The Voluntary Climate Marketplace

What The Voluntary Climate Marketplace does

The Voluntary Climate Marketplace (TVCM), operated by IncubEx TVCM, Inc., is an electronic trading venue for voluntary carbon offsets connecting project developers, brokers, trading firms, corporations, governments, and asset managers. The company is headquartered in Chicago with operations supported from London, was launched on March 25, 2022, and operates as a business unit within privately held IncubEx. TVCM generates revenue through transaction fees on offset trades, with no separate fees for settlement services, and pursues a dual GTM motion combining enterprise sales to active participants with a self-service web channel for corporate buyers.

TVCM's core technology is built on Trayport's Joule electronic trading platform (Trayport being a wholly-owned subsidiary of TMX Group), providing live bid/offer functionality, real-time market data, and API connectivity during defined market hours (10am-10pm CET). The platform connects to five ICROA-recognized carbon registries — American Carbon Registry, Gold Standard, Verified Carbon Standard (Verra), WCI ARB, and Climate Action Reserve — and offers a standardized T+2 settlement service (TVCM Settle) via IncubEx Settlement Services, Inc. and JP Morgan Chase Bank, N.A. Additional product modules include TVCM Web for simplified corporate procurement and specialized product lines in Nature-Based offsets and CORSIA-Eligible credits for aviation compliance.

TVCM competes on transparency, neutral platform positioning, and incumbency-derived expertise from the IncubEx team, which built the world's first voluntary GHG market at the Chicago Climate Exchange. Its distribution moat stems from inherited access to Trayport's 6,100+ trader network, while its operational moat derives from the multi-registry integration and T+2 settlement infrastructure. Notable disclosed scale signal: a single launch transaction of 25,000 Verra VCS CORSIA-eligible offsets at $6.25/ton in March 2022.

Name

The Voluntary Climate Marketplace

Legal name

IncubEx TVCM, Inc.

Website

https://thevcm.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

The Voluntary Climate Marketplace (TVCM) is an electronic trading venue for voluntary carbon offsets, built on Trayport's Joule platform and operated by IncubEx. It connects project developers, brokers, trading firms, and corporate buyers across five leading carbon registries, offering live trading, TVCM Web for simplified corporate procurement, and T+2 standardized settlement.

Ownership category

akta.pro rank

Product category

Carbon Credit Trading Platform

NAICS

Commodity Contracts Intermediation (52316)

SIC

Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Carbon Exchanges & Trading Venues (Spot, forward, auction platforms) (EUABAAAB)

akta.pro secondary industries

Market Access, Connectivity & Trading Technology (APIs, OMS/EMS, FIX connectivity, venue gateways) (EUABAAAF), Auction & Allocation Platforms for Compliance Schemes (Allowance auctions, allocation/transfer systems) (EUABAAAJ), Carbon Market Data, Indexing & Price Reporting (Benchmarks, indices, market data feeds) (EUABAAAD)

Keywords

• Voluntary carbon offsets
• Carbon credit trading
• Carbon market platform
• Environmental commodities trading
• Carbon offset marketplace

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Trading Transaction Fees: Headline trade fees apply for all transactions on the TVCM platform. TVCM Settle is offered as a no additional fee service, though standard headline trade fees still apply.
2. TVCM Settle Settlement Service: Standardized settlement service for voluntary carbon credit transactions. No additional fees for the standard TVCM Settle service beyond headline trade fees. Provides speed and flexibility with T+2 settlement timeline.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

TVCM operates an electronic trading venue for voluntary carbon offsets, connecting project developers, brokers, corporates, and institutional buyers through Trayport's Joule platform with live bids and offers during market hours. The platform also offers TVCM Web as a simplified online interface for corporate buyers to purchase verified carbon offsets, and TVCM Settle for standardized T+2 settlement of transactions.

