AUS
NZ
UK
CA
USA
IND
Highlights
- The carbon market project is renamed as Carbonplace.
- The new members of the project include UBS, Standard Chartered and BNP Paribas.
- Carbonplace would be completely operational by the end of 2022.
The financial institutions developing a new technology platform for the voluntary carbon market informed on Tuesday (15 February 2022) that three new banks have joined the project as founding members.
The project, which was started as “Project Carbon” in 2021 by financial institutions CIBC (NYSE:CM), National Australia Bank (ASX:NAB), Itaú Unibanco (NYSE:ITUB), and NatWest Group (LSE:NWG), is now rechristened as Carbonplace.
The new members of the project include UBS (SWX:UBSG), Standard Chartered (LSE:STAN), and BNP Paribas (EPA:BNP).
Carbonplace would be completely operational by the end of 2022. On the platform, only carbon credits that have been verified according to internationally agreed-upon standards will be handled.
Also Read: What Exactly Is Carbon Tax and Why Have Several Countries Implemented This?
What is Carbonplace?
The platform is being designed to provide settlement infrastructure and procedures for markets and exchanges in the voluntary carbon market. With the new joiners, the project has now seven financial institutions. The platform will provide the IT infrastructure needed to support the trading of high-integrity carbon credits in a reliable, secure, and scalable manner.
They have also launched a website called carbonplace.com, through which organisations interested in partnering or learning more about the project can register themselves.
According to Chris Leeds, head of carbon markets development, Standard Chartered, and board member of the ICVCM:
Also Read: What is green shorting? How can it pressure heavy carbon emitters?
Bottom Line
With the group's expansion, the number of prospective users of the service has increased dramatically, and it will continue to rise.
According to Constance Chalchat, CIB head of company engagement & chief sustainability officer BNP Paribas Global Markets, Carbonplace will provide better clarity on the pricing and material climate impact of carbon credits once it is operational and will assist corporations and investors in finding quality projects to include in their multi-action carbon management programmes."
