Singapore's CIX and London's Carbonplace
Climate Impact X and Carbonplace announced a merger on August 26, aiming to create a larger carbon credit trading platform by combining exchange and
Singapore's Climate Impact X (CIX) and London's Carbonplace plan to merge, the companies announced on August 26. The combined entity aims to build a larger trading platform as the voluntary carbon market grapples with fragmentation and concerns over credit quality.
The transaction would fuse CIX's carbon-credit procurement, exchange, and price-discovery services with Carbonplace's settlement, custody, and portfolio-management infrastructure. This integration is intended to give customers access to multiple carbon registries through a single platform.
Subject to final regulatory approvals, the merger is expected to be completed in the first quarter of 2027. Financial terms were not disclosed. The combined company will be led by CIX Chief Executive Oi-Yee Choo, with Carbonplace CEO Scott Eaton serving as president. Both brands will continue operating during the integration.
Market challenges and consolidation
A carbon credit typically represents one metric tonne of greenhouse gas emissions avoided or removed. Companies buy and "retire" them to compensate for emissions, often as part of voluntary climate commitments. The market has faced persistent questions over whether some projects deliver the claimed reductions and if credits are used instead of companies cutting their own emissions.
These concerns have weakened activity. According to a 2025 report by Ecosystem Marketplace cited in the source, transaction volumes in the voluntary carbon market fell 25 per cent in 2024 to 84.4 million tonnes of carbon dioxide equivalent. Average prices declined 5.5 per cent. The market had already contracted sharply in 2023, when its reported transaction value fell to US$723 million, down from nearly US$2 billion at its 2021 peak.
CIX and Carbonplace argue that better-integrated infrastructure could make transactions easier to trace while reducing operational complexity. "Scaling access and liquidity to meet the growing needs of global carbon markets requires robust, trusted infrastructure," CIX's Choo said.
Singapore's carbon ambitions
The merger connects London's financial market with Singapore's growing carbon services sector. It strengthens the city-state's effort to establish itself as Asia's centre for carbon trading and finance.
CIX was established in 2021 by DBS Bank, Singapore Exchange, Standard Chartered, and Temasek. Singapore's carbon tax rose to S$45 (US$35) per tonne in 2026. Taxable facilities can use eligible international credits to offset up to 5 per cent of their taxable emissions, according to the National Environment Agency.
The city-state has signed Article 6 agreements with countries including Bhutan, Mongolia, the Philippines, Thailand, and Vietnam to develop government-authorised carbon-credit transfers. Under these, host countries can attract project funding, while Singapore can use some credits towards its climate targets or allow companies to use them against carbon-tax liabilities.
The system remains nascent. Singapore's official Article 6 project register listed no authorised projects as of August 14.
CIX and Carbonplace first collaborated in 2022 on pilot transactions. The merged company would be backed by 12 banks, investors, and market operators, including DBS, SGX Group, GenZero, Mizuho Financial Group, and Sumitomo Mitsui Banking Corporation.
Other shareholders are BBVA, BNP Paribas, CIBC, National Australia Bank, NatWest Group, Standard Chartered, and UBS. DBS CEO Tan Su Shan said greater scale could improve market efficiency and help mobilise capital for low-carbon technologies.
