Northern Trust has joined Project Ensemble to test the tokenization of carbon credits in a cross-border setting.
Takeaway Points
- Northern Trust joins Project Ensemble.
- The goal is to help develop an experimental framework for cross-border trading of digital carbon credits.
- Project Ensemble is the HKMA’s initiative that was launched in 2024 .
Northern Trust Carbon Credits
Northern Trust said on Tuesday that it has joined Project Ensemble, a Hong Kong Monetary Authority (HKMA) initiative, to help develop an experimental framework for cross-border trading of digital carbon credits.
The aim of the partnership is to explore how overseas investors can easily access tokenized voluntary carbon credits traded in Hong Kong, NTRS said.
Justin Chapman, Group Head of Strategic Partnerships, Digital Assets, and Financial Markets at Northern Trust, remarked, “Our participation in Project Ensemble represents a significant step in bridging digital asset innovation with sustainable finance on a global scale. By collaborating with industry peers and regulators in Hong Kong, we are exploring new ways to connect markets and facilitate cross-border carbon credit transactions. This initiative exemplifies Northern Trust’s strategy of partnering to drive innovation – leveraging our Carbon Ecosystem and digital asset expertise to help develop robust market infrastructure that can accelerate climate action and benefit investors worldwide.”
Angelo Calvitto, Head of Asia Pacific at Northern Trust, commented, “The Asia-Pacific region’s financial and digital innovation is unmatched in vibrancy and pace, with Hong Kong cementing its position as a leading hub for sustainable finance and tokenization. Northern Trust’s participation in Project Ensemble underscores our commitment to being at the forefront of this regional transformation, connecting tokenized markets and building the cross-border sustainable finance infrastructure that will power the next generation of financial services. We are confident that this collaborative initiative will unlock new opportunities across APAC’s dynamic markets and help shape the future of finance.”
What is Project Ensemble?
NTRS said that Project Ensemble is the HKMA’s initiative that was launched in 2024 that aimed at supporting and shaping the development of the tokenization ecosystem in Hong Kong.
About the Carbon Credits Project
The project will be supported by The Northern Trust Carbon Ecosystem, a fully digital platform for the end-to-end lifecycle management of digital carbon credits that utilizes private ledger digital blockchain technology, the company said.
Buyers can purchase digital carbon credits directly from project developers and retire these against their emissions footprint.
About Northern Trust
Northern Trust Corporation 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 March 31, 2025, Northern Trust had assets under custody/administration of US$16.9 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.
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 the website terms and conditions.
