XTX Markets makes top 10 for carbon purchases in the world

Rick Steves

XTX Markets has announced it made it to the top 10 companies globally for carbon purchases according to the cdr.fyi leaderboard.

The milestone follows the purchase of carbon removal credits for 8,374 tonnes of CO2 over the last year, including the largest single purchase ever on the Puro Registry.

The algorithmic trading company has stepped up to purchase carbon removal credits in order to help accelerate the development of the market and bring down the cost curve for the next waves of buyers.

High-quality carbon removal beyond any mandated net zero programme

XTX Markets provides liquidity in the Equity, FX, Fixed Income and Commodity markets, ranking in the top 5 of liquidity provider globally in FX. The firm is also the largest European equities (systematic internaliser) liquidity provider.

The early adopter, which is partnered with Supercritical and UNDO as part of its carbon removal programme, added it plans to continue purchasing tranches on carbon removal each year, with a focus on projects that have scientifically valid methods to capture atmospheric CO2 and store it durably for 1,000+ years.

XTX Markets’ green policy also includes investing in sustainable companies through the Carbon13 accelerator. So far, XTX has invested over £400,000 into early-stage companies working towards net zero.

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”.

The XTX carbon removal programme pledges to:

  • avoid energy use from fossil fuels
  • remove all the firm’s CO2 emissions
  • remove 16t of CO2 per employee
  • offer support to employees who want to reduce their carbon footprint

The firm claims to have been the first trading firm to remove carbon emissions on behalf of employees as part of its climate pledges.

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