The United Nations Framework Convention on Climate Change (UNFCCC) is partnering with the AirCarbon Exchange (ACX), the world’s first fully digital carbon exchange, to promote carbon offsetting via UNFCCC Certified Emission Reductions (CERs).
The partnership will allow ACX clients representing 30 different countries to purchase and retire CERs for their carbon offsetting purposes. ACX will be the second exchange in the world, and the first in Asia, to list CERs held in the UNFCCC Clean Development Mechanism (CDM) registry. Through this partnership, ACX will work closely with the UNFCCC to raise awareness and facilitate the use of CERs in the carbon markets.
ACX was launched in 2019 with a vision of bringing transparency, efficiency and liquidity to the carbon markets and in 2021 was recognised as the Best Carbon Exchange in Environmental Finance’s prestigious Voluntary Carbon Market Rankings.
James Grabert, Director Mitigation Division at UNFCCC, said:
“This partnership comes at a time of growing commitment to climate action in line with the strong agreements made by countries at the Glasgow climate conference last year. As countries embark on implementing the Paris Agreement carbon markets, this arrangement will enable early movers to reward projects already underway with the United Nations Clean Development Mechanism (CDM). By offsetting emissions through CDM projects that have ongoing crediting periods, investors can support the successful transition of such projects to the Paris era.”
Thomas McMahon, CEO and Co-Founder of AirCarbon Exchange, said:
“We are honoured to partner with the UNFCCC to promote and facilitate the use of CERs for voluntary offsetting. We look forward to working with the UNFCCC to direct much-needed finance to a wide range of carbon projects under the UN Clean Development Mechanism.”