In response to the Kyoto Protocol’s effort to reduce greenhouse gas emissions, The Bank of New York announced Monday its implementation of a global registrar and custody service for trading voluntary carbon units.
The registrar and custody service is designed to facilitate the development of global standards and processes for the voluntary carbon offset market, allowing participants who wish to transfer VCUs to do so by way of a single team within the Bank.
Through the service, companies are now able to purchase carbon emissions credits either to offset their own carbon emissions or to provide offset services to consumers.