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Euromoney, May 20 2021

The two banks plus Singapore’s stock exchange and sovereign wealth vehicle believe they have the collective strength and skills to build Climate Impact X, based initially on southeast Asian forestry and mangrove projects.

DBS and Standard Chartered have joined with Temasek, Singapore’s sovereign wealth vehicle, and SGX, the stock exchange, to launch a global carbon exchange and marketplace.

Climate Impact X is the first venture of its kind to be based on the principles of the Taskforce on Scaling Voluntary Carbon Markets, the body chaired by Standard Chartered chief executive Bill Winters and launched by former governor of the Bank of England Mark Carney.

While many efforts have been made to build viable carbon markets since the Kyoto Protocol pledged much of the world to limit greenhouse gas emissions in 1997, they have tended to struggle for relevance, trust or scale.

The hope of this initiative is that the size and standing of the partners, coupled with an attempt to build an entire ecosystem rather than a single element of one, will be sufficient to make it successful.

Characteristically for an entity that has Temasek and DBS among its backers, technology will be at the forefront. The exchange aims to leverage satellite monitoring to keep track of project progress, as well as machine learning and blockchain technology to ensure the transparency and integrity of carbon credits.

The exchange, which should open for business by the end of the year, will initially focus on Natural Climate Solutions, which is a category of green projects that seeks to protect or restore natural ecosystems, notably forests, wetlands and mangroves.

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Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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