Country for PR: United Kingdom
Contributor: PR Newswire Europe
Tuesday, May 10 2022 - 15:00
Carbonplace and Visa Team Up for Carbon Credit Transfer
LONDON, May 10, 2022 /PRNewswire-AsiaNet/ --

New transaction paves the way for real-time, secure, and transparent 
cross-border carbon credit settlements. 

Carbonplace, the new carbon credit settlement platform jointly developed by 
some of the world's largest financial institutions, has announced the 
successful pilot transfer of carbon credits through its system in collaboration 
with global payments technology company Visa.

The transaction, which involved Visa purchasing Verra-certified credits from 
Sustainable Carbon, a leading carbon credit project developer, represents a 
major boost for carbon markets. It demonstrates the capability of Carbonplace's 
unique settlement technology to significantly increase the speed, efficiency, 
and security required to support the growing demand for voluntary carbon 
credits, and in doing so, to more effectively drive private sector capital 
towards global climate solutions.

The transfer was facilitated by two of Carbonplace's founding banks, National 
Australia Bank (NAB) on behalf of Visa and Itaú Unibanco on behalf of 
Sustainable Carbon. It underscores how the institutions behind Carbonplace – 
which also include BNP Paribas, CIBC, NatWest Group, Standard Chartered, and 
UBS – can collaboratively leverage their existing infrastructure, including 
know-your-customer and anti-money laundering procedures, to address some of the 
challenges that have held back the development of the voluntary carbon market 

Last month's Intergovernmental Panel on Climate Change (IPCC) report 
highlighted that decarbonization, and in turn, scalable carbon innovation is 
critical to limit the worst impacts of the climate crisis[1]. Against this 
backdrop, corporations across the globe continue to set ambitious climate 
action pledges in the drive towards a net zero economy. Carbon credits will 
play an important, complementary role in these commitments by compensating for 
unavoidable emissions, and as a result, the VCM continues to grow rapidly, 
surpassing USD 1 billion in 2021[2].

This new collaboration is part of Visa's global aspirations to become a 
climate-positive company through new partnerships and initiatives. Last year, 
Visa pledged to reach net zero emissions by 2040, 10 years ahead of the Paris 
Climate Agreement goal[3]. Together with Carbonplace, Visa will continue to 
explore delivering additional technology-led sustainable solutions for its 

The pilot will also inform the further development of Carbonplace, which has 
been likened to the 'SWIFT' system of the carbon markets, including the 
exploration of more innovative ways to settle transactions. It is currently 
expected that Carbonplace will be operational at the end of 2022.

"Visa is committed to support the transition to a low-carbon economy and to 
create sustainable business solutions for our clients, which will help them 
meet their net zero commitments," said Charlotte Hogg, CEO Visa Europe. "We're 
excited about the potential for this voluntary carbon market to leverage our 
capabilities and help to deliver on that commitment, and we're proud to support 
Carbonplace through this first pilot purchase of fully certified carbon credits 
in this market."

David Gall NAB Group Executive, Corporate and Institutional Banking, said: 
"Climate action is everyone's job, including NAB's. Carbonplace is creating new 
opportunities to help our customers as they take action to reduce their 
emissions and achieve their own targets. This successful pilot transaction with 
Visa is a significant step towards being able to help more of our customers 
tackle existing barriers and make carbon credits more accessible to everyone."

About Carbonplace 

About National Australia Bank (NAB) 

About Itaú Unibanco 

About Sustainable Carbon 

Notes to editors 




SOURCE: Carbonplace