AirCarbon Exchange (ACX), the Singapore-based exchange using blockchain technology to accelerate the efficiency of carbon trading, has completely offset its own emissions from the date of the company’s inception in 2018 to March 2022 (based on projected emissions), making it the world’s first carbon negative trading platform. The company said this is world first.
ACX calculated all of the company’s direct and indirect emissions from the last 3 years with the widely used international accounting tool, the Greenhouse Gas (GHG) Protocol. Using this data, the company also predicted its emissions in 2022 in order to offset CO2 in advance and become carbon negative.
To offset its carbon emissions until 2022, ACX purchased and retired VCUs (verified carbon units) from C-Quest Capital, a social impact project developer transforming the lives of families in poor communities around the world.
ACX has already successfully onboarded over a third of its rapidly growing client list which currently stands at 90-strong. The businesses already on the exchange range from OSL, part of the BC Group, Asia’s leading digital asset and fintech company, to Redshaw Advisors, a prestigious carbon risk management and procurement firm based in London.
Thom McMahon, CEO and co-founder of AirCarbon Exchange said: “The decision to offset all of our emissions so far and go beyond to one year in advance was an easy and obvious course of action towards helping our planet achieve its global Net Zero goals. Singapore is leading the financial world by example with its environmental thinking, and as active players in the carbon markets we are looking forward to enabling other companies around the world to make similar carbon offsetting commitments.”