(Bloomberg) — As the carbon offset market gets a new lease on life from the COP28 climate summit in Dubai, bankers from Wall Street and the City of London are positioning themselves to get a chunk of the dealmaking they say is coming.
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Banks that have been building up carbon trading and finance desks include Goldman Sachs Group Inc., Citigroup Inc., JPMorgan Chase & Co. and Barclays Plc. They’re looking to finance the development of carbon sequestration projects, to trade credits and to advise corporate clients buying offsets. They’re also keen to support local projects in emerging markets that currently lack the financial clout to scale up their work.
“A lot of project developers don’t have huge balance sheets and have difficulty raising money,” said Sonia Battikh, Citi’s global head of carbon offsets trading. “Working out how to bridge that financing gap and channel money to projects is where a bank like Citi can play a role.”
Wall Street is…
2023-12-10 19:00:00
Link from finance.yahoo.com
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