Owners of National Australia Bank Ltd. (ASX: NAB) shares will be pleased to learn that the bank's Project Carbon – now renamed Carbonplace – has attracted attention from more international banking giants.
The founding members of the voluntary carbon market project have been joined by UBS (NYSE: UBS), Standard Chartered (LON: STAN), and BNP Paribas.
As of Wednesday's close, the NAB share price is $30.60. That's 0.59% higher than it was at yesterday's close.
For context, the S&P/ASX 200 Index (ASX: XJO) also moved higher today, gaining 1.04%.
Let's take a closer look at the latest on the bank's carbon credits initiative.
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More financial giants jump onboard Carbonplace
The NAB share price spent the day in the green amid news Carbonplace's founding members have been joined by more financial heavyweights.
NAB launched the innovation in mid-2021, alongside CIBC (NYSE: CM), Itaú Unibanco (NYSE: ITUB), and NatWest Group (LON: NWG).
The Carbonplace platform is currently being developed with hopes it can provide infrastructure and systems for the trading of carbon credits. It's expected to go live before the end of this year.
Carbon credits sold on the platform will be verified using international standards.
According to a release from NAB, the new founders have brought a significant number of potential users with them.
The bank expects that number will keep increasing as more financial entities jump on board.
UBS global markets co-head of distributions, Kevin Arnold, commented on the bank's involvement in the platform, saying:
[Carbonplace] will help create a streamlined and transparent voluntary carbon market for our clients and the industry, which will be critical to helping us all fulfil our sustainability strategies.
Chris Leeds, head of carbon markets development at Standard Chartered, said Carbonplace will "reduce barriers to entry in the voluntary carbon market".
NAB share price snapshot
The NAB share price is outperforming the broader market in 2022, having gained 4% year to date.
In comparison, the ASX 200 has slipped 4% since the start of this year.
Additionally, NAB's stock has gained 19% over the last 12 months while the index has gained 5%.
