Press release
Bayer Selects Northern Trust as Provider for Digital Lifecycle Management of Carbon Credits
The Northern Trust Carbon Ecosystem™ is supporting transactions and custodian functions for Bayer’s Voluntary Carbon Credits program. CHICAGO--(BUSINESS
About this update from Northern Trust Corporation
[{"type":"text","content":"\nThe Northern Trust Carbon Ecosystem™ is supporting transactions and custodian functions for Bayer’s Voluntary Carbon Credits program.\n\n CHICAGO--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) announced today that it has been selected by Bayer to act as one of its providers for the digital lifecycle management of the Bayer Carbon Program, the company’s voluntary carbon credits program.\n\nA part of Bayer’s carbon credits inventory has been recorded on The Northern Trust Carbon Ecosystem™, a fully digital platform for the end-to-end lifecycle management of digital carbon credits. Northern Trust’s capability has allowed Bayer to directly link the U.S. state of origin as well as the vintage year to the digital verified carbon credits.\n\nNorthern Trust records the carbon credits and acts on instructions from Bayer to transfer and settle digital carbon credit transactions and provide designated custodial services. To date, Bayer has completed several transactions of carbon removal credits, which its customers retired to offset their emissions.\n\nBayer’s Crop Science division aims to offer a system of solutions to enable and scale regenerative agriculture which Bayer sees as an outcome-based production model which has improving soil health at its core and strengthening resiliency as a key objective. To this end, Bayer supports specific agronomic practices, innovations and digital farming technologies, including the ForGround platform. U.S. farmers enrolled in ForGround receive personalized agronomic support, exclusive discounts and new revenue streams for implementing no-till, strip-till or cover crops. In addition, these regenerative agricultural practices aim to benefit soil health, protect water resources, enhance biodiversity and support social and economic well-being.\n\n“Using The Northern Trust Carbon Ecosystem enables us to seamlessly transact verified credits, providing high-quality carbon offsets to companies, and thereby supporting our farmers’ regenerative agricultural efforts,” said Cornelius Streit, Global Head of Carbon Operations at Bayer’s Crop Science. “Northern Trust’s platform allows for the efficient transfer and settlement of the digital credits on the pre-agreed settlement date.”\n\nJustin Chapman, Group Head of Strategic Partnerships, Digital Assets and Financial Markets, at Northern Trust, said: “Follow...