Temasek-backed exchange Climate Impact X (CIX) and UK-based carbon portfolio management platform Carbonplace have announced their intent to merge, bringing together trading and settlement infrastructure for global environmental markets.
The transaction is subject to approval by the Monetary Authority of Singapore, as several shared institutional investors are regulated within the city-state. Upon receiving regulatory clearances, the deal is expected to close in the fourth quarter of 2026.
Choo Oi-Yee, current Chief Executive Officer of CIX, will lead the combined entity, while Carbonplace Chief Executive Officer Scott Eaton will serve as president. Leadership confirmed that no headcount reductions are anticipated, citing strong operational synergies across European and Asian markets.
“There’s a huge opportunity set to connect the Europe-Asia piece that we’ve not had the opportunity to double-click on. Having the Carbonplace team join is actually very complementary to what we would like to see,” Choo noted. She added: “I think the second thing is we have different product sets… And what we want to do is bring that together in a more powerful manner… It really is about how we then use our capabilities to grow the market.”
The two companies previously collaborated on a pilot trade in 2022, where carbon credits traded on CIX were settled via Carbonplace. Responding to client demand for integrated trading and custody services drove the decision to unify operations.
Highlighting the client experience, Scott Eaton stated: “In order to truly transact seamlessly, you really want to be able to say, ‘Okay, I’m going to hold my assets in my Carbonplace wallet. I want to move to a marketplace or an exchange where I can see prices and interact with other clients. But wait, do I have to move to that platform?’ So it’s really about responding to client needs and a rationalisation in my mind of the various steps.”
The merger aligns with expanding global compliance frameworks, including Article 6 of the Paris Agreement and the International Civil Aviation Organisation’s CORSIA scheme. Pointing to government initiatives such as the Coalition to Grow Carbon Markets formed by Singapore, the UK, and Kenya, Choo emphasized the need for mature financial architecture to channel capital at scale.
“If you see what’s happening with the Coalition to Grow Carbon Markets, and where governments are wanting to mobilise capital at scale, it means they cannot just sit with the endpoints anymore. It means that there’s actually a layer of financing – bank financing, equity financing – that needs to happen to help grow carbon markets,” Choo observed. “In that scenario, it is not so simple just to have these different pockets of intermediaries… Carbon is so global today. We’re talking about European countries wanting to fund Rwanda projects… If we both don’t create that layer, how is this going to help scale? So I think that’s probably one of the most powerful propositions of the merger.”
The consolidated shareholder base will include BBVA, BNP Paribas, CIBC, DBS, GenZero, Mizuho, National Australia Bank, NatWest, Singapore Exchange, Standard Chartered, Sumitomo Mitsui Banking Corporation, and UBS. Equity distributions and the name of the new combined business will be announced closer to completion.
