XTX Moves into Top 10 for Carbon Credits Purchased
Posted by Colin Lambert. Last updated: October 26, 2022
XTX Markets says that over the last year, it has purchased carbon removal credits for 8,374 tonnes of CO2, including the largest single purchase ever on the Puro Registry. This puts it, the firm says, in the top 10 companies globally for carbon purchases according to the cdr.fyi leaderboard.
XTX says it believes it is crucial that early adopters purchase carbon removal credits to help accelerate the development of the market and bring down the cost curve for the next waves of buyers. It plans to continue purchasing tranches on carbon removal each year, focusing on projects that have scientifically valid methods to capture atmospheric CO2 and store it durably for 1,000+ years.
As well as purchasing carbon removal credits, XTX has also invested over £400,000 into early-stage companies working towards net zero, through the Carbon13 accelerator, and partnered with Supercritical and UNDO as part of their carbon removal programme.
‘’From when we first started working with XTX Markets on their climate strategy, it was clear they wanted a programme of high-quality carbon removal that went above and beyond any mandated net zero programme,” says Michelle You, co-founder and CEO of Supercritical. “Being among the top carbon removal programmes in the world is an important signal for demonstrating climate leadership and setting the standard for all businesses in this space.’’
Chris Zair, head of partnerships at UNDO, adds, ‘’For UNDO, the example XTX are setting in supporting permanent carbon removal is vital in helping scale technologies like enhanced rock weathering. From their 2022 investment with us they will not only help permanently remove 1,000t of CO2 from the atmosphere, but also enable UNDO to make significant advancements in our approach to monitoring and verification.”