More banks join forces on carbon market platform

Share

Share

UBS, Standard Chartered, and BNP Paribas join banks developing new voluntary carbon market platform

NAB and 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 – NAB, CIBC, Itaú Unibanco and NatWest Group – who have been joined by UBS, Standard Chartered and BNP Paribas, 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.

Contact:
www.carbonplace.com
carbonplace@browningenvironmental.com
AMERICAS: Judit Langh judit@browningenvironmental.com +1.415-290-5516
ROW: Zoë Fillingham zoe@browningenvironmental.com + 44.7825-228571

Notes to editors:
1. Project Carbon was launched on July 7, 2021. See the press release here.
2. The voluntary carbon market has a critical role in supporting the transition of corporations to net zero greenhouse gas emissions, as part of their climate action strategies. Carbon credits are bought by corporations looking to compensate for emissions that they cannot reduce or remove. The credits fund high-quality projects that couldn’t have been funded otherwise, and which either avoid greenhouse gas emissions being released into the atmosphere, or remove carbon dioxide from it.

Environment

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Innovation

NAB Digital Next: Future industries in SA with Steven Marshall  

In the latest episode of NAB Digital Next, host Brad Carr speaks to former Premier of South Australia, Steven Marshall about future focussed industries and their growth in Adelaide.   

  • 04.10.2024
  • Time to read 1 min read
  • Climate

The key to climate compliance

A senior NAB banker has joined the corporate regulator in urging businesses to use existing climate frameworks and data to comply with the imminent introduction of mandatory climate disclosure.

  • 03.10.2024
  • Time to read 1 min read
  • Climate

Salta partners with NAB on first NAB Green Finance for commercial real estate loan in Victoria

Leading property development and asset management group Salta has secured the first NAB Green Finance for Commercial Real Estate (CRE) loan for a building in Victoria.

  • 01.10.2024
  • Time to read 3 min read

Quick links

Environment and sustainability

Find out how NAB is adopting a sustainable approach to managing our business, and helping our customers to do so.