Last year, Project Carbon (as it was called at the time) was launched by 4 major banks NatWest Group, CIBC, National Australia Bank, and Itaú Unibanco.
The goal is to develop a new technology platform, (now called Carbonplace), to provide trading of voluntary carbon credits.
UBS, Standard Chartered, and BNP Paribas have recently joined the Carbonplace project to help scale and build secure infrastructure.
They expect to have it fully operational by the end of 2022, with the goal of:
- Increased delivery of high-quality carbon offset projects
- Create a liquid carbon credit marketplace with price certainty and transparency
- Develop a strong ecosystem to support the offset market
- Create tools to help clients manage climate risk
Last Sept, they announced that they did their first transaction on the platform.
“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,” said Chris Leeds, head of carbon markets development at Standard Chartered.
The voluntary carbon market is growing at a record pace as more and more companies are setting net-zero pledges.
The easiest way for companies to reach those carbon-neutral targets is by purchasing carbon credits from a verified source such as Verra, Gold Standard, Climate Action Reserve, and the American Carbon Registry.