Merrill Lynch backs carbon project

The Carbon Disclosure Project (CDP) officially announced the three-year global partnership, which will help the organisation continue its work in existing areas, such as the UK, and expand into countries where it does not yet have a presence.

Merrill Lynch, which has supported CDP since its early stages, will now invest an undisclosed sum in the organisation, as well as lending its expertise of international carbon markets and finance.

The blue-chip firm is the first member of a new consortium working with CDP. A further three names are set to be announced.

Joanna Lee, corporate partnership manager at CDP, told edie: “We are now bringing together this consortium of global partners who will work with CDP on a more permanent basis.”

It is hoped that the partnership will help to smooth CDP’s expansion into China this year, and other large industrialised nations in the future, such as Russia.

Ms Lee said: “Merrill Lynch often have operations already on the ground so it’s very helpful in getting a foothold in a new area.”

Merrill Lynch president and CEO Greg Fleming said: “As a founding partner of CDP, Merrill Lynch is proud to support the expansion of this critical and unique organization.

“CDP is the gold standard for carbon disclosure methodology and we are proud to partner with them as we pursue environmental excellence for our firm and our clients.”

CDP asks more than 3,000 companies a year to measure and disclose their greenhouse gas emissions , backed up by the support of 385 institutional investors which manage global assets worth $57 trillion.

Kate Martin