CIBC, other global banks to launch voluntary carbon offset market platform

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Project Carbon initiative aims to help create a more liquid market for carbon offsets and help clients manage risks associated with climate costs

Britain’s NatWest Group, Canada’s Canadian Imperial Bank of Commerce, Australia’s National Australia Bank and Brazil’s Itaú Unibanco said their Project Carbon initiative would help create a more liquid market for carbon offsets and help clients to manage risks associated with climate costs.

“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,” said Alison Rose, chief executive officer of NatWest Group.Article content The platform will enable buyers to fully trace which projects the carbon credits have come from and act as a record of ownership of the credits, the banks said in a joint statement.

 

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