Climate Finance | June 23, 2021

J.P. Morgan Asset Management acquires Campbell Global to secure forest-carbon credits

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, June 23 — J.P. Morgan Asset Management has acquired Portland, Oregon-based Campbell Global. The acquisition gives the bank exposure to the growing market for carbon offsets (see, “That feeling when investors realize carbon is going to $100 a ton sooner than they expected).

Campbell manages $5.3 billion and 1.7 million acres of timberland, which is sold for lumber and pulp. The company has begun to generate revenue by selling credits based on the carbon it sequesters. “We wanted to play an active role in carbon-offset markets as they’re developed,” said J.P. Morgan’s Anton Pil

Carbon crush

J.P. Morgan is getting active in the market for carbon offsets as companies scramble to meet their net-zero pledges (see, “Farmers harvest ‘soil carbon’ to meet rising corporate demand for emission offsets”).

Forest-based carbon marketplace NCX (formerly SilviaTerra) raised $20 million last month from investors including Salesforce’s Marc Benioff, Union Square Ventures and Microsoft’s Climate Innovation fund. BP, a major buyer of carbon credits, in December took a majority stake in Finite Carbon, a market maker for forest-based carbon.