Platform drives transparency in voluntary carbon market
TORONTO, Sept. 28, 2021 /CNW/ - CIBC today announced the completion of Project Carbon's inaugural pilot trade between the Nature Conservancy of Canada, a leading national land conservation organization, and United Kingdom-based NatWest Group. The legally binding sale included voluntary carbon credits issued by Verra, which manages the leading global program for the certification of GHG emission reduction projects.
Project Carbon aims to support a thriving global market for voluntary carbon credits with clear and consistent pricing and standards, providing a valuable pathway for clients in their efforts to achieve their net zero targets and sustainability ambitions. Launched in July, the voluntary carbon platform is an international joint effort with CIBC, Itaú Unibanco, National Australia Bank and NatWest Group.
"CIBC remains committed to enabling our clients to achieve their climate-related goals through commercial solutions that lead to tangible progress. Investments in technology and innovation are going to be important drivers of a reduction in GHG emissions. Project Carbon is one example of opportunities to unlock the potential of carbon removal, and we will continue to play an active role in helping this sector to grow." – Harry Culham, Senior Executive Vice-President and Group Head, CIBC Capital Markets
"Nature is our ally in the face of climate change challenges. The Nature Conservancy of Canada's world-class Darkwoods Forest Carbon project taps the power and potential of private investment to meet our conservation and carbon reduction objectives. We are excited to be part of Project Carbon's pilot trade, to join in driving advances in nature-based solutions through innovation." - Catherine Grenier, President and CEO, Nature Conservancy of Canada
The pilot trade follows CIBC's recent endorsement of the recommendations by the Taskforce on Scaling Voluntary Carbon Markets. Recently, CIBC also announced its ambition to achieve net zero greenhouse gas emissions associated with operational and financing activities by 2050, and a significant increase in its commitment to mobilizing sustainable finance to a target of $300 billion by 2030.
More information on Project Carbon can be found here.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.