Global financial services firm Morgan Stanley has created the Morgan Stanley Carbon Bank to assist clients seeking to become carbon neutral. The new service leverages Morgan Stanley's experience in carbon trading, and is being offered in conjunction with Det Norske Veritas, an international provider of emissions data certification.

Under the new service, clients will compile their emissions inventory and calculate their carbon footprint by applying the monitoring standards of the greenhouse gas protocol initiative accounting framework, while Det Norske Veritas (DNV) 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. Clients will then be able to select their preferred sources of carbon credits, which will be procured from various sources, including from Morgan Stanley’s own direct investments in emission reductions, as well as those of MGM International, of which Morgan Stanley owns 38%.

Simon Greenshields, managing director and global head of power, power fuels and carbon trading at Morgan Stanley, said: We are pleased to offer clients a transparent and credible way to verify and offset greenhouse gas emissions by leveraging the expertise of two firms with a wealth of experience in the carbon market.

Many companies have begun seeking ways to reduce their direct greenhouse gas emissions; our new service will help them more easily and reliably take the next step to achieve a zero carbon footprint. This is the first service we have seen giving clients a single source for everything from certifying emissions to buying and cancelling carbon credits, all in accordance with the highest international standards, Mr Greenshields continued.