Morgan Stanley, a global financial services firm, has created the Morgan Stanley Carbon Bank to assist clients who wish to be carbon neutral. The program is the market's first broadly offered service providing integrated carbon verification and offsetting capabilities based on recognized international standards, according to Morgan Stanley.
Under the new service, clients will calculate their emissions inventories and carbon footprints by applying the monitoring standards of the Greenhouse Gas Protocol Initiative, developed by World Resources Institute and the World Business Council for Sustainable Development. Det Norske Veritas, an international provider of emissions data certification, will verify these emissions inventories and calculated carbon footprints.
Morgan Stanley's commodities group will procure and cancel carbon credits equivalent to a client's verified carbon footprint, the company explains. Clients will be able to select their preferred sources of carbon credits.