Product overview

The Voluntary Climate Marketplace (TVCM) operates as a platform-plus-modules architecture. The core product is TVCM, an electronic trading venue for voluntary carbon offsets powered by Trayport's Joule platform, offering live bids and offers, transparent pricing, and access to global offset registries. This core platform is augmented by TVCM Web, a simplified buying interface for corporate participants, and TVCM Settle, a standardized T+2 settlement service enabling anonymous fund and credit transfers. Specialized product modules include Nature-Based offsets (Verra CCB-certified projects from 2016-2018 vintages) and CORSIA-Eligible offsets for aviation industry compliance. The platform connects to five leading global registries (ACR, Gold Standard, Verra, WCI ARB, Climate Action Reserve) and targets project developers, brokers, trading firms, corporations, governments, and asset managers.

Differentiator

Problem solved

Functional benefit

Brands

• TVCM Web: Online platform for corporate buyers to purchase verified carbon offset credits in a simple and transparent format.
• TVCM Settle
• Nature-Based and CORSIA Eligible Products

Products and services

• TVCM (The Voluntary Climate Marketplace) The main electronic trading venue for voluntary carbon offsets, powered by Trayport's Joule platform, providing live bids and offers during market hours (10am-10pm CET), transparent pricing, and access to offsets from five leading global registries (ACR, Gold Standard, Verra, WCI ARB, Climate Action Reserve). Targeted at active market participants including project developers, brokers, trading firms, corporations, governments, and asset managers.
• TVCM Web An online self-service platform for corporate buyers to search and purchase verified carbon offset credits in a simple and transparent format, with detailed project-level information across multiple project types. Targeted at companies seeking to meet net zero goals and reduce carbon footprints without direct sales engagement.
• TVCM Settle Standardized settlement service enabling approved participants to transfer funds and carbon credits anonymously between buyer and seller via IncubEx Settlement Services, Inc.'s registry and bank account operated by JP Morgan Chase Bank NA, delivering T+2 settlement — up to three weeks faster than other financial market transactions. Available at no additional fee beyond standard headline trade fees.
• Nature-Based Carbon Offset Products Carbon offset credits issued by Verra that have demonstrated at least one of the Climate, Community and Biodiversity (CCB) Standards. Initial launch includes Nature-Based 2016+, 2017+, and 2018+ vintages from projects involving carbon capture and sequestration, agricultural projects, and forestry management. Available for settlement via bilateral agreements or TVCM Settle.
• CORSIA-Eligible Carbon Offset Products Carbon offset credits that satisfy compliance with the International Civil Aviation Organization (ICAO) Carbon Offsetting and Reduction for International Aviation (CORSIA) scheme. Units are issued by CORSIA-eligible registries (American Carbon Registry, Climate Action Reserve, Gold Standard's Impact Registry, and Verra Registry), all of which are TVCM Settle approved. Available for settlement via bilateral agreements or TVCM Settle.

Quantifiable outcome

• Settlement on T+2 timeline means transactions processed up to three weeks faster than other financial market transactions
• +1 more outcomes

