SINGAPORE: Global exchange Climate Impact X (CIX) and carbon finance business Respira have completed an auction to sell 250,000 tons of blue carbon credits at $27.80 per ton.
The credits are 2021 vintage, meaning they were issued last year, and the price was $10 per ton, or 40 percent, premium to spot prices for other credits from that vintage, CIX said in a statement on Friday. They were generated from Pakistan’s Delta Blue Carbon Project, the world’s largest mangrove restoration project.
“Despite a backdrop of high inflation and global macro uncertainty weighing on the whole carbon market, this represents a strong signal of support for premium credits of high integrity,” CIX said.
Blue carbon refers to carbon that is naturally stored by marine and coastal ecosystems, while green carbon is contained in vegetation and forest ecosystems.
The auction was awarded based on the lowest bid submitted for the volumes that was above the reserve price. But 30 percent of the bid volume was priced at $35 per ton or more, said CIX, while 27 percent of the bids were above the auction reserve price of $27.50 per ton, “signalling the premium at which some buyers were willing to pay for high-quality and unique credit types.”
Under increasing pressure to cut carbon emissions, firms need carbon credits to offset emissions they are unable to remove from their operations.
CIX, a global marketplace and exchange for carbon credits, is jointly formed by Singapore’s DBS Bank, Singapore Exchange Group, Standard Chartered and Singapore state investor Temasek.
Carbon exchange CIX completes 250,000 ton credit auction from Pakistani project
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Carbon exchange CIX completes 250,000 ton credit auction from Pakistani project
- Credits were issued last year, and the price was $10 per ton, or 40 percent, premium to spot prices for other credits
- They were generated from Pakistan’s Delta Blue Carbon Project, world’s largest mangrove restoration project
Pakistan PM invites UAE investment across tech and resource sectors at National Day event
- Shehbaz Sharif says the UAE remains a key economic partner and continues to lend ‘critical support’ to Pakistan
- UAE envoy says both nations have potential for cooperation in renewable energy, AI and economic diversification
ISLAMABAD: Pakistan is ready to welcome investment from the United Arab Emirates across emerging technologies and resource sectors, Prime Minister Shehbaz Sharif said on Monday, as both countries marked the 54th National Day of the Gulf country in Islamabad.
Speaking at the ceremony attended by senior ministers, diplomats and business leaders, Sharif said the UAE remained a key economic partner for Pakistan and continued to lend “critical support” to the country’s stabilizing economy.
“Pakistan takes great pride in its strategic partnership with the UAE, which continues to deepen across every domain of life,” he said. “With Pakistan’s economy stabilizing, we stand ready to welcome Emirati investment in renewable energy, AI, fintech, agriculture and minerals.”
Sharif praised the UAE’s leadership and recalled his earliest memories of the Gulf nation as “a land that believed in possibilities long before they became realities,” saying the country’s progress under President Sheikh Mohamed bin Zayed Al Nahyan commanded “profound admiration.”
UAE Ambassador Salem Al Bawab Al Zaabi said the Emirates was committed to strengthening ties with Pakistan in areas including the economy, energy and artificial intelligence.
He said the two countries shared a “deep-rooted friendship built on mutual respect, shared values and a common vision for regional peace and development.”
“We see tremendous potential for collaboration in renewable energy, artificial intelligence, sustainability and economic diversification,” the ambassador said, adding that the UAE aimed to broaden the scope of its economic relations with Pakistan.
The UAE hosts around 1.8 million Pakistani expatriates, one of the country’s largest overseas communities, who Sharif said contributed “tirelessly” to the Gulf state’s development.
Sharif and Deputy Prime Minister Ishaq Dar also joined the UAE ambassador in a cake-cutting ceremony to mark the occasion.
