Wednesday 12 January 2022

UNFCCC and AirCarbon Exchange partner to promote carbon offsetting

A new partnership has been announced between the UN Framework Convention on Climate Change (UNFCCC) is and the AirCarbon Exchange (ACX) to promote carbon offsetting.

ACX, claimed to be the world's first fully digital carbon exchange, will be the second in the world and the first in Asia to list certified emission reductions (CERs) held in the UNFCCC Clean Development Mechanism (CDM) registry.

The partnership will allow ACX clients, representing 30 different countries, to buy and retire CERs for their carbon offsetting purposes.

ACX will also work closely with the UNFCCC to raise awareness and facilitate the use of CERs in the carbon markets.

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.”