LONDON and NEW YORK, Dec. 3, 2023 /PRNewswire/ — ITMO Ltd and BancTrust Investment Bank (“BancTrust”) have agreed to a joint distribution and settlement partnership for countries issuing sovereign carbon ITMOs under Article 6 of the Paris Agreement.
Rainforests are a critical part of the solution to climate change, but promised funding from the developed world to help fund their maintenance has not materialised. ITMOs now allow countries to issue UN verified results in a format which can be purchased by other sovereign nations or corporations.
Kevin Conrad, ITMO Ltd group CEO, who founded the Coalition for Rainforest Nations nearly twenty years ago said, “It’s been a long road, but the rainforest countries are finally in a position where they have the legal structure, verification processes and market appetite to receive fair compensation for providing lungs to the world”.
Carlos Fuenmayor, Chief Executive at BancTrust commented, “We are thrilled to announce our partnership with ITMO Ltd to take this next crucial step on the path towards a sustainable future. We firmly believe that the time for action is now, and we are confident that there is extremely strong demand for tradable, verified carbon credits from a diverse range of global sources. This collaboration marks a significant step forward in facilitating the development of a robust and transparent carbon credit trading market.”
ITMO Ltd and BancTrust will be at the Coalition for Rainforest Nations’…
