Banks Launch Project Carbon, a Voluntary Carbon Marketplace Pilot

By Stephen Nakrosis

Canadian Imperial Bank of Commerce, Itau Unibanco Holding S/A, National Australia Bank Ltd. and NatWest Group PLC on Wednesday said they would work together to launch Project Carbon, a voluntary carbon marketplace pilot.

"Project Carbon aims to support a thriving global marketplace for quality carbon offsets with clear and consistent pricing and standards and will provide a valuable pathway for our clients in their efforts to achieve a net zero goal," the companies said.

The project will create an ecosystem to support the offset market, the companies said. It also will facilitate increased delivery of high-quality carbon offset projects and "a liquid carbon credit marketplace with price certainty and transparency," the companies said.

The project also will develop tools to allow clients manage climate risk, the companies said.

A pilot will launch in August to demonstrate the operational, legal and technical capability of the platform, the companies said. The pilot will be built on a private Ethereum platform developed with ConsenSys.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

July 07, 2021 13:25 ET (17:25 GMT)

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