Pairs CIX’s exchange, procurement and price discovery capabilities with Carbonplace’s multi-registry model and bank-grade settlement to create an end-to-end infrastructure

• Backed by 12 of the world’s leading financial institutions spanning global banks, investors and markets operators
• Bridges two of the world’s leading financial and carbon market hubs in Singapore and London 

Climate Impact X (CIX), a global environmental markets exchange headquartered in Singapore, and Carbonplace, a London-based full-service platform for carbon portfolio management and trading, have announced their intent to merge, bringing together complementary capabilities to build the financial market infrastructure underpinning the next phase of environmental markets.

The deal, subject to final regulatory approvals, reflects a shared view that carbon and environmental markets have entered a new chapter shaped by higher standards for integrity, transparency and accountability. However, the markets’ true climate change mitigation potential can only be realised if participation scales – and that requires the same robust infrastructure that helped traditional financial markets mature: one that is connected, transparent and trusted.

Oi-Yee Choo, CEO, CIX, said, “Scaling access and liquidity to meet the growing needs of global carbon markets requires robust, trusted infrastructure. This infrastructure must work across voluntary and compliance schemes, and across geographies and standards. As CORSIA, Article 6 and rising sovereign demand pull those worlds together, the CIX and Carbonplace combination strengthens that connectivity, with high-integrity procurement and trading at its core, simplifying access to fragmented markets so capital and trade can flow more efficiently toward high-impact climate solutions.”

Scott Eaton, CEO, Carbonplace, said, “A trade is only as good as the infrastructure that completes it – knowing a credit has genuinely changed hands, can be held securely and retired with a clear audit trail. By combining Carbonplace’s multi-registry access and direct ownership model with CIX’s leading exchange, participants can transact with the certainty and auditability institutions expect. That’s where we can make a difference – for the carbon market to succeed, it must scale like financial markets did.”

Bringing together complementary strengths

The two businesses first worked together in 2022 on a successful series of pilot transactions that tested the full lifecycle of a carbon credit trade: bought and sold on CIX’s trading platform, with settlement performed through the Carbonplace platform.

CIX and Carbonplace have developed distinct but mutually reinforcing capabilities across the environmental markets value chain.

CIX brings a suite of procurement, trading and price discovery capabilities, while Carbonplace provides multi-registry infrastructure and secure, bank-grade settlement. Both businesses have made transparency central to their value proposition: CIX through exchange design and benchmarks that improve visibility into market-driven prices; Carbonplace through traceable ownership, centralised reporting and audit trails.

Together, the combined entity can better support participants across the full transaction lifecycle – from portfolio strategy and project sourcing, through to multi-registry access, settlement, custody and retirement. The aim is to create a seamless environment in which participants can procure and trade environmental products confidently – delivered via a single, trusted partner with end-to-end capabilities.

A more connected market

Operating across Singapore and London, the combined entity bridges two of the world’s leading financial and carbon market centres, and can serve participants across time zones, regulatory environments and trading communities. For clients, that means broader access to a more diverse network of counterparties, environmental products and opportunities.

Both CIX and Carbonplace are also connected to major global carbon and renewable energy certificate (REC) registries, enabling simplified tracking, reporting and management of multi-registry portfolios.

Claire O’Neill, Board Chairperson, CIX, said, “This merger unites two of the world’s leading financial hubs, combining London’s deep institutional capital with Singapore’s dynamic carbon services and trading ecosystem. Our new company will offer customers common market infrastructure that simplifies access to a fragmented carbon market, innovative product development to make sourcing easier and pricing more transparent, and trusted access to a full suite of environmental product solutions.”

Frederick Teo, CEO, GenZero, said, “Carbon markets need trust, transparency and an operating infrastructure that enables buyers, developers, investors and financial institutions to participate with confidence and ease across jurisdictions. This merger marks a significant milestone as it brings together two leading players in the carbon market ecosystem and positions the combined entity as a truly global platform. It also strengthens the shareholder base with a geographically diverse group of leading financial institutions and investors coming together to provide the expertise, global connectivity and institutional support needed for carbon markets to mature and scale.”

Strengthened foundations through a bank-anchored network

Backed by a deep bench of institutional shareholders spanning global banks, investors and financial markets operators, the combined entity brings the governance, resilience and credibility needed to support long-term market development.

That same support will enable the combined entity to leverage the settlement rails and distribution networks of the world’s leading financial institutions – making environmental product procurement and management more accessible, auditable and in sync with established financial processes.

The combined shareholder group includes BBVA, BNP Paribas, CIBC, DBS Bank, GenZero, Mizuho Financial Group, National Australia Bank, NatWest Group, SGX Group, Standard Chartered, Sumitomo Mitsui Banking Corporation (SMBC) and UBS.

Bill Winters, Group Chief Executive, Standard Chartered, said, “Trust is the foundation of successful markets. Bringing together the institutions that underpin carbon trading to provide end-to-end capabilities will now deepen trust and confidence in the market, strengthening liquidity and enhancing competitiveness and resilience. Standard Chartered has long helped mobilise capital through high-integrity carbon markets and will continue to do so, helping clients unlock the full potential of this global trading network, connecting capital with opportunities for growth.”

Tan Su Shan, Chief Executive Officer, DBS, said, “This merger reflects the continued evolution of the voluntary carbon market, where greater scale has the potential to improve market efficiency and liquidity. We believe carbon markets are part of a broader toolkit of solutions to accelerate the deployment of low-carbon technologies and support the transition towards a net-zero future. As a founding member of Climate Impact X, DBS supports the development of trusted, high-integrity carbon markets that strengthen confidence and help mobilise capital for climate action.”

Jonathan Peberdy, CEO, NatWest Markets, said, “We are pleased to support the merger of these two leading companies in the carbon market ecosystem. This transaction creates a stronger business with enhanced capabilities and greater scale. The combination brings together complementary expertise across carbon market access, trading and settlement infrastructure, helping to improve transparency, connectivity and ease of participation. We look forward to supporting the company in the next phase of its growth.”

The combined entity will be led by Oi-Yee Choo as CEO, with Scott Eaton as President. Both businesses will continue to operate under their existing brands during the integration period, which is expected to complete in the first quarter 2027. There are no immediate changes to products, services or client arrangements.

The merger comes as governments step up efforts to rebuild confidence in carbon markets. Singapore and the UK are among those working to mobilise political leadership, reduce market fragmentation and scale meaningful demand for high-integrity carbon credits – both co-chair the Coalition to Grow Carbon Markets alongside Kenya; and have established the UK-Singapore Green Economy Framework to deepen energy and climate collaboration.

Source: Climate Impact X