January 16, 2008
Miami’s MGM Generating Interest In Carbon Trading
The Miami firm MGM International is developing a strong international market in carbon trading, reports the Miami Herald. Founded in 2001 by an environmental lawyer, Marco Monroy, MGM is gaining attention – in 2006, Morgan Stanley purchased 38 percent of the company for an undisclosed sum.Morgan Stanley views this business as a “very big growth area,” says Nancy King, an MS managing director, head of U.S. emissions trading. Last year, the global market in carbon trading was $30 billion. That number is expected to rise with more and more exchanges wanting in on the action. MS bought into MGM because they viewed it as a “high-integrity shop” with “technical experts around the world that we can’t replicate.” Last summer, Morgan Stanley announced a partnership to form a “carbon bank” and advise companies that want to go carbon neutral.
Currently, MGM has 100 employees working out of ten offices, including Buenos Aires, New Delhi and Beijing. This month, they plan to add offices in Italy, Norway and the UAE.
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