Investment bank JPMorgan is to acquire UK-based carbon-reduction specialist ClimateCare for an undisclosed sum.

"This is an enormous vote of confidence in ClimateCare's approach to carbon reduction projects," Mike Mason ClimateCare founder and chairman told BusinessGreen.com. "Tackling climate change cannot be left to charities, but has to involve the economy as a whole. We have to get the largest companies and the largest investors involved if we are to have an impact."

ClimateCare operates a portfolio of about 60 carbon-reduction and carbon off-setting projects worldwide, including investment in wind energy, efficient lighting and efficient cooking stoves for developing countries where large numbers of people use inefficient biomass cookers.

ClimateCare will be wrapped into JPMorgan’s Environmental Markets group during the second quarter this year when the deal is completed. The investment bank will take charge of maintaining and developing ClimateCare’s diverse portfolio, said Mason.

The acquisition will enable ClimateCare to expand on its independent accreditation standards and register of carbon-reduction programmes. "Banking is a highly regulated industry and JPMorgan will be applying the same diligence to the carbon market. Together we will continue to push for transparency and the highest standards," added Mason.