Financial Institutions Commit to Transparent and Secure Carbon Markets with Carbonplace Investment

Financial Institutions Commit to Transparent and Secure Carbon Markets with Carbonplace Investment

(IN BRIEF) Carbonplace, a carbon credit transaction network, has raised $45 million in funding from its founding financial institutions and established itself as a standalone entity. The investment will be used to scale the platform, expand its services, and partner with carbon market participants worldwide. Carbonplace aims to accelerate corporate climate action by providing secure, transparent, and accessible carbon markets and has already conducted pilot trades with companies such as Visa and Climate Impact X. The CEO is Scott Eaton and the company is headquartered in London.

(PRESS RELEASE) LONDON, 8-Feb-2023 — /EuropaWire/ — NatWest Group plc (LON: NWG), a British banking and insurance holding company, announces its investment in Carbonplace, a carbon credit transaction network. Along with its founding financial institutions, BBVA, BNP Paribas, CIBC, Itaú Unibanco*, National Australia Bank, Standard Chartered, SMBC, and UBS, NatWest has committed to providing secure, transparent, and accessible carbon markets through this investment.

Carbonplace has raised $45 million in a strategic funding round and established itself as a standalone entity.

Carbonplace, headquartered in London, will be led by experienced CEO Scott Eaton. With a strong background in financial technology and capital markets, Eaton comes to Carbonplace from his previous role as CEO of Nivaura, a capital markets fintech. Prior to Nivaura, Eaton was CEO of Algomi until its sale to BGC in 2020. From 2015-2018, he served as COO at MarketAxess, a fixed income trading platform provider.

Scott Eaton: “With Carbonplace, we are transforming the way that carbon credits are bought, distributed, held and retired. I am excited to take this company to the next level of its evolution, and to help unlock its massive potential to drive significant economic and social value by opening the carbon markets up to the world.”

Carbonplace has already conducted pilot trades with companies such as Visa and Climate Impact X, and its platform offers a streamlined and traceable settlement process for carbon credit transactions through real-time information sharing and digital wallets. By building on the highly regulated compliance frameworks of its user banks, Carbonplace ensures transparent and frictionless customer-to-customer transactions.

Robert Begbie, CEO, NatWest Markets: “Carbonplace creates an efficient and secure network for carbon credit transactions. According to McKinsey, global demand for voluntary carbon credits is likely to increase by a factor of 15 in the next seven years. To meet that demand, Carbonplace is delivering a reliable, secure and scalable technology that will form a crucial part of the infrastructure for carbon markets to drive climate action at scale.”

The capital injection from the world’s largest financial institutions, representing nearly $9 trillion in assets, demonstrates a commitment to Carbonplace’s vision of making corporate climate action easier and more efficient. The company is headquartered in London and is expected to launch its platform later this year.

* The closing of Itaú Unibanco’s acquisition of ownership shall occur following approval of the Central Bank of Brazil.

About Carbonplace Limited

Carbonplace Limited is a global carbon credit transaction network headquartered in London which has been developed by nine of the world’s foremost financial institutions: BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest Group, BBVA, SMBC, Standard Chartered and UBS.

Expected to launch later this year, Carbonplace will enable the simple, transparent, and secure transfer of certified carbon credits. The fintech, which has been likened to the SWIFT of the carbon markets, will fundamentally transform how carbon credits are bought and sold by allowing simultaneous settlement of carbon credits, with immediate transfer of ownership upon payment – ensuring robust reporting and traceability during the entire carbon credit transfer process, and will be available to clients of financial institutions wanting to deliver secure and transparent access to the carbon markets.

About Scott Eaton

Scott Eaton has over 30 years of financial services experience, ranging from corporate finance to trading structured credit to fintech. Most recently, Scott was CEO of capital markets automation startup Nivaura and before that he was CEO of London based fintech company Algomi, which he led until its sale to BGC in 2020. From 2015-2018, Eaton was COO at fixed income trading platform provider MarketAxess. Prior to MarketAxess, Eaton held various senior roles at ABN Amro, Royal Bank of Scotland, Deutsche Bank, and at UniCredit where he was global head of emerging markets trading. Scott has a Juris Doctor degree from Georgetown University in Washington, DC and a BA in Economics from Colorado College. Scott currently serves on the board of trustees for the educational charity City Pay It Forward.

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Notes to editors:

The voluntary carbon market has a critical role in supporting the transition of corporations to net zero greenhouse gas emissions, as part of their climate action strategies. Carbon credits can be used by corporations looking to compensate for emissions that they cannot reduce or remove. The credits fund high-quality projects that remove such emissions from the atmosphere.

SOURCE: NatWest Group


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