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Carbonplace and Climate Impact X (CIX) are collaborating to create a pilot for a seamless blockchain-based platform for voluntary carbon credit trading.
The organizations will help customers buy, trade, and settle carbon credits in a market that is expected to attract a hundredfold increase in global demand before 2050.
The markets and trading for carbon credits, which allow businesses to monetize climate mitigation efforts and let consumers invest in projects prioritizing sustainable practices, are still considered complex and inaccessible.
This is due to the vast number of trading options and lack of verification of some credits.
CIX allows customers to choose among a selection of verified carbon credits while Carbonplace’s novel settlement technology, wide client base, and high regulatory standards will comprise the settlement platform.
Mikkel Larsen, CEO of CIX, noted that the two firms’ collaboration through Project Marketplace creates easy access to curated, quality credits and a settlement system underpinned by transparency and integrity
Major institutions back both projects. CIX was founded by DBS Bank, the Singapore Exchange (SGX), Standard Chartered, and Temasek to create a marketplace of projects where corporates can buy carbon credits.
Meanwhile, Carbonplace was founded last year by NAB, CIBC, Itaú Unibanco, and NatWest, and this year they were joined by another three banks, BNP Paribas, Stanchart, and UBS. It expects to go into production towards the end of this year.
