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ZERO13 and XTCC, leaders in climate finance, jointly announced a statement of agreement aimed at attracting $100 billion in capital market investment in high-quality carbon credits.
ZERO13 is an automated AI and blockchain-powered international carbon exchange, registry, aggregation hub and ecosystem from London-based GMEX Group.
The agreement, announced by ZERO13 and XTCC this week at the World Economic Forum in Davos, Switzerland, addresses the urgent need to close a multitrillion-dollar annual gap in climate finance.
It has signed influential global investors and is focused on leveraging ZERO13’s digital platform infrastructure and XTCC’s exchange-traded investment products.
XTCC introduces the first in a series of such products, offering high integrity carbon credits sourced from verified renewable energy and renewable agriculture projects.
The World Economic Forum highlights that around $4-5 trillion per year of clean energy investment is needed globally by 2030 to avert climate disaster.
The XTCC and ZERO13 agreement meets this challenge and outlines a strategy to increase the integrity and reliability of carbon credits.
Related: Citibank releases VCM report, says market needs to close $1.7 trillion climate investment gap
ZERO13 and XTCC’s collaboration with multiple climate ecosystem partners will serve as a financial and digital gateway, providing opportunities for both project funders and investors.
The agreement encourages stakeholders in the climate value chain to jointly invest in digitally verifiable and reliable carbon credits.
The signatories commit to working towards an economic model that rebuilds confidence in carbon credit markets and increases liquidity.
The goal is to promote community development and economic progress, particularly in the Global South and emerging countries.
ZERO13 and XTCC are currently active in multiple countries, working on over $1 billion in fundable projects in India, Brazil, Kenya, Rwanda, Seychelles, and South Africa.
read more: Kenya aims to tap Saudi Arabia’s oil resources through carbon credits
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