GIGA Carbon Neutrality Inc. (GCN) announced a Strategic Partnership Agreement with London-based Carbon Trade eXchange (CTX) and its Australian technology parent company Global Environmental Markets (GEM) to globally expand CTX technology and trading.
What are the specifics of the partnership?
Carbon Trade eXchange (CTX) has launched a White Label version of its carbon market technology. The partnership agreement will enable GCN to negotiate deals with carbon trading platforms and regular stock exchanges worldwide to provide buyers spot market access to carbon credits, RECs (Renewable Energy Certificates), and offsets.
And as a result of this partnership, an artificial intelligence (AI) and blockchain-technology-powered global carbon marketplace will be created featuring carbon futures contracts based on trusted high-quality carbon credits from hundreds of projects in multiple carbon registries. These carbon registries include the UNFCCC CDM Registry, Verra VCS, and Gold Standard.
GCN undertakes to support the expansion of the licensing of Global Environmental Markets technology infrastructure for National Carbon Meta-Registries for nations to activate their commitments under the Paris Agreement and the creation of ITMOs or voluntary carbon credits like the recently launched Global Carbon Registry (GCR) and credit standard and the released Core Carbon Principles by the Integrity Council for voluntary carbon markets.
Carbon Trade eXchange, Global Environmental Markets, and GIGA Carbon Neutrality will work to expand origination of voluntary credits and execute larger-scale trading of the credits, bringing together the GCN business and financial network with the 15 years of experience embedded in CTX and GEM’s “Technology Infrastructure for the Future of our Planet”.
What does the partnership mean for the industry?
CEO of CTX, Wayne Sharpe, said: “The current carbon markets must scale by a factor of 10 to 100X to reduce CO2 emissions globally and meet the Paris Agreement targets.”
“Current registry infrastructure is insufficient. Stock Exchanges globally are struggling to handle the unique carbon trading requirements in the voluntary markets – which deliver the much-needed Climate Finance via Carbon Credits. Carbon Trade eXchange will supply and support the required technology – then the buyers decide,” Wayne Sharpe further added.
CEO of GCN, Richard Martin, commented “This Strategic Partnership Agreement is a big opportunity for GCN to use its extensive network of partners, affiliates, and investors to fast track our global expansion plans with a proven set of carbon technology infrastructure.”