JPMorgan acquires carbon firm

26 March 2008

JPMorgan announced on Wednesday that it is to acquire ClimateCare, a carbon off-setting company, into its Environmental Markets group.

ClimateCare was obtained for an undisclosed figure through JP Morgan's investment bank. The transaction will be finalized in the second quarter.

The companies aim to implement international projects centred on carbon emission off-setting.

Blythe Masters, head of commodities at JPMorgan, said: "Clients are seeking to reduce their emissions both due to regulations and out of social responsibility.

"This transaction positions JPMorgan to offer the highest-quality advice and execution in carbon emissions markets."

ClimateCare was created 11 years ago and has experience of clients in both the voluntary and compulsory carbon off-setting groups.

Mike Mason, founder of the carbon off-set company, said: "ClimateCare can now deliver its expertise on a truly global scale, and work with hundreds of major partners around the world to facilitate the rollout of low carbon technologies at the scale and pace required to make a genuine difference to our environment."

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