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DBS and StanChart lead Singapore-based carbon exchange

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.

SINGAPORE-MALAYSIA-CORRUPTION-POLITICS-1MDB-BANKING
DBS and Standard Chartered: Standing tall together in Singapore. Photo: AFP via Getty Images

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.

There was a real opportunity to make and position Singapore as a carbon services hub and a carbon trading marketplace
Piyush Gupta, DBS
Piyush-Gupta-DBS-160x186

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


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