AirCarbon Exchange (ACX), a Singapore-based Carbon Commodities Exchange, announced today that it has partnered with BSI, the First National Standard body and a founding member of ISO, to verify carbon credits on the ACX Exchange.
Today’s carbon markets are organized around projects. The UN’s CDM registry alone has 7823 registered projects. Each project has a distinct methodology, country of origin, date of issuance, and other metadata all of which is encoded when ACX securitizes a project’s carbon offsets. To ensure that every tonne of carbon on the AirCarbon exchange meets the specifications of the asset class adds a 2nd layer of assurance for carbon credits onboarded onto the exchange. The BSI Verification involves an assessment of the risks of material discrepancies in the reported information and ensures that carbon credits onboarded onto the exchange conform to the token specifications established by ACX.
BSI has been working in sustainability since 1992 when it created the world’s first environmental standard, BS 7750 which is now ISO 14001. In the years since BSI has contributed to EU ETS regulatory aspects, ISO 14065 GHG International Standards, developed PAS 2050 and 2060 for carbon footprint and neutrality and produced ISO 20121 for sustainable events.
Wei Mei Hum, ACX’s VP of Carbon Markets, noted that AirCarbon selected BSI as a partner because their unparalleled experience in the details of carbon validation work would bring confidence to exchange members. The carbon markets have mostly operated as an opaque, illiquid OTC market and ACX’s commitment to transparency requires us to partner with organizations such as BSI.
Dr Nadege Claudel, General Manager at BSI said: “We are delighted to be partnering with AirCarbon to perform the independent verification of the carbon credit process that involves an objective assessment of the authenticity of documents and verification of documents. Sustainability has never been more important, today we can help you deliver substantial environmental, economic, and social benefits, whatever your organization size, sector, or geographical location. We can help you identify and manage the impact of your business on the environment and community. BSI believes a focus on sustainability is vital to achieving enduring and long-term resilience.”
BSI is the business improvement company that enables organizations to turn standards of best practice into habits of excellence. For over a century BSI has championed what good looks like and driven best practice in organizations around the world. Working with 84,000 clients across 195 countries, it is a truly international business with skills and experience across a number of sectors including aerospace, automotive, built environment, food, and healthcare. Through its expertise in Standards Development and Knowledge Solutions, Assurance, Regulatory Services and Consulting Services, BSI improves business performance to help clients grow sustainably, manage risk and ultimately be more resilient and trusted.
About the AirCarbon Exchange
AirCarbon Exchange (“AirCarbon”) is a Singapore-based Commodities Exchange that brings traditional commodities trading infrastructure in the form of a central order book to the carbon markets. AirCarbon also leverages distributed ledger technology to reduce latency and cost associated with clearing and settlement while simultaneously increasing transparency. AirCarbon integrates with technologies across the commodities trading industry to attach Carbon Offsets to trades allowing any commodity to be quickly carbon neutral.