Mark Glossoti, operations chief of Singapore carbon exchange Climate Impact X (CIX), has been appointed interim chief executive and will take over from outgoing CEO Mikkel Larsen in July.
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Larsen announced his intention to resign in March for family reasons, but will stay on the CIX board as executive director. The search for a “long-term candidate” for the CEO role is ongoing.
Glossoti has been the chief operating officer at CIX since January 2022, and oversees matters such as finances, compliance to regulations and human resources. He will continue in his current role as well as taking on additional responsibilities as CEO.
He was previously COO at TransAsia Private Capital, following stints in financial institutions including Goldman Sachs and JPMorgan Chase.
Glossoti said he is committed to ensuring continuity and maintaining service quality at CIX.
CIX investors include DBS Bank, GenZero – an investor in nature-based solutions and clean energy owned by Singapore state investor Temasek – Japan’s Mizuho Financial Group, the Singapore Exchange and Standard Chartered bank.
Launched in 2021, the bourse has focused on curating high-quality nature-based carbon credits, a sector that has faced intense scrutiny in recent years following multiple wrongdoing allegations.
In particular, prices of carbon credits stemming from forest conservation projects have tanked. Analyst S&P Global Commodity Insights reported a gradual recovery in recent months, assessing nature-based avoidance credits at US$3.45 a piece at the start of the week, up from US$2.70 in February.
CIX launched two other standardised contracts last month, one focusing on planting new forests, and another on nature-based carbon removal.
