Visa, the global payments technology organization, has teamed up with Carbonplace, a young carbon credit settlement platform, for the pilot transfer of carbon credits via the Visa payment system. Carbonplace increases the delivery of quality carbon credit projects and develops tools to help customers manage climate challenges.
The carbon credit transfer that included Visa purchasing Verra-certified from Sustainable Carbon, brings a major encouragement to carbon markets. It shows the ability of the unique settlement technology of Carbonplace to improve the efficiency, speed, and security needed to support the increasing demand for voluntary carbon credits. The initiative would ensure private sector capital is being used for global climate improvement as well.
Charlotte Hogg, CEO, Visa Europe, commented, “Visa is committed to supporting the transition to a low-carbon economy and creating sustainable business solutions for our clients, which will help them meet their net-zero commitments. We’re excited about the potential for this voluntary carbon market to leverage our capabilities and help to deliver on that commitment, and we’re proud to support Carbonplace through this first pilot purchase of fully certified carbon credits in this market.”
National Australia Bank (NAB) and Itaú Unibanco, two of the founding banks of
Carbonplace, helped the transfer of carbon credits on behalf of Visa and Sustainable Carbon, respectively. It emphasized how the companies behind Carbonplace can collaboratively empower their infrastructure, which involves anti-money laundering processes and know-your-customer (KYC) procedures, to find some of the issues that have paused the advancement of the voluntary carbon market (VCM). This new partnership is part of the global aspirations of Visa to become a climate-positive organization via new alliances and initiatives.
David Gall, Corporate and Institutional Banking, NAB Group Executive, stated, “Climate action is everyone’s job, including NAB’s. Carbonplace is creating new opportunities to help our customers as they take action to reduce their emissions and achieve their own targets. This successful pilot transaction with Visa is a significant step towards being able to help more of our customers tackle existing barriers and make carbon credits more accessible to everyone.”