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One of the world’s largest financiers of fossil fuels just bought a company that oversees 1.7 million acres of forest in the US, Chile and New Zealand. Is that enough to make it green? The rest of Wall Street may hope so, but the reality is uncertain.
Earlier this month, JPMorgan Chase & Co.’s $2.5 trillion asset management arm announced the acquisition of Campbell Global LLC, a Portland, Oregon-based investment manager that focuses on timberland, forestry and natural resources. The bank says the deal gives it an “active role” in the booming market for carbon offsets, which help companies compensate for emissions generated elsewhere in their operations by doing things like planting trees or buying credits.