📋 Tender Overview
Intercontinental Exchange Inc a leading global provider of data technology and market infrastructure today announced that it plans to launch its first Nature-Based Solutions NBS carbon credit futures contract.Subject to regulatory approvals the new futures contract is expected to launch in the first quarter of 2022. It will be traded and cleared by ICE in London and will physically deliver credits certified under Verras Verified Carbon Standard VCS and Climate Community and Biodiversity CCB Standards Programs. Each futures contract will be equal to 1000 eligible VCS credits with each credit equivalent to one metric ton of greenhouse gas emissions.Environmental markets can help fund the cultivation and preservation of natural capital and the new nature-based solutions futures contract will allow the market to value natural assets in the agriculture forestry and other land use sectors said Gordon Bennett Managing Director of Utility Markets at ICE. At ICE our futures market and auction platform are integral in facilitating the flow of capital to projects that can help the world meet its commitments to the Paris Agreement as well as help preserve natural assets.Alongside this ICE Benchmark Administration IBA is forming the ICE Carbon Oversight Committee to provide independent governance and oversight of ICEs activities in the voluntary carbon markets. The Committee will advise on the criteria that carbon credits must meet to be deliverable in ICE hosted futures contracts. The Committees work will be informed by the market principles that are being elaborated by the Taskforce on Scaling Voluntary Carbon Markets and the Voluntary Carbon Markets Integrity Initiative.Robust governance and oversight of ICEs platforms in the voluntary carbon markets will help give buyers confidence that credits purchased through the futures contract have environmental integrity said Tim Bowler President of ICE Benchmark Administration. By providing enhanced governance and oversight the ICE Carbon Oversight Committee will help the environmental markets grow and increase confidence in the quality of the credits being bought through ICEs marketplaces.ICE offers customers access to the largest and most liquid environmental markets in the world to price climate risk. More than 14 gigatons of carbon trades on ICE annually equivalent to approximately 40 of the worlds total annual emissions footprint based on current estimates.About ICE Benchmark AdministrationICE Benchmark Administration is authorized and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark and is authorized as a benchmark administrator under the UK Benchmarks Regulation.About Intercontinental ExchangeIntercontinental Exchange Inc. NYSE ICE is a Fortune 500 company that designs builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges including the New York Stock Exchange and clearing houses that help people invest raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology we are transforming and digitizing the U.S. residential mortgage process from consumer engagement through loan registration. Together we transform streamline and automate industries to connect our customers to opportunity.Trademarks of ICE andor its affiliates include Intercontinental Exchange ICE ICE block design NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange Inc. andor its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading Key Information Documents KIDS.Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICEs business that are not historical facts are forward-looking statements that involve risks and uncertainties. For a discussion of additional risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements see ICEs Securities and Exchange Commission SEC filings including but not limited to the risk factors in ICEs Annual Report on Form 10-K for the year ended December 31 2020 as filed with the SEC on February 4 2021.
