Wealth and asset manager Northern Trust has launched The Carbon Ecosystem – a digital solution for institutional investors to buy carbon credits. The ecosystem is powered by Northern Trust’s digital asset platform – Matrix Zenith – which can connect investors with project developers focused on climate solutions to avoid, reduce or remove greenhouse gases from the atmosphere. Supported by private ledger digital blockchain technology, buyers can purchase carbon credits directly and retire them against their emissions footprint. Northern Trust will act on instruction to record, transfer and settle digital carbon credits in its capacity as the designated custodian. “The Northern Trust Carbon Ecosystem supports the growing interest in the voluntary carbon market by providing a digital lifecycle management capability for voluntary carbon credits,” said Pete Cherecwich, President of Asset Servicing at Northern Trust. “The experience is designed to give project developers and institutional buyers confidence in their carbon credit transactions.” The firm is working with project developers including Water Recovery Systems, a UK-based water purification and membrane technology company, and carbon credit proponent company CUT Carbon Distributed Technologies. “The Northern Trust Carbon Ecosystem is just one example of the current and future planned applications of Northern Trust Matrix Zenith – the latest milestone in our asset servicing innovation journey,” said Justin Chapman, Global Head of Digital Assets and Financial Markets at Northern Trust. “It supports key digital asset lifecycle events, from asset creation, trading, pricing and custody, to reporting.”
