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Nine global banks invest $45 million in carbon credit platform

by Web Admin
09/02/2023
in Banking
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Nine global banks invest $45 million in carbon credit platform
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Nine global banks have invested a total of $45 million in a new platform to help scale up transactions of voluntary carbon credits and make it easier for their customers to participate in the market.

Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to soar as companies seek to use the credits to help meet net-zero emissions goals.

Currently the credits are often traded bilaterally on a project-by-project basis and through commodity exchanges.

Nine global banks have invested a total of $45 million in a new platform to help scale up transactions of voluntary carbon credits and make it easier for their customers to participate in the market. PHOTO / COURTESY.

Each of the banks – BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS – have invested $5 million in Carbonplace, which will connect buyers and sellers of credits through the banks.

“The capital injection represents a commitment from some of the world’s largest financial institutions, which account for nearly $9 trillion in total assets, to achieve Carbonplace’s vision of accelerating corporate climate action by providing transparent, secure and accessible carbon markets,” Carbonplace said in a statement.

The credit platform will be available to the banks’ corporate clients later this year, and in future could also be open to retail customers, Robin Green, Carbonplace Chief Technology Officer told Reuters.

He said the funding will be used to grow the team and scale up the platform’s infrastructure.

Green said the offset credits available would be those issued by existing carbon offset standards groups such as Gold Standard and Verra.

Source: Reuters

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