Former CIX chief executive Mikkel Larsen dies unexpectedly

Quantum Commodity Intelligence - Mikkel Larsen, the former chief executive officer of Singapore-based exchange Climate Impact X (CIX) and a well-known figure in the carbon market, passed away unexpectedly yesterday at the age of 50, the exchange confirmed Friday in a statement.

Tributes have already started pouring in online, reflecting Mikkel Larsen's deep network in Singapore and beyond.

Larsen started his career at KPMG in 1998, before moving to Citigroup in London, then UBS in Hong Kong and DBS Bank in Singapore between 2012 and 2021.

In his last role at DBS, Southeast Asia's largest bank, he had been chief sustainability officer and cultivated a passion for the role of nature-based solutions in the energy transition.

Between April 2021 and March 2024, he was appointed chief executive officer at CIX, riding a wave of investments in carbon markets.

"Mikkel was a pivotal figure of CIX's story," the exchange said on Friday.

"He was there from the very beginning, even before our official inception in 2021, playing an instrumental role in shaping CIX's vision and bringing a sense of purpose to our mission," it added.

"He was not only a visionary leader, but a guiding force who profoundly impacted the broader carbon markets ecosystem. His legacy will continue to guide us as we move forward."

In recent months, Larsen had advised US project developer Wildlife Works on a new fundraise.

He was also a board member at BirdLife International, Jardine Cycle & Carriage Limited, Merkur Andelskasse and CIX, a sustainability advisor at Mizuho and a member of the stakeholder forum at UK-based Voluntary Carbon Markets Integrity Initiative.

Kind to a fault

"Mikkel was a true champion of nature and the carbon markets," Chin Hwee Tan, chairman of the energy resilience advisory panel at Singapore's Energy Market Authority, said.

"We shared the same vision of building a carbon hub in Singapore and presented the idea to the cabinet ministers. His passing is a painful loss to Singapore as he calls Singapore home and many of us who were encouraged by his tenacity and passion for driving sustainability initiatives."

Frederick Teo, the chief executive of GenZero, the Singapore government-backed fund, said: "I worked with Mikkel closely to establish Climate Impact X...His pioneering team was inspired personally by his vision and leadership - many of them joined CIX because of him and the mission he articulated."

"Mikkel has impressed me with his integrity and his genuine care for others around him. He is kind to a fault, even when being tougher would have served him better."

Larsen was also a regular contributor to the debate about the role of nature in tackling climate change.

"I remain convinced that nature-based solutions remain the most effective tool to combat climate change... project developers must be open to questions - even when it exposes it to criticism - and buyers must reciprocate by standing by a project also when mistakes take place," he wrote in his last recorded post on social media website LinkedIn, dated January 6.