GIGA Carbon Neutrality Inks Global Strategic Agreement With Carbon Trade eXchange

CIOTechOutlook Team | Friday, 12 May 2023, 08:56 IST

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To develop CTX technology and trading globally, GIGA Carbon Neutrality Inc. recently announced the signing of a Strategic Partnership Agreement with the London-based Carbon Trade eXchange ("CTX") and its Australian technological parent firm Global Environmental Markets ("GEM").
 
A White Label version of CTX's carbon market technology has been released. In order to give buyers access to carbon credits, RECs (Renewable Energy Certificates), and offsets on the spot market, GCN will be able to negotiate agreements with carbon trading platforms and traditional stock exchanges throughout the world thanks to the collaboration agreement. As a result, a worldwide carbon marketplace 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 numerous carbon registries. These consist of the Verra VCS, the Gold Standard, and the UNFCCC CDM Registry.
 
For nations 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 ITMOs or voluntary carbon credits, such as the recently launched Global Carbon Registry (GCR) and credit standard as well as the Integrity Council's Core Carbon Principles for voluntary carbon markets.
 
By combining the 15 years of expertise built into CTX and GEM's "Technology Infrastructure for the Future of our Planet" with the GCN business and financial network, CTX, GEM, and GCN will work together to expand origination of voluntary credits globally and carry out larger-scale trading of the credits.
 
The present carbon markets must increase by a factor of 10 to 100X to cut CO2 emissions globally and reach the Paris Agreement targets, according to Wayne Sharpe, CEO of CTX. The infrastructure for registries today is inadequate.
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