Climate Impact X (CIX) has successfully completed the first independent external assurance review for its nature-based carbon credit benchmark, CIX Nature X (“CNX”).

Professional services firm Ernst & Young conducted a limited assurance review of CIX’s administration and calculation of the benchmark for adherence to the International Organisation of Securities Commissions Principles for Oil Price Reporting Agencies (IOSCO Principles).

CIX took the decision to align its benchmarks with the IOSCO Principles in response to broad demand in the voluntary carbon market for professionally assessed, robust and data-driven benchmarks, which are priced transparently and consistently in concentrated liquidity sessions within a safe and accessible centralised trading venue.

The IOSCO Principles provide globally recognised best practice guidance on governance and control systems for the publication of commodity price benchmarks. It covers various aspects including price assessment methodology, the management of contract and index methodology changes, data reporting process, supervision of assessors, audit trails, the management and prevention of conflicts of interest, as well as auditing.

This audit and subsequent annual reviews will provide further assurance to users of the CIX Nature X benchmark in physical commercial agreements or derivatives markets, that it is administered in accordance with the highest possible global standards.

Full details of the scope of the audit and its findings are transparently available on CIX website at here.

Please address any further questions about CIX price benchmarks to pricing@climateimpactx.com.