JPMorgan Buys Carbon Offset Company ClimateCare

March 26, 2008

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JPMorgan has acquired Climate Care, a UK carbon offset company. The company will invest in large-scale carbon emission reduction projects and trade the carbon emission reduction credits. ClimateCare will be integrated into JPMorgan’s Environmental Markets group. Financial terms of the acquisition were not disclosed.

Investment banks including Citigroup, Morgan Stanley and Merrill Lynch have bought stakes in developers of emissions-cutting projects, but JPMorgan said it was the first case to buy a developer outright, The Guardian reports.

“Clients are seeking to reduce their emissions both due to regulations and out of social responsibility,” said Blythe Masters, head of Commodities at JPMorgan. “This transaction positions JPMorgan to offer the highest-quality advice and execution in emerging carbon emissions markets.”

The global carbon market will see 4.2 billion tons carbon emissions transacted during 2008, up 56 percent from last year, according to recent research.

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