Carbonplace And Climate Impact X Collaborate To Revolutionize Carbon Credit Trading
PR95161
LONDON, March 25, 2022 /PRNewswire=KYODO JBN/ --
Key carbon market players develop a pilot to enable reliable, secure, and
scalable trading of carbon credits.
Carbonplace, the new carbon credit settlement platform, and global carbon
marketplace and exchange, Climate Impact X (CIX), have teamed up on a pilot to
lower entry barriers for organizations seeking high-quality carbon credits on
the voluntary carbon market while delivering a seamless experience for
customers to discover, compare, buy, and retire credits.
With global demand for voluntary carbon credits expected to increase
fifteenfold by 2030 and a hundredfold before 2050, carbon markets will become
an important driver of the shift to a low-carbon economy. This pilot aims to
transform the voluntary carbon market by building in the accessibility, trust,
and transparency needed to grow at scale and maximize climate impact.
The pilot will establish the technical, legal, and operational framework for
executing carbon credit transactions via CIX's platform, "Project Marketplace",
a new digital platform for businesses and carbon project suppliers launched
last week, with Carbonplace performing all settlements. It will enable many new
customers – including corporations and financial institutions of all sizes – to
progress their climate strategies, and buy and trade carbon credits to fund
large-scale emissions removals or reductions that would not otherwise be
possible.
The collaboration joins the strengths of the two new, high-profile carbon
market participants. Carbonplace's wide client base, unique settlement
technology, wallet service to record and store voluntary carbon credits, and
the high standards set by the regulatory environment for banks will be combined
with CIX's curated marketplace of quality-assured credits, giving existing bank
customers scaled access to the carbon market. The resulting end-to-end solution
will reduce complexity and increase access, trust, and transparency.
CIX, a joint venture with DBS Bank, Singapore Exchange, Standard Chartered and
Temasek, enables the purchase of high-quality carbon credits directly from
specific projects. Using satellite monitoring and machine learning, CIX ensures
transparency, integrity, and quality of carbon credits, ensuring projects are
assessed for carbon sequestration potential and benefits to biodiversity and
local communities.
Carbonplace is a settlement platform that will provide a record of ownership
and enable reliable, secure, and scalable trading of certified carbon credits.
Launched last year and expected to be fully operational by the end of 2022, the
fintech is being developed by banking giants BNP Paribas, CIBC, Itaú Unibanco,
National Australia Bank, NatWest Group, Standard Chartered, and UBS. Only
carbon credits verified according to internationally-recognized standards will
be processed on its platform.
Mikkel Larsen, CEO of CIX, said: "Voluntary carbon credits provide a robust,
market-based approach to financing solutions for climate mitigation. However,
the rate of finance is still very low compared to what is needed to keep global
warming under a 2 degrees Celsius pathway by 2030. The collaboration between
Carbonplace and CIX, through Project Marketplace, brings together easy access
to curated, quality credits and a settlement system underpinned by transparency
and integrity. It is precisely the type of accelerator we need for scaling up
the voluntary carbon market."
Robert Begbie, CEO of NatWest Markets, said: "Collaborating with CIX has the
opportunity to transform the voluntary carbon credit market. Through
Carbonplace, we can drive transparent and secure trading, provide access to
global distribution channels, and, due to the highly regulated standards of the
banking industry, remove the need for multiple intermediaries, simplifying the
process for carbon credit sellers and helping buyers to trust the process more."
About Carbonplace [
https://carbonplace.com/assets/dist/files/CIX-Press-Release-FINAL-3.22.22.pdf ]
About Climate Impact X [
https://carbonplace.com/assets/dist/files/CIX-Press-Release-FINAL-3.22.22.pdf ]
About NatWest Markets [
https://carbonplace.com/assets/dist/files/CIX-Press-Release-FINAL-3.22.22.pdf ]
Contact
www.carbonplace.com
carbonplace@browningenvironmental.com
+44.7585-034895
www.climateimpactx.com
media@climateimpactx.com
Source: Carbonplace
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