Carbonplace, a blockchain-based carbon credit settlement platform supported by several banks, has successfully executed a pilot transaction in collaboration with Visa.
In this pilot, Visa acquired Verra-certified carbon credits from Sustainable Carbon, a notable carbon credit project developer. This milestone comes ahead of the anticipated launch of a system referred to as the “Swift for carbon markets,” set for later this year.
The transaction was facilitated by two founding banks of Carbonplace: NAB, representing Visa, and Itaú Unibanco, acting on behalf of Sustainable Carbon. The partners emphasize that this pilot underscores Carbonplace’s technology’s ability to enhance the speed, efficiency, and security needed to meet the escalating demand for voluntary carbon credits.
The participating banks—BNP Paribas, CIBC, NatWest, Standard Chartered, and UBS—believe they can utilize their established infrastructure, including KYC and AML protocols, to overcome obstacles hindering the growth of the voluntary carbon market.
For Visa, this pilot aligns with its commitment to achieve net-zero emissions by 2040, a decade ahead of the targets set by the Paris Climate Agreement.
David Gall, NAB’s Group Executive for Corporate and Institutional Banking, remarked, “Carbonplace is opening new avenues for our clients as they strive to reduce their emissions and meet their sustainability goals. This successful pilot with Visa is an important step toward overcoming current barriers and making carbon credits accessible to a wider audience.”