The Nature-based Global Emissions Offset (N-GEO) futures contact is linked to projects in forestry, agriculture and other land use, with the trade involving 10,000 N-GEOs for immediate delivery.

“We very much welcome the introduction of this new standardized benchmark contract, which will serve an important role as voluntary markets scale up over the next few years,” said Julia Elmgren, head of environmental products at Gazprom Marketing & Trading.