Pilot brings efficiency, liquidity and global
standards to the carbon offset ecosystem
LONDON, TORONTO, MELBOURNE and SAO
PAULO, July 7, 2021
/PRNewswire/ - As part of an international joint effort, CIBC (TSX:
CM) (NYSE:CM), Itaú Unibanco (NYSE: ITUB), National
Australia Bank (ASX: NAB) and NatWest Group (LSE: NWG) today
announced Project Carbon, a Voluntary Carbon Marketplace pilot.
Corporations worldwide are using carbon offsets as a tool to
implement their climate action strategies. Project Carbon
aims to support a thriving global marketplace for quality carbon
offsets with clear and consistent pricing and standards and will
provide a valuable pathway 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 marketplace with price certainty and
transparency
- The creation of a strong ecosystem to support the offset
market
- The development of tools to help clients manage climate
risk
In alignment with the leading Taskforce on Scaling Voluntary
Carbon Markets (TSVCM), established by Mark
Carney, UN Special Envoy for Climate Action and Finance, the
project helps remove current barriers to voluntary carbon offset
purchasing.
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 deliver a shared service platform that the group
believes will be fundamental to the scaling of the Voluntary Carbon
Market.
Key Features
- Represents the book of record for ownership of Carbon
Credits
- Allows owners of credits to clearly demonstrate possession to
the market, thus reducing risks of double counting and simplifying
reporting
- Supports price discovery through the posting of executed trade
sizes and prices to the market
- Promotes project investment through the transparent
demonstration of market demand
- Provides full traceability and linkage back to source of the
credit
- Assists Registries by facilitating the rapid scaling of client
base
- Takes care of post trade settlement, allowing all market
participants including exchanges and marketplaces to offer value
add services on top
- Aligned with the objectives of the TSVCM
- Pilot built on a private Ethereum platform developed with
ConsenSys
Quotes:
"Tackling climate change is everyone's job. We're helping to
find solutions and support our customers as they take action to
transition to Net-Zero by 2050. Project Carbon is a terrific example of how
technologies such as blockchain can address existing barriers and
make carbon offsets more accessible for our customers – as part of
their broader plans to reduce overall emissions and achieve their
own targets."
Victor Dodig, President and Chief
Executive Officer, CIBC; Milton Maluhy Filho, CEO, Itaú Unibanco;
Ross McEwan, Group CEO, National
Australia Bank; Alison Rose, CEO,
NatWest Group.
To learn more about Project Carbon contact:
Canada:
mailbox.projectcarbon@cibc.com
Brazil:
imprensa@itau-unibanco.com.br
Australia:
carbonproject@nab.com.au
United Kingdom: projectcarbon@natwest.com
About CIBC
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets businesses, CIBC offers
a full range of advice, solutions and services through its leading
digital banking network, and locations across Canada with offices in the United States and around the world.
Ongoing news releases and more information about CIBC can
be found
at www.cibc.com/en/about-cibc/media-centre.html.
About ITAÚ:
Itaú Unibanco's purpose is to promote people's power of
transformation and we do it through a strategic agenda focused on
client centricity and digital transformation, based also on the
diversity of our people. The largest bank in Latin America, Itaú Unibanco is present in 18
countries and has more than 56 million customers, among individuals
and companies in 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 Latin
American financial institution to be part of the index since its
creation in 1999.
About National Australia Bank:
National
Australia Bank (NAB) is a financial services organisation that
serves eight million customers at more than 900 locations in
Australia, New Zealand and around the world. Our
strategic ambition is to serve customers well and help our
communities prosper. As Australia's largest business bank, we work
with small, medium and large businesses to help them start, run and
grow. NAB has been carbon neutral for 10 years and is committed to
delivering $70 billion in
environmental financing by 2025. We are an inaugural signatory of
the United Nations' (UN) Principles for Responsible Banking and the
only Australian bank to have signed the UN Environment Programme
Finance Initiative's Collective Commitment to Climate Action,
working towards aligning business operations and lending portfolios
to achieve net zero carbon emissions by 2050.
About NatWest Group:
NatWest Group is a leading banking and financial services group in
the UK and Ireland. We operate through a number
of well-known banking brands. We have a presence on the high
street through our customer facing brands - NatWest, Royal Bank of
Scotland and Ulster Bank. We are
the largest supporter of UK business, banking around 1 in 4
businesses across the UK. Our private banking customers know us
through their relationships with Coutts, Adam & Company, Child & Co and
Drummonds. And NatWest Markets help our corporate and institutional
clients manage their financial risks and achieve their short and
long-term financial goals.
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SOURCE CIBC