Commonwealth Bank of Australia (CBA) has made a $15 million investment in Xpansiv as part of the agreement
Commonwealth Bank of Australia (CBA) and Xpansiv Ltd., the global marketplace for ESG commodities, have entered a Strategic Relationship Agreement to build trading infrastructure and grow Australia’s voluntary carbon market.
CBA has made a $15 million investment in Xpansiv as part of the agreement, which focuses on opportunities including enhancing liquidity, market marking, improving efficiency and transparency of carbon markets.
Andrew Hinchliff, CBA Group Executive Institutional Banking & Markets, said that helping clients in all sectors of the economy to transition and achieve their sustainability targets was a core pillar of the bank’s strategy.
Helping our customers prepare for the future is central to what we do, he said. As the world transitions to a more sustainable future, voluntary carbon markets will play a critical role in the economies of tomorrow. As Australia’s biggest bank, we have an important role to play in its development.
Global and Australian voluntary carbon markets are nascent today, but we expect them to grow rapidly, fuelled by increasing net-zero commitments from companies, rising demand for carbon offsets and more private sources of capital entering the market, he said.
Xpansiv has built a leading marketplace for ESG commodities, and we are pleased to be able to invest in the next phase of its growth. This includes its launch of Australian Carbon Credits Units (ACCU) trading next year as the company continues to build out its platform, Mr Hinchliff said.
Ben Stuart, Xpansiv Chief Commercial Officer, said: We anticipate Australia’s voluntary carbon market will grow quickly in both size and trading volumes given the country’s position as one of the world’s largest producers of natural resources. Our partnership with CBA signals the bank’s intention to play a leading role in supporting the development of carbon market infrastructure and will significantly accelerate the development of our client offering.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
Credit: Source link
