Custodian bank BNP Paribas Securities Services wants to help bring together companies looking to offset their carbon emissions and investors via a new non-profit platform.
The aim is that ClimateSeed will help to develop the voluntary carbon market, helping buyers and sellers of carbon credits to meet. The platform will include a social network for carbon credits buyers to get an overview of existing projects. And those looking to invest in voluntary carbon-offsetting projects also will be able to connect with those companies looking for funding.
A spokeswoman for BNP Paribas Securities Services said all profits from the platform will be reinvested in ClimateSeed, since it is being set up as a socially responsible business.
"To this day, there is no centralized, transparent and efficient platform to buy and sell carbon credits of voluntary offsetting projects," said Patrick Colle, CEO at BNP Paribas Securities Services, in a news release. "As a results, investors and project carriers struggle to match their needs and many carbon offset projects remain unfunded."
Post-trade infrastructure for the platform was built and is operated by BNP Paribas Securities Services. Sellers of carbon credits via the platform will be vetted by an ethics board made up of carbon market experts, universities, non-governmental organizations and auditors.
ClimateSeed is set to launch in mid-2018. BNP Paribas Securities Services has €9.3 trillion ($11 trillion) in assets under custody and €2.3 billion in assets under administration.