Standard Chartered, UBS, and BNP Paribas have now joined Project Carbon, which is a bank-backed initiative to develop a blockchain-based marketplace where companies can purchase and sell carbon offsets.
Unveiled as a pilot in August 2021 by NatWest, NAB, Banco Itau, and CIBC, Project Carbon will work as a place where corporate clients sell and buy carbon offsets with clear and constant pricing and standards.
Currently, the platform is getting developed to offer settlements infrastructure and systems for marketplaces and exchanges in the voluntary carbon marketplace and is anticipated to be wholly operational by the end of this year. As of today, the platform will be known as Carbonplace.
Users can view the price history of the available carbon credits and view all the available documentation that is related to their integrity and quality. All of the customer transactions will get recorded on the blockchain ledger that will record ownership and offer to report for post-transaction settlement.
Only the carbon credits that are authenticated according to internationally-agreed standards will get processed on the platform. The global markets co-head distribution, UBS, Kevin Arnold, said:
“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 fulfill our sustainability strategies.”