My favorite green blog, the Wall Street Journal’s Environmental Capital today notes an interesting development. Financial giant Merrill Lynch has invested $9 million to protect nearly 3,000 square miles of Indonesian forest.
Merrill Lynch is hoping to use this investment to generate carbon credits it can sell on the open market; a shrewd business decision by the company. It has an added benefit, however, one that is purely environmental: with deforestation in some areas of Indonesia proceeding at any alarming rate, Merrill’s move will protect a significant chunk of wilderness – not just trees, but wildlife and watersheds as well.
Perhaps the best news is that Merrill is now considering raising up to $3 billion to protect forests across the globe. That type of money will conserve a lot of wilderness, and if it can make money for an American company in the process, so much the better. Sounds like a good idea to me.
This entry was posted on Tuesday, March 11th, 2008 at 4:11 pm and is filed under Cap and Trade, Climate Change, Eco-Business Strategies, International Environmental News, Wildlife . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
