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Northern Trust Advances Industry-Wide Carbon Credit Ecosystem with Successful Testing of Digital Platform

ESGNorthern Trust Advances Industry-Wide Carbon Credit Ecosystem with Successful Testing of Digital Platform

Northern Trust has taken a significant step toward creating an industry-wide voluntary carbon credit ecosystem, enabling institutional buyers to digitally access carbon credits from leading project developers. The company has successfully completed fully automated transactions on its initial digital carbon credit platform, developed with carbon avoidance and removal project developers, including Go Balance Limited, ReGen III, and a direct air capture company, in addition to institutional buyers. The platform employs private ledger digital blockchain technology to connect institutional buyers with carbon credit suppliers focused on reducing greenhouse gases. It allows purchasers to transact tokenized carbon credits directly with project developers and retire them against their carbon footprint. Northern Trust plans further development of the platform, including the first official live transaction, later in 2023.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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