Visa and Carbonplace Partner on Carbon Credit Transfer

Carbonplace, the new carbon credit settlement platform jointly developed by some of the world's largest financial institutions, has announced the successful pilot transfer of carbon credits through its system in collaboration with global payments technology company Visa.

The transaction, which involved Visa purchasing Verra-certified credits from Sustainable Carbon, a leading carbon credit project developer, represents a major boost for carbon markets. It demonstrates the capability of Carbonplace's unique settlement technology to significantly increase the speed, efficiency, and security required to support the growing demand for voluntary carbon credits, and in doing so, to more effectively drive private sector capital towards global climate solutions.

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This new collaboration is part of Visa's global aspirations to become a climate-positive company through new partnerships and initiatives. Together with Carbonplace, Visa will continue to explore delivering additional technology-led sustainable solutions for its customers.

Carbonplac is expected to be operational at the end of 2022.

"Visa is committed to support the transition to a low-carbon economy and to create sustainable business solutions for our clients, which will help them meet their net zero commitments," said Charlotte Hogg, CEO Visa Europe. "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."

(Source: PR Newswire)