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August 15, 2007

Morgan Stanley in Carbon Offset Consulting Play



If you though the green movement was a passing fancy, think again. All you need to do is heed the age-old adage: Follow the Money.
 
In a follow-on to last year’s proclamation from Morgan Stanley that the firm would invest upwards of $3 billion in environmental markets, including carbon credit trading, Morgan Stanley announced it will partner with consultants Det Norske Veritas (DNV), an independent risk management foundation in a bid to advise companies that want to go carbon neutral.
 
DNV is also considered a leading international provider of emissions data certification.
 
Morgan Stanley is not alone. The margins to be made selling carbon credits have attracted the attention of competing investment banks including Citigroup, Credit Suisse and Merrill Lynch.
 
According the Morgan Stanley, the system will work as follows:
 
Under the new service, clients will compile their emissions inventory and calculate their carbon footprint by applying the monitoring standards of the Greenhouse Gas Protocol Initiative, which has provided the accounting framework for many mandatory greenhouse gas programs across the world, including the EU Emissions Trading Scheme. DNV will then verify these emissions inventories and calculated carbon footprints. Carbon quantification, monitoring and verification will be conducted consistent with ISO 14064 standards. Morgan Stanley’s Commodities Group will procure and cancel carbon credits equivalent to a client’s verified carbon footprint. Clients will be able to select their preferred sources of carbon credits, although all carbon credits will be generated according to the standards of the Kyoto Protocol.
 
Morgan Stanley has made a pledge to advancing sustainable global development, by implementing energy efficient policies and committing to reduce greenhouse gas emissions by up to 10 percent below 2006 levels by 2012 through new green buildings and additional energy use improvements.
 
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