The long-awaited ITMO Auction is now open for buyer registration on Carbon Trade Exchange (CTX), the world’s leading global voluntary carbon platform. Carbon market brokers, investors, and newcomers like family offices or funds can participate. The auction will run from Tuesday, July 16th to Tuesday, July 23rd, 2024, hosted at https://ctxglobal.com/auctions/. The starting price is $10 USD per credit, with a minimum bid of $250,000.
With 1.5 million issued credits for sale, already escrowed in CTX’s Gold Standard Registry account, this auction will provide much-needed climate finance, benefiting people across Malawi. Experts predict ITMO prices to exceed $100 by 2030.
The dual-certified project (Gold Standard and UNFCCC CDM) has received a Letter of Authorization from the Malawi Government under Article 6. Malawi’s Vice President and Minister of Natural Resources and Climate Change, Honourable Michael Usi, stated, “We want the carbon market to boost the country’s economy, create jobs, and bring real benefits to our towns and villages. We look forward to a successful auction and hope it will be the first of many.”
Over 550,000 households benefit from this high-quality Gold Standard project, which distributes the “Chitetezo Mbaula” cleaner cook stove, designed, developed, and produced in Malawi. This project addresses seven Sustainable Development Goals (SDGs), reducing in-home particles by 46%, carbon monoxide by 44%, and firewood consumption by 40%, thus combating deforestation. By lowering emissions by 2 tCO2e annually per family, carbon credits can finance the project.
Final bid credits can be immediately transferred to any GS Registry account or held under escrow by CTX for future resale or cancellation—whether for voluntary markets, nations, or CORSIA.
“Finding high-quality ITMOs since we launched the auction concept at COP28 has been like digging for gold,” said CTX CEO Wayne Sharpe. “We found the richest vein we could hope for in our long-standing partners, Gold Standard, and a well-established CTX client. Investing in cookstoves in Malawi fulfills every goal we set for CTX.”
Gold Standard CEO Margaret Kim added, “Projects like this one, funded by the purchase of carbon credits, make a real difference to the planet and to people’s health and livelihoods.”
