Nov. 22 (Bloomberg) -- JPMorgan Chase & Co. may sell its EcoSecurities carbon offset business in the U.K., according to a report on the Carbon Finance website that sites unidentified people.
The bank is keen to make an exit from the investment and EcoSecurities executives are open to discussions with potential buyers, the online news analysis service said.
Patrick Burton, vice-president of media relations at JPMorgan in London, declined to comment on the report when contacted by e-mail today.
JPMorgan acquired EcoSecurities in 2009 for 124 million pounds ($198 million). The Oxford-based company is the largest developer of carbon-offset projects under the United Nations’ Clean Development Mechanism, according to the UN Environment Program’s Risoe Center in Roskilde, Denmark. The projects generate Certified Emission Reductions that may be used by companies in the European Union’s emissions-trading system.
CERs for December gained 2.6 percent to 80 cents yesterday. They’ve fallen 97 percent since reaching their highest level in 2008.
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