(16 February 2022 – Global) UBS, Standard Chartered, and BNP Paribas have joined Project Carbon, a bank-backed initiative to create a blockchain-based marketplace where firms can buy and sell carbon offsets.
The platform launched as a pilot in August by NAB, NatWest, CIBC, and Banco Itau, and is expected to be fully operational by the end of 2022.
It is designed to act as a place where corporate customers buy and sell carbon offsets with clear and consistent pricing and standards.
“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,” said UBS Global Markets Co-Head Distribution Kevin Arnold.
“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 Standard Chartered Head of Carbon Markets Development and Integrity Council for Voluntary Carbon Markets (ICVCM) board member Chris Leeds.
“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,” said BNP Paribas Global Markets CIB Head of Company Engagement & Chief Sustainability Officer Constance Chalchat.