Morgan Stanley sets up carbon bank

Wall Street giant Morgan Stanley has partnered with Det Norske Veritas to set up a carbon bank for clients that want to offset their emissions, according to Forbes. (See the full release here.)

Under the new service, clients will calculate their carbon footprint using the standards of the Greenhouse Gas Protocol Initiative. Det Norske Veritas will then verify the emissions.

Morgan Stanley’s commodities group will purchase and cancel carbon credits equal to the greenhouse gas emitted by the client. Clients will be able to choose their preferred sources of carbon credits from various emissions-reducing programs.