Multinational Financial Institutions Launch Blockchain-Based Carbon Marketplace

[RSRS]

National Australian Bank has joined forces with other financial institutions including North America’s CIBC, Itau Unibanco, and NatWest Group, to launch a carbon offset marketplace dubbed Project Carbon. The Ethereum blockchain-based pilot aims to build a robust ecosystem for carbon offsets, according to a press release on July 7, 2021.
Supporting the War Against Global Warming
As the war against global warming continues to gain momentum across the world, CIBC, a North American financial institution with a presence in various countries, is collaborating with Itau Unibanco, Latin America’s largest lender, NatWest Group, and National Bank of Australia to launch a blockchain-based voluntary carbon offset marketplace.

The voluntary carbon market (VCM) is one of several measures being adopted by nations looking to meet the Paris Agreement target of keeping global warming at just 1.5 degrees Celsius above pre-industrial levels.

While VCM plays a role in the global reduction of greenhouse gases (GHG) globally, as it encourages and rewards businesses and projects to adopt innovative methods of reducing CO2 emissions, the VCM ecosystem still has a lot of challenges plaguing its growth, including a lack of transparency and the complexity of verifying carbon transactions.

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