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.
Northern 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.
A 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.
Northern 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.
Bayer'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.
"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."
Justin Chapman, Group Head of Strategic Partnerships, Digital Assets and Financial Markets, at Northern Trust, said: "Following the successful launch of The Northern Trust Carbon Ecosystem, we are pleased to welcome additional project developers and institutional buyers to our platform. Working with well-established developers, such as Bayer to support its carbon programs, demonstrates our platform's potential to enable the Voluntary Carbon Market to operate at scale."
Cornelius Streit added: "Working with large-scale institutional organizations like Northern Trust supports Bayer's focus on scaling regenerative agriculture to help farmers produce more, while also helping to restore the planet. Bayer has a sizable volume of future vintages in the process of being verified, which will be made available to additional buyers. These future issuances, along with the current batch of credits listed on Northern Trust's platform, make up one of the largest credit issuances of any regenerative agriculture project to date."
Northern Trust announced the formal launch of The Northern Trust Carbon Ecosystem in September 2024 with the first live transactions. The ecosystem is powered by Northern Trust's digital assets platform, Northern Trust Matrix Zenith™, which is the latest milestone in Northern Trust's asset servicing innovation journey. Northern Trust Matrix Zenith supports key digital asset lifecycle events from asset creation, trading, pricing and custody to reporting.
The Northern Trust Carbon Ecosystem is offered through The Northern Trust Company, Chicago.
About Northern Trust
Northern Trust Corporation (NASDAQ:NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2024, Northern Trust had assets under custody/administration of US$16.8 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
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