Carbon Credits Appealing to Big Apple Bank

The Bank of New York is getting in on the carbon credit business...

"The Bank of New York Co. has created a registry it hopes will ease and increase trade in the growing global market for voluntary greenhouse gas credits, sources at the company said Friday.

'We saw an opportunity coming out of the Kyoto Protocol where companies ... can buy varieties of gas emission reductions to offset their direct emissions or offset carbon products and services to customers,' a Bank of New York source based in London told Reuters in a phone interview."

Now, I understand how the offset business works and how it helps keep emissions under control...but is this going to ultimately encourage corporations to reduce greenhouse gas emissions?

CNN Money via sustainablog: Sustainablog