IEX forms subsidiary to explore business opportunities in carbon market | Mint
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Business News/ Companies / News/  IEX forms subsidiary to explore business opportunities in carbon market
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IEX forms subsidiary to explore business opportunities in carbon market

The subsidiary will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent and reliable platform and facilitate reduction of emissions by 45% by 2030

ICX will facilitate corporates to meet their climate commitments goals. (Photo: Getty Images)Premium
ICX will facilitate corporates to meet their climate commitments goals. (Photo: Getty Images)

NEW DELHI: Indian Energy Exchange (IEX) on Tuesday announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market.

ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent and reliable platform and facilitate reduction of global GHG (green house gases) emission by 45% by 2030 to get on track to limit global warming to 1.5 degrees, IEX said in a statement.

Additionally, ICX will facilitate corporates to meet their climate commitments goals. The exchange platform will provide a robust market signal for attracting further investments in the sustainable projects and help corporates to allocate capex towards energy transition in most optimum manner.

As per industry estimates, the annual demand for voluntary carbon credit globally is expected to reach around 1.5 Gigatons, with India contributing around 200 million tonne by 2030.

“It gives me immense pleasure to announce the incorporation of our wholly-owned subsidiary, International Carbon Exchange, which will be India’s first voluntary Carbon Exchange platform. This is aligned to our vision of architecting next-generation solutions for sustainable energy to ensure competitive, transparent and reliable access,“ S N Goel, Chairman & Managing Director, IEX said.

“With our earlier diversification initiative, Indian Gas Exchange, transforming the Gas market in the country, we continue to sustainably transition India’s energy market through efficient and asset-light businesses. Establishing a transparent and reliable carbon trading platform is an important step towards achieving global as well as national sustainability aspirations," he added.

This initiative is yet another effort by IEX to harness technology and innovation to facilitate the nation’s energy transition towards carbon neutrality. Earlier this month, IEX became India’s first carbon-neutral Power Exchange, using market based tradable instruments to offset its carbon emissions.

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Published: 27 Dec 2022, 05:57 PM IST
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