US-based exchange operator CME Group has partnered with commodities trading and data firm Xpansiv and will launch a futures contract for offsets eligible under the CORSIA international aviation carbon credit programme, the companies announced Tuesday. The derivatives offering, which will launch Mar. 1 pending regulatory review, will be based on Xpansiv’s Global Emissions Offset (GEO), they said in a joint statement.

“GEO futures will provide a regulated, market-based solution that can help address risk management needs for near-term emissions reduction strategies, as well as a standardised pricing benchmark to help facilitate long-term climate goals,” said Peter Keavey, Global Head of Energy at CME Group.