Singapore-based CRX Carbonbank will auction 2 million voluntary carbon offsets on June 7, the company announced Wednesday.

The auction, to be held over two rounds of 15 minutes each, will offer offsets from the VCS, the Gold Standard and social carbon-related projects, CRX said in a statement.

“The auction is meant for buyers of carbon credits to either meet emission reduction targets or for corporate social responsibility at a price that will meet sustainable development requirements,” said CRX’s Vinod Kesava.

Details of the projects that will supply the volumes at the auction will be released on the CRX website from May 16 onwards.

The bank said it hoped the auction, the first of several planned for this year, would help fill a void in the international carbon market while UN delegates are hammering out rules for the post-2020 era.

“A restructuring of the CDM global market becomes imperative and the process to address the shortcomings of the original CDM has only now begun in the hope of 50 or more countries will ratify the Paris Agreement by the close of 2016 when the EUA market is expected to be revamped and appropriately linked to the new CDM global market,” the company said.

“This is evident from the new market mechanisms created under the Chinese CDM markets to be traded only in China and aggravated further by Japan preferring to continue engaging in their own bilateral schemes under the JCM. Hence, no CERs from UNFCCC CDM projects will be included in this instance.”

Carbon Pulse publishes weekly voluntary carbon market price data from the Carbon Trade Exchange here.

By Stian Reklev – stian@carbon-pulse.com

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