Intercontinental Exchange launched ICE GreenTrace, a registry technology platform designed to manage the lifecycle of carbon credits, emissions allowances, and energy attribute certificates. The launch marks ICE's expansion beyond trading and clearing infrastructure into the registry layer of environmental markets, applying technology used in regulated financial markets to carbon credit programs. Registries issue, track, transfer, and retire carbon credits, serving as the official record of ownership and environmental claims, and institutional investors have increased pressure for registry systems supporting larger transaction volumes, stronger governance, and greater transparency.
Winrock International Migrates Three Programs to ICE GreenTrace
Winrock International's Environmental Resources Trust became the launch partner for ICE GreenTrace. The organization migrated three major environmental programs onto the new platform: ACR, formerly known as the American Carbon Registry, the Architecture for REDD+ Transactions, and the Standard for the Transformation of the Electric Power Sector.
The migration involved the transfer of approximately 437 million serialized carbon credits, more than 40,000 documents, 1,162 projects and programs, and 857 registry account holders. ACR was established in 1996 as one of the oldest carbon crediting programs globally.
Gordon Bennett, Managing Director of Utility Markets at ICE, stated: "ERT's migration to ICE GreenTrace is a landmark moment for carbon markets. ACR was founded in 1996 as the world's first carbon crediting program, and ERT has now moved its three programs to ICE so that they are operated on the same technology stack that powers globally systemic financial infrastructure and operates under the strictest financial regulations in the world."
ICE GreenTrace Applies Financial Market Technology to Registry Operations
A registry serves as the official ledger that records when credits are created, transferred, and retired. Without registries, market participants struggle to verify ownership or prevent double counting.
ICE stated that market participants will benefit from ICE's experience operating platforms that support different regulatory requirements, reporting obligations, legal frameworks, and data standards across multiple jurisdictions. The company said ICE GreenTrace applies technology originally developed for regulated financial markets to address requirements around reporting, governance, security, and operational resilience.
Record 20.9 Million Environmental Contracts Traded on ICE in 2025
A record 20.9 million environmental contracts traded on ICE's exchanges during 2025, according to ICE. The contracts represented more than $1 trillion in notional value for the fifth consecutive year. Physical deliveries linked to environmental products reached $117 billion during the year.
ICE currently supports price discovery across five cap-and-trade programs globally and operates futures markets linked to carbon credits, renewable energy certificates, and emissions allowances.
ICE Positions Carbon Credits as Institutional Asset Class
Bennett stated: "ICE was founded on the vision that analogue markets could be transformed through digital infrastructure. For over two decades, ICE has built the network that prices and transfers risk for environmental markets. ICE GreenTrace extends ICE's digital network to carbon credits, from inception to retirement, creating the foundation for carbon credits to scale and become an institutional asset class."
Mary Grady, CEO of Environmental Resources Trust, commented: "ICE GreenTrace is a leap forward in leveraging ICE's trusted financial market infrastructure to scale carbon markets. Our globally recognized crediting programs, ACR and ART, are now positioned to meet the demands of institutional investors around the world."
Registry Infrastructure Becomes Strategic Focus in Carbon Markets
The registry business controls the official record of carbon assets. As carbon markets mature, exchanges, registry operators, technology providers, and market participants are competing to establish the infrastructure that underpins issuance, transfer, settlement, and retirement.
ICE's move places it closer to the source of environmental assets rather than limiting its role to trading and clearing activities. The strategy resembles broader trends across financial markets, where infrastructure providers increasingly seek to control more stages of the asset lifecycle.
FAQ
What did ICE launch with ICE GreenTrace?
ICE launched ICE GreenTrace, a registry technology platform designed to manage the lifecycle of carbon credits, emissions allowances, and energy attribute certificates. The platform applies technology used in regulated financial markets to carbon credit programs.
How many carbon credits did ERT migrate to ICE GreenTrace?
Winrock International's Environmental Resources Trust migrated approximately 437 million serialized carbon credits, more than 40,000 documents, 1,162 projects and programs, and 857 registry account holders to ICE GreenTrace.
How many environmental contracts traded on ICE in 2025?
A record 20.9 million environmental contracts traded on ICE's exchanges during 2025, representing more than $1 trillion in notional value for the fifth consecutive year, with physical deliveries reaching $117 billion.
