Türkiye's Energy Exchange Istanbul (EPIAŞ) announced on Tuesday a partnership with Verra, the world's largest carbon credit agency, to enable stock exchange-based trading of approved carbon credits for the first time.
The chief executive officers of EPIAŞ and Verra met on the sidelines of Climate Week NYC to sign a memorandum of understanding (MoU), EPIAŞ said in a statement.
Within the scope of the MoU, Verra-certified carbon credits, which represent verified reductions in greenhouse gas emissions, will be bought and sold on the EPIAŞ platform.
By facilitating the exchange of these credits, both buyers and sellers will benefit from a regulated, efficient and transparent marketplace, the statement added.
In addition to exchange-based voluntary carbon credit trading through its platform, EPIAŞ will also use the partnership with Verra to organize workshops to increase awareness among potential market players.
The exchange-based voluntary carbon credit trading is expected to begin in the coming weeks, the statement added.
With this agreement, EPIAŞ CEO Taha Meli Arvas said they aim to provide the world's first exchange-based trading of voluntary carbon credits.
"This will mean a central counterparty that is connected to registries, that verifies the existence of the credits and seamlessly allows for their trade," Arvas added.
"This step will increase the product diversity of our environmental markets, allowing our market participants access to Verra credits," he said.
The partnership will help the U.S.-based registry to expand access to carbon credits globally, Mandy Rambharos, Verra's CEO, said.
"By integrating Verra-certified credits into EPIAŞ's established platform, we are aiming to enhance the credibility and transparency of Türkiye's voluntary carbon market and, through the educational workshops, foster greater participation and understanding through targeted educational initiatives," Rambharos added.
"We look forward to seeing the positive impact this collaboration will have on both the market and broader climate action efforts in Türkiye," she said.