Merrill Lynch Enters the Carbon Offset Business

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LONDON, UK -- Merrill Lynch launched a full-service carbon offset service Wednesday to help companies develop and manage climate-related strategies.

ICF International will support Merrill Lynch Green and Gold to assist businesses in reducing emissions through voluntary offsets. The carbon credits, which will meet various certification standards, such as Gold Standard and Climate, Communitiy and Biodiversity Alliance, will be used after footprints and energy efficiency opportunities are established.

"Our view is that the carbon market, now worth $70 billion, has demonstrated that it provides the most cost-effective approach for companies to reduce and offset their emissions of greenhouse gases," said Abyd Karmail, Merrill Lynch's managing director and global head of carbon emissions.

"The market must, however, continue to grow on a foundation of environmental integrity. Demand in the rapidly growing voluntary carbon offsets market is shifting towards emission reductions that provide stakeholders with an independent guarantee of environmental sustainability and credibility."

The service is geared toward companies in the Americas, Asia and Europe that currently are not under climate-related regulations but want to enhance their brand, cut costs and strive for carbon neutrality.

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