LONDON: Three more banks have joined an initiative to develop a new platform for settling transactions of voluntary carbon credits, the group of financial institutions behind the project said on Tuesday.

Project Carbon was launched last year by financial institutions CIBC, Itaú Unibanco, National Australia Bank and NatWest Group to develop a new technology platform, called Carbonplace, to provide infrastructure to enable the reliable, secure, and scalable trading of voluntary carbon credits.

Now, UBS, Standard Chartered, and BNP Paribas have also joined those banks as founding members of the project.