JPMorgan Buys Carbon Offset Company ClimateCare
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.
Energy Manager News
- Senators National Energy Policy Vision Leads to a Hopeful Future
- Google Builds Data Center on Site of Old Coal Plant
- EPA Honors 3 Facilities for Combined Heat and Power
- Cheese Factory Installs Anaerobic Digestion
- Certification Program Established for Green Button Standard
- Diesel Genset Market to Reach $68B by 2024, Navigant Says
- Emulsion Mist Collectors Designed for Heavy Industry
- IKEA Plugs In Fuel Cells at California Store