Banks become founding members of initiative, launched in July 2021 by CIBC, Itaú Unibanco, National Australia Bank, and NatWest Group
LONDON, Feb. 15, 2022 /CNW/ - 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."
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.