The Bank of New York Mellon, a provider of asset management and securities servicing, has been appointed by the Voluntary Carbon Standard Association to be a Voluntary Carbon Unit (VCU) registry provider as part of the association’s new registry system to be launched later this year.
In its role as registry, the company will issue, hold, trade and retire VCUs representing greenhouse gas reduction or removal on behalf of registry participants. The new registry system is part of the ongoing development of the Voluntary Carbon Standard and the processes for the voluntary carbon offset market.
“Our selection as a VCU registry recognizes the support we have provided to help expand the voluntary carbon market and highlights our expertise in providing critical infrastructure services to financial markets worldwide,” says Scott Posner, chief executive officer of The Bank of New York Mellon’s Global Corporate Trust business.
In 2006 The Bank of New York Mellon launched a global registrar and custody service to facilitate trading of VCUs.
The Bank of New York Mellon’s Global Corporate Trust business services $12 trillion in outstanding debt from 55 locations around the world. It services all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities and international debt offerings.