Carbon Trade Exchange and Westpac (ASX: WBC) have teamed up to create the world’s first electronic interface for the voluntary carbon market. This partnership will allow companies to trade as buyers or sellers into the Carbon Trade Exchange from their own bank account.

The platform provides a secure end-to-end electronic solution for businesses who wish to trade carbon to offset their emissions; setting an example to the rest of the world that businesses need to be the leader in tackling climate change, Carbon Trade Exchange said in a statement.

“The Carbon Trade Exchange provides companies with an easy to use platform for buying and selling credits. You can select a type of credit, the amount you want to pay, and to which renewable project you want your money to go to,” said Wayne Sharpe, CEO & Founder of Carbon Trade Exchange.

“All transactions happen instantaneously. All you need is access to the internet, a bank account and cash to settle any trades. We chose Westpac as our banking partner, because it’s the largest corporate bank in Australia and has relationships with some of the largest financial institutions in the world. We also wanted to make our platform as easy as possible to use”.

According to the company, buying carbon credits is the best way to offset unavoidable CO2 emissions as it allows businesses to reduce their carbon footprint and become carbon neutral.

Wayne Sharpe added, “With a banking solution; organisations of all sizes can now buy internationally recognised carbon credits (Australia NCOS), and do it with ease, confidence, at a reduced cost.”

Westpac is the first bank to take this step and gives carbon buyers access to a large range of global voluntary offset projects; ranging from energy efficiency and renewable energy to forestry and waste to energy.