No other exchanges, including the main exchanges in London or New York, are currently offsetting their own carbon emissions.
ACX had calculated all of the company’s direct and indirect emissions from the last 3 years using the Greenhouse Has (GHG) Protocol (Scopes 1,2, and 3).
Using this, the company also predicted carbon emissions until 2022 in order to offset CO2e in advance to become carbon negative.
SEE:Singapore sees world's first digital aviation carbon exchange
To offset its carbon emissions, 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 globally.
ACX specifically purchased credits from the Onil Stoves Guatemala Uspantan project, in which replacement of open fires with more advanced devices would reduce the amount of wood consumption through improved combustion efficiency.
This reduces the GHG emissions linked to non-renewable biomass and the incomplete combustion of fuel wood.
Besides environmental benefits, the project carries health and social benefits as well.
Thom McMahon, CEO and co-founder of AirCarbon Exchange commented that “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.”
