Carbonplace has signed a deal with PNZ Carbon to distribute its carbon credits via the bank distribution network. Carbonplace was founded by nine global banks and developed a transaction network. Meanwhile, PNZ Carbon performs mass retrofits of UK housing to make them more energy efficient. It uses the carbon credits generated to help fund the upgrades.
CIBC, Itaú Unibanco, National Australia Bank and NatWest founded Carbonplace in 2021. Subsequently BBVA, BNP Paribas, Standard Chartered, SMBC and UBS joined, with all the members backing a $45 million funding round last year.
PNZ Carbon will be the first project to go live on Carbonplace. It will enable the carbon credits to be distributed via the platform, enabling buyers to manage and retire them.
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