IDEAcarbon has signed a binding Memorandum of Understanding (MOU) with the Multi Commodity Exchange of India (MCX).
Under the terms of the MOU, IDEAcarbon has been appointed by MCX to be its global strategic advisor on climate change policy and strategic business opportunities in carbon markets. With the assistance of MCX, IDEAcarbon will create instruments that MCX will make available for trading on the MCX platforms.
"We are very happy to be working with IDEAcarbon, a global leader in carbon market standards and policy" said Mr. Joseph Massey, the Managing Director and CEO of MCX. "We look forward to jointly developing transparent rated instruments for CERs, which presently have little liquidity. Our ambition with IDEAcarbon is to create a truly liquid market for Indian sourced CERs. We will integrate IDEAcarbon’s ratings into the design of carbon instruments we offer on MCX."
Mr. Shandi Modi, Founder and Chief Executive Officer of IDEAcarbon, said "this MOU represents a key step in developing the carbon market in India and internationally in that for the first time trading will be based on rated carbon projects."
“Carbon markets can make a contribution to addressing climate change. My work on the economics of climate change has highlighted the central role of markets. This is an important step by IDEAcarbon and MCX to help develop carbon markets.” Lord Nicholas Stern, Vice Chairman, IDEAGlobal Group.