CIX ARR X (CAX) is global nature-based carbon removal contract, capturing price trends within the most liquid and relevant segments of the Afforestation, Reforestation and Revegetation (ARR) market today.
According to the Intergovernmental Panel on Climate Change (IPCC), carbon removals are essential across all pathways aiming to limit global warming. Approximately half of these efforts can be achieved through natural climate solutions, with ARR projects constituting the majority. While retirements of ARR credits offering considerable co-benefits reached a record high in January 2024, ongoing challenges such as price variability, opacity and fragmented liquidity continue to restrict broader market participation.
CAX projects are curated based on a consistent points matrix that considers both positive and negative attributes and potential risks, ensuring a tight basket that derisks the buying experience.
| Benchmark series name | CIX ARR X |
| Contracts code | CAX |
| CIX assessment codes | AC00001 |
| Market scope | Nature-based removals – Afforestation, Reforestation and Revegetation (ARR) |
| Underlying tradeable instrument | CAX standard contracts |
| Benchmark vintage | v21-24 New contracts launched and benchmarks roll at the start of each year |
| Publishing calendar | Singapore |
| Pricing session | Weekly, Thursday, 17:00 – 17:30 (GMT+08:00) |
| Benchmark methodology | Refer here for details |
| Benchmark delivery | Published in CIX Carbon Daily the day after each pricing session |
Deliverable Projects
(VCS 2512) Afforestation of Degraded Grasslands in
Vichada, Colombia
Colombia
(VCS 2410) Reforestation of Degraded Forest Reserve Areas in Ghana, West Africa
Ghana
(GS 4240) Bagepalli CDM Reforestation Programme
India
(GS 4220) Reforestation Program in the Southeastern Region of Nicaragua on degraded pastureland
Nicaragua
(VCS 737) TIST Program in Kenya, VCS005
Kenya
(VCS 1530) Grouped Project for Commercial Forest Plantations Initiatives in the Department of Vichada
Colombia
(VCS 2401) Reforestation of Degraded Lands in Sierra Leone
Sierra Leone
(GS 4210) WithOneSeed Timor Leste Community Forestry Program
Timor-Leste
(GS 2940) CO2OL Tropical Mix
Panama
(VCS 987) Reforestation of Degraded Forest Reserves in Ghana
Ghana
(GS 4221) Vichada Climate Reforestation Project (PAZ)
Colombia
(GS 2913) BaumInvest Reforestation Project
Colombia
Resources
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