There's gold in them thar credits: Big banks track $60-billion carbon market

Two big banks, Merrill Lynch from the U.S. and France's Societe Generale, "both launched global carbon indexes on Wednesday to track the international carbon markets, which were worth some $60-billion last year," Reuters is reporting.    

"The indexes will allow investors to access the world's carbon markets, including the European Union's emissions trading scheme and carbon trading markets under the United Nations' Kyoto Protocol," Reuters noted.

A Merrill Lynch official noted in a press release that the company's decision to launch its index comes "in response to strong demand from our institutional, asset management, and wealth management clients who seek exposure to the rapidly growing global carbon market.”

Lest you think the two banks are kidding about the richness of the carbon credit market, consider this other bit of financial news today: Investment house J.P. Morgan is acquiring carbon offset provider ClimateCare for an undisclosed sum.

"JP Morgan and ClimateCare said the move will create a 'leading market-maker' in carbon emission reductions," according to Forbes.com. Officials of the two companies said their goal is "to invest in quality, large-scale carbon emission reduction projects and to advance the development of a liquid financial market that trades in carbon emission reduction credits."

To read the Reuters report, click here. To read Merrill Lynch's press release, click here. To read the Forbes.com story click here.

--Craig Pittman