London, February 8, 2023- it was revealed that the carbon credit trade network Carbonplace has established its corporation and secured USD 45 million in a strategic round of funding.
The financial institutions that launched the fintech, BBVA, CIBC, Ita Unibanco, BNP Paribas, National Australia Bank, NatWest, Standard Chartered, SMBC, and UBS, provided the seed capital for Carbonplace, which links buyers and sellers of carbon credits through their banks. Each bank receives an equal equity stake via the investment in the new business, whose platform is anticipated to open later this year.
CEO Scott Eaton will oversee Carbonplace, its main office in London. Eaton, who has had many top leadership positions in financial technology and capital markets, is joining from Nivaura, a fintech company focused on capital markets, where he served as CEO. He served as CEO of Algomi from 2018 until its sale to BGC in 2020 before joining Nivaura. Scott served as the COO of MarketAxess, a supplier of fixed-income trading platforms, from 2015 to 2018.
By providing transparent, secure, and open carbon markets, Carbonplace aims to accelerate corporate climate action. The cash injection represents a pledge from some of the largest financial institutions in the world, whose combined assets amount to about USD 9 trillion.
The new company intends to utilize this capital to expand the platform and its employees, broaden the financial institutions it serves as a customer, and forge partnerships with other participants in the carbon market, such as international markets and registries.
Robert Eaton : “We are revolutionizing the way carbon credits are purchased, distributed, kept, and retired through Carbonplace. I’m eager to advance this business to the next stage of development and realize its enormous potential to create tremendous economic and social value by opening up the global carbon markets.”
Global payments technology has been compared to the SWIFT of the carbon markets, and Carbonplace has already conducted deals with various buyers, sellers, registries, and exchanges.
NatWest Markets CEO Robert Begbie:
“The network Carbonplace establishes for exchanging carbon credits is effective and safe. According to McKinsey, the demand for voluntary carbon credits would likely grow globally over the next seven years by a factor of 15. To satisfy that need, Carbonplace is supplying a dependable, secure, and scalable technology that will play a critical role in building the framework for carbon markets to promote large-scale climate action.”
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