CIBC, Itaú Unibanco, National Australian Bank, and NatWest Group have partnered to launch Project Carbon, a Voluntary Carbon Marketplace. The project aims to help the banks’ clients to achieve a net-zero carbon goal.
Due to climate change, many companies want to reduce carbon emissions and offset the negative environmental impact of their activities. Governments have also set restrictions and regulations on how much carbon a company can emit.
Under the 2015 Paris Agreement, the increase in temperature compared to pre-industrial levels will be limited to 2 degrees Celsius, but ideally 1.5 degrees. To achieve this, greenhouse gas emissions need to be halved by 2030. Hence an increasing number of corporates voluntarily buy carbon offsets, far more than might be required for compliance with local laws.
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