Bloomberg News reports that ABN Amro closed its carbon desk after reviewing market activities and is working with clients to dispose of its portfolio of business, spokesman Arien Bikker said by phone today. The bank will continue to offer clearing services for carbon permits and offsets, he said. It has been active in the European Union emissions market since at least 2005.
'Carbon-trading activity is stopped', Bikker said from Amsterdam. 'Our results from market activity have been under pressure for a while'.
ABN Amro is exiting emissions trading after Barclays, UBS, Deutsche Bank and JPMorgan closed or reduced their carbon-trading businesses since 2008, the year that prices peaked. The market was worth $30bn at the end of 2013, according to the World Bank.
To access the complete Bloomberg News article hit the link below: