TORONTO — CIBC and a group of international banks have announced plans for a voluntary carbon marketplace pilot that they say will help make it easier for companies to buy carbon offsets.
The group includes Brazil’s Itaú Unibanco, National Australia Bank and British banking and insurance company NatWest Group.
Companies buy carbon offsets as a way to implement their climate change strategies.
The banks say Project Carbon aims to support a marketplace for carbon offsets with clear and consistent pricing and standards.
The blockchain-based system will allow owners of credits to demonstrate possession to the market, reducing risks of double counting and simplifying reporting.
It is expected to launch next month as a pilot to demonstrate the operational, legal and technical capability of the platform.
This report by The Canadian Press was first published July 7, 2021.