Banks join forces to create voluntary carbon marketplace

Potential benefits include:

• more carbon offset projects created because companies understand what the return on each credit looks like
• customers can better manage climate risk because carbon can be accurately priced on a company or lender’s balance sheet
• ensuring the marketplace for carbon has a clear price and liquidity because buyers and sellers have more information and data on which to base decisions

In alignment with the leading Taskforce on Scaling Voluntary Carbon Markets, established by Mark Carney, the UN Special Envoy for Climate Action and Finance, the project helps remove current barriers to voluntary carbon offset purchasing for the partner banks’ customers.

The platform will be initially launched as a pilot in August and will evolve as additional functions are added to the site. Customers will be able to access the marketplace via the Project Carbon website, where they will be able to view the price history of available carbon credits as well as viewing all documentation relating to their quality and integrity. All customer transactions will be recorded on the blockchain ledger which will record ownership and provide reporting for post-transaction settlement.

NatWest chief executive Alison Rose said:

“Climate change is one of the most important challenges of our time. We’re helping our business and personal banking customers to understand and reduce their carbon footprints through partnerships like Project Carbon. Reaching net zero is a global effort and I am pleased we are working across the industry to support our customers and help tackle the climate challenge.”