Thomson Reuters to buy Norway's Point Carbon
NEW YORK (Reuters) - Thomson Reuters Corp (TRI.TO)(TRI.N) said on Thursday it will buy Point Carbon A/S, a Norwegian company that provides news and trading analytics for the energy and environmental markets.
Point Carbon (www.pointcarbon.com/) provides analysis and news about the carbon, oil, gas and other energy markets to banks, traders, portfolio managers, companies and governments, Thomson Reuters said.
The purchase price was not disclosed.
The agreement to buy Point Carbon comes as public concern about global warming and rising energy consumption grows and investors seek opportunities to make money from these trends.
Last year, Thomson Reuters rival Bloomberg LP bought New Energy Finance, a company that provides similar services.
One of the more popular ways to trade in the energy sector with an eye on the environment is through carbon markets, where investors buy and sell "carbon credits."
These are created when governments cap the amount of greenhouse gases that factories and other polluters emit. Companies that do not use their full allotment can sell their excess credits to those that need them to meet their cap.
The EU "cap and trade" market has ventured into "offsets" in which polluters in Europe can meet some of their emission limits by investing in clean energy projects like small hydropower plants and wind and solar farms in developing countries.
The global carbon market grew 6 percent last year to $144 billion, the World Bank said this week.
Most of the trade was in the European Union's carbon market, which was worth $118.5 billion last year, up 18 percent.
A U.S. bill that would establish a cap and trade system is in legislative limbo.
(Reporting by Robert MacMillan in New York and Timothy Gardner in Washington; Editing by Ted Kerr)
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