Global Banks Invest US$45 Million in Carbon Credit Platform

Global
BNP Paribas, Canadian Imperial Bank of Commerce, NAB, Standard Chartered, Sumitomo Mitsui Banking, UBS Warburg
Environmental, Partnerships, Social and Governance (ESG)

(9 February 2023 – Global)  Nine global banks have invested a total of US$45 million in a new platform to help scale up transactions of voluntary carbon credits and make it easier for their customers to participate in the market.

The London-based Carbonplace has revealed US$5 million investment from each of BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS. Each bank shares equal equity ownership in the new company, with Carbonplace saying that it intends to launch the platform later in 2023.

Described by the company as a carbon credit transaction network, Carbonplace will allow companies to acquire carbon credits as they look to meet net-zero emissions goals. It will also facilitate the sale of carbon credits by companies whose business practices lead them to have credits to spare. It represents a shift from the current practice of trading credits bilaterally on a project-by-project basis and through commodity exchanges.

In addition, fintech veteran Scott Eaton has been hired as Carbonplace's first chief executive.

“I am excited to take this company to the next level of its evolution, and to help unlock its massive potential to drive significant economic and social value by opening the carbon markets up to the world,” said Eaton. 

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