Carbon Credit Platform “Carbonplace” Set to Drive Transition
(24 February 2023 – Australia) As corporates seek to reduce greenhouse gas emissions to zero by 2050, the Carbonplace platform founded by NAB and eight other global banks is set to underpin the surge in demand for the increasingly popular environmental offsets.
Companies buy carbon credits to compensate for emissions which are difficult to remove or reduce in industries such as steel and cement production. The credits fund verified projects like reforestation, revegetation and improved forest management to help remove or prevent the release of greenhouse gas emissions into the atmosphere.
The United Kingdom based Carbonplace’s platform designed to settle carbon-credit transactions is expected to go live before the end of 2023. Carbon credits are anticipated to play a significant role for enterprises in the shorter term to 2030.
“Over the longer term, I’m hopeful that technology and innovation, such as hydrogen and other breakthroughs, will be sufficiently advanced to produce the required level of emissions reduction” commented NAB Group Executive CIB, David Gall for NAB News.
“As a significant business bank, we know a lot of companies will need to buy a lot of carbon credits to meet some of their emission-reduction targets” Mr Gall added.