Climate Impact X , backed by the Singapore stock exchange, the city-state's main investment fund and biggest bank, aims to help the growing number of firms seeking to cut greenhouse gas emissions.
But such methods are controversial as environmentalists accuse big business of paying for a quick fix rather than seeking to truly overhaul their operations, while some botched offset projects have failed to deliver. But it is betting on Singapore's status as a leading financial hub, as well as its location in Asia, to boost its chances of success.
The exchange will offer investments in certain conservation projects, as well as trading in carbon credits -- one credit represents a reduction of one tonne of carbon dioxide emissions.Mindful of criticism that it is notoriously difficult to police whether such transactions are getting carbon out of the atmosphere, CIX will use technology such as satellites and blockchain to monitor their system.
"Speculating on carbon credits -- acquiring credits and holding them with the plan to sell them in the future -- does not benefit the climate." These range from a Ugandan forest planting initiative that blocked villagers' access to vital land, to Latin American hydroelectricity projects that worsened conflicts over land rights, according to a study by Carbon Market Watch.
ClimateImpactX CarbonCredit are all ClimateAction hypocrites! It’s a scheme to allow polluters to continue to pollute! CarbonNeutral is not enough for ClimateCrisis GlobalWarming, to SaveTheEarth is to stop emission of Greenhouse gases! GretaThunberg SevernSuzuki
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