Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to soar as companies seek to use the credits to help meet net-zero emissions goals.
Currently the credits are often traded bilaterally on a project-by-project basis and through commodity exchanges. Each of the banks - BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS – have invested $5 million in Carbonplace, which will connect buyers and sellers of credits through the banks.
“The capital injection represents a commitment from some of the world’s largest financial institutions, which account for nearly $9 trillion in total assets, to achieve Carbonplace’s vision of accelerating corporate climate action by providing transparent, secure and accessible carbon markets,” Carbonplace said in a statement.
I’m applying for my local credit union today. Enough of this.
45 mln is nothing for global banks... like 0.00000001% protfolio, where is the other 99.99999999%?