“The N-GEO contract, whilst improving liquidity and price transparency, will enable more investments to take place in nature-based emission reduction projects that form an essential part in our fight against climate change,” Julia Elmgren, head of environmental products at Gazprom Marketing & Trading, said in a press release.

In contrast to ACX’s nature-based offering, Xpansiv’s N-GEO is backed by 2016-20 AFOLU credits from VCS projects that have achieved additional co-benefit accreditation from Verra’s Climate, Community, and Biodiversity programme. The inaugural N-GEO trade also comes in roughly $3 higher than the value of Xpansiv’s CORSIA-aligned spot Global Emissions Offset (GEO), according to recent data from the firm.