PNZ Carbon use Carbonplace to Distribute World’s First Carbon Credits from decarbonisation of UK homes
London, 23rd April 2024
PNZ Carbon use Carbonplace to Distribute World’s First Carbon Credits from decarbonisation of UK homes
- Carbonplace, the global carbon credit management and distribution platform, has partnered with PNZ Carbon to deliver the first distributions and retirements of certified carbon credits through their secure bank-grade infrastructure.
- PNZ Carbon, which funds the retrofit of carbon-intensive UK homes using carbon credits, is the first ever project developer to distribute, transact, and retire credits through Carbonplace’s platform built and powered by the world’s leading banks.
- PNZ Carbon and Carbonplace’s partnership sets a new bar for security and transparency in the voluntary carbon market and will help decarbonise the UK’s carbon-intensive housing stock.
Carbonplace, the only carbon credit management platform built and powered by the world’s leading banks, has partnered with UK carbon credit project developer, PNZ Carbon, to deliver the first-ever distribution and retirement of certified carbon credits through first-of-its-kind bank-grade infrastructure, helping to boost integrity in the voluntary carbon market.
PNZ Carbon, the only project developer in the world to make retrofitting homes at scale more affordable through carbon finance, will distribute certified carbon credits using Carbonplace’s simple, transparent, and secure platform. The buyers of PNZ Carbon’s credits can use their Carbonplace account to manage and retire these credits.
Credits generated from PNZ Carbon’s 2022 vintage were generated from a pilot with the Housing Associations’ Charitable Trust (HACT) to retrofit social housing in the UK, helping homes become more energy efficient, whilst also bringing about social value by creating warmer, healthier homes. Buyers of credits from this vintage included Berkeley Group, Unity Trust Bank, Ibstock plc, Igloo Regeneration, Hunters Estate Agents, and Kinovo, amongst others.
PNZ Carbon and HACT are funding over 100,000 retrofit projects across the UK from the commercial demand for transparent, localised carbon credits, with PNZ Carbon using this demand to expand this carbon credit-based funding into the retrofit of owner-occupier homes.
Built on the existing compliance infrastructure of world-leading banks, Carbonplace’s full ledger, audit, and reporting functionality will manage the carbon credit lifecycle of PNZ Carbon’s retrofit credits from inception to retirement, offering reliable records of ownership of the credits and reducing any risk of double counting. By removing risk and complexity, Carbonplace is helping to scale innovative carbon financing solutions like those developed by PNZ Carbon and HACT and together, accelerating the UK’s transition to net zero.
This is just the first development in an ongoing partnership between PNZ Carbon and Carbonplace, which has committed to purchasing PNZ Carbon’s credits.
Simon Turek, Managing Director of PNZ Carbon, said: “We’re delighted to be partnering with Carbonplace, which is playing such an integral role in shaping the voluntary carbon market as it continues to scale. We know project integrity is so important to customers and buyers, which is why we’re proud to be the first project developer to distribute credits through Carbonplace’s platform – and we know many others in the industry will follow. Carbonplace’s investment in our credits will continue to not only deliver emissions reductions but to positively impact communities across the UK.”
Scott Eaton, CEO of Carbonplace, said: “Carbonplace’s partnership with PNZ Carbon exemplifies how our platform’s registry access services can set a new bar for security and transparency in the voluntary carbon market and together, we can rapidly scale carbon finance for some of the UK’s trickiest areas to decarbonise. Buyers of PNZ Carbon credits on Carbonplace’s platform can be safe in the knowledge they’re trading and retiring credits in the most secure way available to the market today.”
Notes to Editors
Carbonplace Limited is a global carbon credit transaction network headquartered in London and developed by nine of the world’s foremost financial institutions.
The fintech fundamentally transforms how carbon credits are bought and sold by allowing simultaneous settlement of carbon credits, with immediate transfer of ownership upon payment – ensuring robust reporting and traceability during the entire carbon credit transfer process and is available to clients of financial institutions wanting to deliver secure and transparent access to the carbon markets.
Building on its member banks’ highly regulated and standardized compliance frameworks, Carbonplace ensures transparent and simple customer-to-customer transactions by enabling frictionless counterparty due diligence and onboarding.
The voluntary carbon market has a critical role in supporting the transition of corporations to net zero greenhouse gas emissions, as part of their climate action strategies. Carbon credits can be used by corporations looking to compensate for emissions that they cannot reduce or remove. The credits fund high-quality projects that remove such emissions from the atmosphere.
Media Contact
Zoë Fillingham, Account Director, Browning Environmental Communications
Email: zoe@browningenvironmental.com
Phone: +44 7285 228 571