GIGA Carbon Neutrality (GCN) established a partnership with the London-based Carbon Trade eXchange (CTX) and its Australian parent firm Global Environmental Markets (GEM) to further expand the world’s carbon markets.
CTX has launched a white label version of their technologies enabling GCN to negotiate deals with carbon trading platforms and regular stock exchanges to provide buyers spot market access to carbon credits, RECs and offsets.
A worldwide carbon market powered by AI and blockchain technology will be established, with carbon futures contracts based on reliable, high-quality carbon credits from hundreds of projects in several carbon registries with one example being the UNFCCC CDM Registry.
By bringing together GCN’s business and financial network with CTX and GEM’s “Technology Infrastructure for the Future of our Planet”, the partnership aims to execute larger-scale trading of carbon credits and expand the origination of voluntary credits globally.
This will help meet the Paris Agreement targets by scaling up carbon markets and reducing CO₂ emissions globally.
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EU and its Member States, acting jointly, are committed to a binding target of a net domestic reduction of at least 55% in greenhouse gas emissions by 2030.
CTX CEO Wayne Sharpe further stated: “The current carbon markets must scale by a factor of 10 to 100X to reduce CO₂ emissions globally and meet the Paris Agreement targets. The current registry infrastructure is insufficient.
“Stock Exchanges globally are struggling to handle the unique carbon trading requirements in the voluntary markets – which deliver the much-needed climate finance via carbon credits. CTX will supply and support the required technology then the buyers decide.”
In order for countries to fulfil their obligations under the Paris Agreement, GCN commits to expanding the licencing of GEM technology infrastructure for National Carbon Meta-Registries.
It also supports the development of voluntary carbon credits, such as the recently launched Global Carbon Registry and credit standard as well as the Integrity Council’s core carbon principles for voluntary carbon markets.
This collaboration for CGN has been attentively facilitated with the aim of becoming the leading ECaaS (Energy data and Carbon credit as a service) internationally.
CEO Richard Martin stated: “The strategic partnership is a big opportunity for GCN to use its extensive network of partners, affiliates and investors to fast track our global expansion plans with a proven set of carbon technology infrastructure.”
With the shipping industry being responsible for around 940 million tonnes of CO₂ annually, which is at least 2.5% of the world’s total CO₂ emissions.
This agreement makes it possible for shipping firms to obtain trustworthy carbon credits from a variety of carbon registries and hundreds of projects, making it simpler and more affordable for them to lessen their carbon footprint.