ICE to Host Carbon Credit Auctions for Permian Global, a Leading Developer of Large-Scale Tropical Forest Protection and Restoration Projects
19 November 2021 - 12:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of data, technology, and market infrastructure, today
announced that it plans to begin carbon credit auctions for Permian
Global, a leading developer of large-scale tropical forest
protection and restoration projects. The auctions are expected to
launch in 2022 and further details on timing will be announced in
due course.
ICE will host auctions for Permian Global’s verified emission
reduction certificates (VERs), which are the quantifiable emissions
that would have been released into the atmosphere had deforestation
and forest degradation occurred.
“Natural ecosystems play a vital role in combatting climate
change by removing excess carbon dioxide in the atmosphere,” said
Stephen Rumsey, Chairman, Permian Global. “Given the urgency and
the scale of the climate crisis, it is vital that financial markets
become a driving force for positive change. As the world’s largest
venue for pricing emissions and climate risk, we are delighted to
find in ICE a partner that both understands the challenge ahead and
is committed to play a key role in the solution through its
auctions.”
Each Permian Global project is verified against robust
third-party forest carbon standards by independent expert auditors.
This includes providing evidence of additionality that without the
project activity, the forest was at risk of deforestation or forest
degradation; avoidance of leakage that the project activity has not
displaced deforestation and hence emissions to another location;
and permanence that the project and avoided emissions will not be
reversed.
“The auctions will allow the market to value the forest projects
of Permian Global and contribute to increasing the supply of high
quality, credible and verifiable carbon credits,” said Gordon
Bennett, Managing Director of Utility Markets at ICE. “By bringing
transparency to the primary market, which will complement and
support the growth of the secondary market, the new initiative
between ICE and Permian Global can play an important role in the
development of carbon credit markets globally.”
ICE Benchmark Administration (IBA), one of the world’s most
experienced administrators of regulated benchmarks, is forming the
ICE Carbon Oversight Committee to provide independent governance
and oversight of ICE’s activities in the voluntary carbon markets.
This will include advising on the criteria that carbon credits must
meet to be sold through ICE’s auctions. In addition, ICE plans to
launch its first Nature-Based Solutions carbon credit futures
contract in the first quarter of 2022, subject to regulatory
approval, which will be traded and cleared in London.
“We believe that IBA can help bring greater governance and
oversight to the voluntary carbon markets”, said Tim Bowler,
President of ICE Benchmark Administration. “Our work will be
designed to help give buyers of carbon credits confidence that
credits purchased through the new auctions and futures contract
will have environmental integrity.”
ICE offers customers access to the largest and most liquid
environmental markets in the world to price climate risk. More than
14 gigatons of carbon trades on ICE annually, equivalent to
approximately 40% of the world’s total annual emissions footprint
based on current estimates.
About Permian Global
Permian Global is a business that is working for the protection
and recovery of natural tropical forests. Recognizing the vital
role forests can play as a means of tackling climate change,
Permian Global is working to drive large-scale forest recovery and
protection through the sale of verified emission reductions.
Headquartered in the U.K., the international team works with
governments and local communities across West Africa, South East
Asia and Latin America. And along with its partners, Permian Global
is not only making a significant contribution in efforts to
addressing climate change, but also enabling the restoration of
vital biodiverse ecosystems; supporting local economic growth;
while also making substantial and demonstrable contributions to
achieving the United Nation’s (UN) Sustainable Development Goals
(SDGs).
About ICE Benchmark Administration
ICE Benchmark Administration is authorized and regulated
by the Financial Conduct Authority for the regulated activity of
administering a benchmark, and is authorized as a benchmark
administrator under the UK Benchmarks Regulation.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate
exchanges, including the New York Stock Exchange, and
clearing houses that help people invest, raise capital and
manage risk across multiple asset classes. Our comprehensive fixed
income data services and execution capabilities provide
information, analytics and platforms that help our customers
capitalize on opportunities and operate more efficiently. At ICE
Mortgage Technology, we are transforming and digitizing the
U.S. residential mortgage process, from consumer engagement through
loan registration. Together, we transform, streamline and automate
industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for
certain products covered by the EU Packaged Retail and
Insurance-based Investment Products Regulation can be accessed on
the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2020, as
filed with the SEC on February 4, 2021.
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20211118005784/en/
ICE Media Contact: Rebecca Mitchell
Rebecca.Mitchell@ice.com +44 7951 057 351 ICE Investor
Contact: Mary Caroline O’Neal marycaroline.oneal@ice.com (770)
738-2151 Permian Global Media Contact: David Stone
David.stone@permianglobal.com +44 (0) 7935 778 529
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