Northern Trust has completed the first stage toward an industry-wide voluntary carbon credit ecosystem that would allow institutional buyers to digitally access carbon credits from leading project developers. This follows Northern Trust’s milestone of completing fully automated transactions on the initial MVP digital carbon credit platform it has 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 ecosystem uses private ledger digital blockchain technology to connect institutional buyers with carbon credit suppliers. The fully digital platform allows purchasers to transact tokenised carbon credits directly with project developers and retire these against their carbon footprint.