Banks become founding members of initiative,
launched in July 2021 by CIBC, Itaú
Unibanco, National Australia Bank, and NatWest Group
LONDON, Feb. 15, 2022 /PRNewswire/ - February 15, 2022 – The founding members of
Project Carbon, a group of financial institutions developing a new
technology platform for the voluntary carbon market, announced a
new name for the initiative, and three new founding members.
The platform is being developed to provide settlements
infrastructure and systems for marketplaces and exchanges in the
voluntary carbon market and is expected to be fully operational by
the end of 2022. As of today, it will be known as
Carbonplace.
The group comprised four banks - CIBC (TSX: CM) (NYSE:CM), Itaú
Unibanco (NYSE: ITUB), National Australia Bank (ASX: NAB) and
NatWest Group (LSE: NWG) - who have been joined by UBS (SWX: UBSG),
Standard Chartered (LSE: STAN), and BNP Paribas (EPA: BNP), also as
founding members. Organisations interested in partnering or
wanting to find out more should visit our new website at
carbonplace.com
The number of potential users of the service has grown
significantly with the group's expansion and will grow further as
more financial institutions join. Only carbon credits verified
according to internationally-agreed standards will be processed on
the platform.
Kevin Arnold, Global Markets
Co-Head Distribution, UBS said: "Making connections is at the heart
of what we do for our clients, which is why we're delighted to
become a member of Carbonplace. This innovative platform will help
create a streamlined and transparent voluntary carbon market for
our clients and the industry, which will be critical to helping us
all fulfil our sustainability strategies."
Chris Leeds, Head of Carbon
Markets Development, Standard Chartered, and Board Member of the
ICVCM said: "Carbonplace will reduce barriers to entry in the
voluntary carbon market, and give project developers in the global
south direct access to large numbers of customers looking to fund
carbon reduction and removal projects. It builds on the work
Standard Chartered has been involved in, in the Taskforce for
Scaling the Voluntary Carbon Markets (TSVCM), and ensures that
carbon credits on this platform are of the
highest-quality."
Constance Chalchat, CIB Head of Company Engagement &
Chief Sustainability Officer BNP Paribas Global Markets, said:
"When launched, Carbonplace will give greater transparency on
the pricing and material climate impact of carbon
credits, and supports corporates and investors to access quality
projects as part of their multi-action carbon management
strategies."
About Carbonplace
Carbonplace is a voluntary carbon
market technology platform being developed by seven financial
institutions: BNP Paribas, CIBC, Itaú Unibanco, National
Australia Bank, NatWest Group, Standard Chartered, and UBS. The
platform will provide the IT infrastructure to facilitate reliable,
secure, and scalable trading of high-integrity carbon credits.
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SOURCE Carbonplace