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' Pavilion in the Blue Zone at COP 28.
About ITMO Ltd.
ITMO Ltd. (www.itmo.com) supports nations, corporations and financial institutions transition to Net-Zero, at speed and scale, through the Paris Agreement Carbon Market. ITMO Ltd. sources, structures, and sells Paris-Compliant Sovereign Carbon Credits (ITMOs), at Gigaton Scale, with Economic, Social, and Environmental benefits. The first ITMOs are currently being issued by Rainforest countries. ITMO Ltd. is a private company based in the USA and the UK developing the Paris Agreement Carbon Market, its infrastructure, its products and its credibility through three units: ITMO Tech (Structuring, Platform & Registries), ITMO Capital (Selling, Syndication & Distribution) and ITMO Research (Data, Analytics & Research). ITMO Ltd. is an affiliate of the Coalition for Rainforest Nations.
About BancTrust
BancTrust & Co. Investment Bank (www.banctrust.com) is a leading London-based global emerging markets investment bank that offers corporate and investment banking, securities dealing and financing, investment research products and services to a diversified client base mainly comprised of emerging and frontier markets-based corporations, financial institutions, governments, and dedicated global EM asset managers.
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