A small British company that pioneered the idea of individuals and companies "offsetting" their climate change emissions has been bought by JP Morgan, one of the world's largest financial organisations.
ClimateCare, which was set up 11 years ago as a one-man enterprise working from a bedroom in Oxford, now employs nearly 40 people in five countries, but is expected to grow as JP Morgan expands its carbon credit business to more than 60,000 corporate clients around the world.
Mike Mason, founder of ClimateCare, said: "We envisage the [voluntary and compliance] carbon-offset market growing substantially. It will become one of the defining features of the century."
The organisation makes reductions of greenhouse gases such as C02 on behalf of individuals and companies around the world, and invests in wind power, hydro power, biomass, human energy and cooking-stove projects in developing countries. Working with companies as diverse as Land Rover and the Guardian, it has invested in China, India, Cambodia, Mauritius and many other countries.
It now plans to originate large-scale projects, especially in Africa, which has largely missed out on the carbon credit boom. Offset money is theoretically helping to fund the transition to a low-carbon future for developing countries.
Blythe Masters, head of commodities at JP Morgan, said: "Clients are seeking to reduce their emissions both due to regulations and out of social responsibility. This transaction positions JP Morgan to offer the highest-quality advice and execution in emerging carbon emissions markets."
