for successor begins

Janice Lim

Published Thu, Mar 21, 2024 · 05:09 PM

Mikkel Larsen will continue to lead CIX until his successor has been appointed. He will also continue to serve on company’s board. PHOTO: BT FILE

CLIMATE Impact X’s (CIX) chief executive officer Mikkel Larsen has resigned to focus on his family.

The Singapore-based carbon exchange said in a media release on Thursday (Mar 21) that Larsen will continue to lead it until his successor has been appointed. He will also remain on the company’s board.

CIX said that its board – which includes the heads of DBS, Standard Chartered and the Singapore Exchange (SGX) – and key investors have started a global search for “the best long-term candidate” to lead the company in its next phase of growth.

Larsen said that the decision to leave CIX, where he served as CEO since 2021 when it was first formed, was a “very difficult” one.

“I look forward to ensuring a smooth transition, and supporting the team and incoming CEO as they continue to build on the positive momentum established at CIX,” he added.

The voluntary carbon market globally has been under pressure in 2023 after several scandals raised concerns over whether carbon credits generated from carbon project developers were from an actual reduction or avoidance of carbon emissions.

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Naturally, CIX has also been affected by price slumps in the market. The Business Times reported in January that the carbon exchange had laid off a few of its employees as part of a restructuring exercise.

The company said on Thursday that Larsen, its board and investors continue to have strong convictions in the prospects of the company and carbon markets.

Bill Winters, who is chief executive of Standard Chartered and the chair of CIX’s board, said that Larsen has played a “pivotal role in the development of CIX over the years, demonstrating commitment and foresight to navigate one of the most challenging and exciting periods for carbon markets”.

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“We are confident in the leadership team’s ability to drive the company forward during this transition period, and look forward to drawing upon Larsen’s expertise in an advisory capacity as we prepare the incoming CEO for future success.” CIX is a joint venture funded by DBS, Standard Chartered, SGX and GenZero – a decarbonisation-focused investment platform founded by state investor Temasek.

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