Offsets Are Big Business: Climate Care Acquired By JPMorgan
We already know that carbon offsets are not everyone's cup of tea, but we also know that they are becoming increasingly big business. In a move that indicates just how big we are talking, the UK pioneers of the offset industry, Climate Care, have just announced that they are being acquired by major investment bank JPMorgan. While this move will no doubt further anger those who see offsets as simply a scam for profiting off the climate crisis, founder Mike Mason (who we interviewed here and here) argues that the scope of the problem is such that we need to scale up our efforts considerably if we are to meet the challenge. Just as we felt that TreeHugger's acquisition by Discovery would help us reach a whole new audience, Mason believes that this deal will help Climate Care grow with the urgency that is required:
"We are committed to delivering on our original intention of tackling climate change at scale with the urgency that is required. We are proud of what we have achieved, but whilst we have built strong foundations to date, Climate Care must become far bigger to fulfill this potential in tackling climate change.
In this spirit I am delighted to announce our acquisition by one of the world's leading investment banks, JPMorgan. Their expertise and investment will help to bring our knowledge, experience and passion for tackling climate change to bear on a global scale. As part of JPMorgan, Climate Care will further develop its world-leading position and continue to fund credible, high quality emissions reductions."
First Climate Care, whose next? We fully expect some pretty smart and influential money will be sniffing around some of the other credible players in the offset industry in the near future.
::Climate Care::via press release