Pilot brings efficiency, liquidity and global standards to the carbon offsetting ecosystem
LONDON, TORONTO, MELBOURNE and SAO PAULO, July 7, 2021 / PRNewswire / – As part of a joint international effort, CIBC (TSX: CM) (NYSE: CM, Financial), Itaú Unibanco (NYSE: ITUB), National Australia Bank (ASX: NAB) and NatWest Group (LSE: NWG) today announced Project Carbon, a pilot Voluntary Carbon Marketplace.
Companies around the world are using carbon offsets as a tool to implement their climate action strategies. Project Carbon aims to support a thriving global market for quality carbon offsets with clear and consistent prices and standards and will provide a valuable channel for our clients in their efforts to achieve a net zero goal.
Our project will facilitate:
- Increased delivery of high quality carbon offset projects
- A liquid carbon credit market with certainty and price transparency
- The creation of a strong ecosystem to support the offset market
- Developing tools to help clients manage climate risk
In alignment with the Leading Voluntary Carbon Market Scaling Task Force (TSVCM), established by Marc Carney, UN Special Envoy for Climate Finance and Action, the project helps remove current barriers to the voluntary purchase of carbon offsets.
Project Carbon will initially be launched as a pilot in August to demonstrate the operational, legal and technical capability of the platform.
The team is keen to invite like-minded institutions to join the cohort to help provide a shared services platform that the group believes will be fundamental to scaling up the voluntary carbon market.
- Represents the record book for ownership of carbon credits
- Allows credit owners to clearly demonstrate their ownership in the market, reducing the risk of double counting and simplifying reporting
- Supports price discovery through publication of sizes and prices of trades executed on the market
- Promotes investment in the project through transparent demonstration of market demand
- Provides full traceability and a link to the source of credit
- Support registries by facilitating rapid scaling of the customer base
- Supports post-trade settlement, allowing all market participants, including exchanges and markets to offer value-added services in addition
- Aligned with TSVCM objectives
- Pilot built on a private Ethereum platform developed with ConsenSys
“Tackling climate change is everyone’s business. We help find solutions and support our customers as they take action to move to Net-Zero by 2050. Project Carbon is a prime example of how technologies like blockchain can overcome existing barriers and make carbon offsets more accessible for our customers – as part of their broader plans to reduce global emissions and meet their own targets. ”
Victor Dodig, President and CEO, CIBC; Milton Maluhy Filho, CEO, Itaú Unibanco; Ross McEwan, Group CEO, National Australia Bank; Alison rose, CEO, NatWest Group.
To find out more about the Carbon Project contact:
Canada: [email protected]
Brazil: [email protected]
Australia: [email protected]
UK: [email protected]
CIBC is a leading financial institution in North America with 10 million personal, corporate, public and institutional clients. In Personal and Commercial Banking, Commercial Banking & Wealth Management and Capital Markets, CIBC provides a full range of advice, solutions and services through its leading digital banking network and its locations across Canada with offices in United States and all over the world. Current press releases and more information about CIBC are available at www.cibc.com/en/about-cibc/media-centre.html.
Itaú Unibanco’s goal is to promote the transformative power of people and we do this through a strategic program focused on customer orientation and digital transformation, also based on the diversity of our employees. The largest bank of Latin America, Itaú Unibanco is present in 18 countries and has more than 56 million customers, among individuals and companies of all segments, to whom we offer the best experiences in financial products and services. Itaú Unibanco has been selected for the 21st consecutive time to be part of the Dow Jones Sustainability World Index (DJSI World), being the only financial institution in Latin America to be part of the index since its creation in 1999.
About the National Australia Bank:
National Australia Bank (NAB) is a financial services organization serving eight million customers at over 900 locations in Australia, New Zealand and all over the world. Our strategic ambition is to serve our customers well and help our communities thrive. As australia as the largest investment bank, we work with small, medium and large businesses to help them start, manage and grow. NAB has been carbon neutral for 10 years and is committed to providing $ 70 billion financing for the environment by 2025. We are one of the first signatories of the United Nations (UN) Principles for a Responsible Bank and the only Australian bank to have signed the United Nations Collective Commitment for Climate Action. the United Nations Environment Program Finance Initiative, working to align trade operations and portfolio loans to achieve net zero carbon emissions by 2050.
About the NatWest group:
NatWest Group is one of the leading banking and financial services groups in the UK and Ireland. We operate through a number of well-known bank brands. We are on the streets with our brands for customers – NatWest, Royal Bank of Scotland and the Bank of Ulster. We are the biggest supporter of UK businesses, banking around 1 in 4 businesses across the UK. Our private banking clients know us through their relationships with Coutt, Adam & Company, Child & Co and Drummonds. And NatWest Markets helps our corporate and institutional clients manage their financial risks and achieve their short and long term financial goals.
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