UBS-Backed Carbon Credit Network Nears 2023 Launch After Test
- Carbonplace was formed by nine banks including CIBC, Natwest
- New network aims to settle carbon-credit trades quickly
Demand for carbon credits may grow more than 40-fold over the next three decades, according to BloombergNEF projections.
Photographer: Aparna Jayakumar/BloombergThis article is for subscribers only.
A carbon-credit transaction network developed by nine banks including Canadian Imperial Bank of Commerce and UBS Group AG is a step closer to launching early next year after completing a series of pilot trades.
Carbonplace settled trades involving buyers and sellers of environmental credits in Brazil, Australia, Singapore and the UK, two days after the deals were priced. The process included procedures to comply with anti-fraud and money-laundering regulations, according to a statement seen by Bloomberg News.