LONDON, Oct. 26, 2022 /PRNewswire/ -- Over the last year, XTX has purchased carbon removal credits for 8,374 tonnes of CO2, including the largest single purchase ever on the Puro Registry. This puts XTX in the top 10 companies globally for carbon purchases according to the cdr.fyi leaderboard.
XTX 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.
XTX 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.
XTX has partnered with Supercritical and UNDO as part of their carbon removal programme.
Michelle You, Co-Founder and CEO of Supercritical, commented: ''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. 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, commented: ''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''
XTX was the first trading firm to remove carbon emissions on behalf of employees as part of its climate pledges announced earlier in the year:
1) We pledge to avoid energy use from fossil fuels2) We pledge to remove all the firm's CO2 emissions3) We pledge to remove 16t of CO2 per employee4) We pledge to offer support to employees who want to reduce their carbon footprint
About XTX Markets:
XTX Markets is a leading algorithmic trading firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 180 employees based in London, Paris, New York, Mumbai and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY 2020
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
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