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• IncubExcoreStrategic or Co-development Partner · 8 November 2021TVCM is operated by IncubEx, a leader in developing and designing environmental markets. IncubEx built the world's largest product offering for exchange-listed environmental products with Nodal Exchange and EEX. The team includes members who helped develop the world's first voluntary GHG market at Chicago Climate Exchange (CCX). IncubEx is a privately held company founded in 2016 with offices in Chicago and London.
• Trayport Limited (TMX Group)coreTechnology or Integration · 8 November 2021Trayport's Joule platform is the technology backbone for TVCM trading. Joule is a leading global electronic trading solution for energy markets. Trayport is a wholly-owned subsidiary of TMX Group Limited and is the primary network and platform for European wholesale energy markets. Trayport's solutions are used worldwide in multiple asset classes across OTC and cleared markets, with over 6,100 traders on the platform.
• IncubEx Settlement Services, Inc.coreTechnology or IntegrationIncubEx Settlement Services, Inc. provides the registry and settlement infrastructure for TVCM Settle, enabling standardized settlement of voluntary carbon credit transactions with anonymity and T+2 timeline.
• Gold StandardcoreTechnology or IntegrationCarbon offset registry offering credits recognized by ICROA. TVCM connects to Gold Standard for voluntary carbon offset trading.
• Verified Carbon Standard (Verra)coreTechnology or IntegrationLeading carbon offset registry. TVCM connects to Verra Registry for voluntary carbon offset trading. First TVCM transaction was for Verra VCS CORSIA eligible offsets.
• American Carbon Registry (ACR)coreTechnology or IntegrationCarbon offset registry (formerly American Carbon Registry) recognized by ICROA. ACR is a TVCM Settle approved registry for CORSIA Eligible products.
• Climate Action ReservecoreTechnology or IntegrationCarbon offset registry recognized by ICROA. Climate Action Reserve is a TVCM Settle approved registry for CORSIA Eligible products.
• WCI ARB (Western Climate Initiative)coreTechnology or IntegrationCarbon offset registry recognized by ICROA. WCI ARB connects to TVCM for voluntary carbon offset trading.
• International Carbon Reduction and Offset Alliance (ICROA)minorOthersICROA recognizes the carbon offset registries (Gold Standard, Verra, Climate Action Reserve, ACR, WCI ARB) connected to TVCM. ICROA endorsement provides credibility to offset standards traded on the platform.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Nasdaq Sustainable Bond Network / Nasdaq VCM initiative: Nasdaq has explored voluntary carbon market infrastructure as an extension of its broader environmental, social, and governance (ESG) data and trading offerings. It is a broad incumbent potential competitor with substantial distribution reach into listed-issuer and corporate-ESG markets.
• Intercontinental Exchange (ICE): ICE operates the world's largest derivatives exchange and lists ICE Carbon Emissions Futures (EUA, CCA, GEO, N-GEO). It is a broad incumbent in carbon trading, offering overlapping capabilities in environmental markets though its focus is compliance futures rather than voluntary spot credits.
• European Energy Exchange (EEX): EEX is a leading European energy and environmental commodities exchange with deep EUA, CER, and voluntary product offerings. The IncubEx team previously built products with EEX, and EEX is an indirect competitor to TVCM in European voluntary and compliance carbon markets.

Emerging players

• Cloverly: Carbon-credit marketplace and API platform connecting corporates to vetted offset projects via a self-serve experience. Compares to TVCM Web on the corporate-buyer side but does not operate a live exchange for professional traders.
• KlimaDAO: Decentralized carbon market protocol built on blockchain that enables transparent buying/selling of tokenized carbon credits. Comparable as a voluntary carbon trading venue, with a contrasting crypto-native execution model versus TVCM's centralized Trayport infrastructure.
• Carbonplace: A carbon-market consortium-backed digital infrastructure provider for issuing, trading, and settling carbon credits across registries. Comparable to TVCM in its ambition to be a neutral, cross-registry trading layer for voluntary and CORSIA-eligible credits.
• Patch: API-based carbon credit purchasing platform that aggregates offsets from multiple registries for corporate buyers. Patch overlaps with TVCM's TVCM Web self-serve corporate offering, though it differentiates on developer-friendly API distribution rather than live trading screens.

Direct peers

• AirCarbon Exchange: Singapore-headquartered electronic exchange specifically built for voluntary carbon credits and other environmental assets. It is the most direct head-to-head competitor to TVCM, targeting the same developer/broker/corporate/asset-manager segments with live, anonymous trading of voluntary offsets.
• Xpansiv (including CBL Markets): Operator of CBL, one of the largest spot exchanges for voluntary carbon and other environmental commodities. Xpansiv competes directly with TVCM in spot voluntary carbon trading and offers data, registry, and settlement infrastructure comparable in scope.

Regional players

• Nodal Exchange: U.S. futures exchange for environmental and power products, including RECs and carbon futures. Nodal Exchange is connected to the same IncubEx founders and overlaps with TVCM on environmental commodity trading infrastructure, though it focuses on U.S.-listed derivatives rather than voluntary spot offsets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-voluntary-climate-marketplace

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Voluntary Climate Marketplace