A big and “credible” carbon market is required to switch tons of of billions of {dollars} into belongings concerned in lowering world emissions, in accordance with Standard Chartered CEO Invoice Winters.

Winters chairs the Institute for Worldwide Finance’s Taskforce on Scaling Voluntary Carbon Markets, launched by U.N.’s Particular Envoy for Local weather Motion Mark Carney.

The group goals to construct a voluntary carbon market to allow companies to achieve web zero emissions, and has steered that this might want to scale not less than 15 instances, and probably 160 instances, its present degree. These markets permit the buying and selling of emissions allowances and successfully places a worth on carbon.

Chatting with CNBC from the World Financial Discussion board’s digital Davos Agenda occasion, Winters acknowledged that since massive corporations like Customary Chartered can’t virtually scale back their…