Commodities trading platform Xpansiv has seen a record quarterly trading volume on its carbon and environmental markets spot exchange CBL in the first three-month period of 2021, it said April 8.
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The volume surge was led by carbon transactions totaling 19.34 million mt and 1.08 million MWh of US Renewable Energy Certificates, it said in a statement.
"These volumes represent growing maturity and adoption of innovative ESG-oriented commodities by long-time market participants and an influx of new users," said Ben Stuart, Xpansiv chief commercial officer.
International carbon volumes were boosted by the exchange's new Global Emissions Offset contract – a standardized benchmark contract for the global voluntary carbon market.
The GEO transacted more than 2.84 million mt of carbon during the quarter, up 281% from Q4 2020 when it was first listed.
The growth in CBL volumes is occurring as carbon-neutral commitments by companies globally are driving a sharp increase in appetite for commodities linked to Environmental, Social and Governance (ESG) attributes, Xpansiv said.
The company launched a GEO futures contract on March 1 and also announced plans to trade a new Nature-based GEO product covering the agriculture, forestry and other land-use sector, expected to start trading in April.