- 28 Dec 2022
- ICICIdirect Research
IEX INCORPORATES NEW SUBSIDIARY IN CARBON EXCHANGE BUSINESS
IEX - 189 Change: -1.00 (-0.53 %)IEX incorporated a wholly owned subsidiary company International Carbon Exchange Pvt Ltd (ICX) to explore business opportunities in the voluntary carbon market. ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent and reliable platform and facilitate reduction of global GHG emission by 45% by 2030. The exchange platform will provide a robust market signal for attracting further investments in the sustainable projects and help corporates to allocate capex towards energy transition in most optimum manner. As per industry estimates, the annual demand for voluntary carbon credit globally is expected to reach around 1.5 Gigatons, with India contributing around 200 million tonnes by 2030.
The company has always been at the forefront of launching innovative products (RTM market , GTAM market, etc) or new platforms like gas exchange and carbon exchange. We believe this diversifications will help the company to enhance its long terms earnings visibility and create shareholder value in the long term.