JPMorgan Chase & Co. (NYSE: JPM) announced that it will acquire ClimateCare, a company that assists businesses in offsetting carbon dioxide emissions by initiating and investing in renewable energy and energy efficiency projects around the world.
Financial terms of the acquisition were not released.
Upon closing of the transaction, expected sometime in the second quarter, ClimateCare will be integrated into JPMorgan’s Environmental Markets group. The group will originate carbon emission reduction projects globally and trade the carbon emission reduction credits generated by the projects in the compliance and voluntary markets.
The group will initially operate under the JPMorgan and ClimateCare brand names.
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 emerging carbon emissions markets."
Mike Mason, founder of ClimateCare, said: "After building up this business for over a decade, becoming part of JPMorgan is exactly what ClimateCare needs in order to grow rapidly and achieve its goal of having the biggest impact possible in tackling climate change."
As part of the acquisition, ClimateCare’s project sourcing arm, Pioneer Carbon, will become part of the newly combined business.
About ClimateCare
ClimateCare is a world leading carbon offset provider, founded in 1997, making reductions of greenhouse gases such as CO2 on behalf of individuals and companies. These reductions are made through originating and investing in a global portfolio of renewable energy and energy efficiency projects, many of which are developed by ClimateCare’s experts based around the world. The emissions reductions from all projects are independently verified and accredited under leading international standards such as GS VER, VCS and CDM and many bring huge benefits to people’s health and welfare as well as helping to protect the climate.
About JPMorgan
JPMorgan Chase & Co. is a leading global financial services firm with assets of $1.6 trillion and operations in more than 50 countries. A component of the Dow Jones Industrial Average, JPMorgan Chase has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago.
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