ABN Amro Bank NV, the Dutch state-owned lender, withdrew from carbon trading, becoming the latest bank to exit the market after prices slumped.
ABN Amro closed its carbon desk after reviewing market activities and is working with clients to dispose of its portfolio of business, spokesman Arien Bikker said by phone today. The bank will continue to offer clearing services for carbon permits and offsets, he said. It has been active in the European Union emissions market since at least 2005.
“Carbon-trading activity is stopped,” Bikker said from Amsterdam. “Our results from market activity have been under pressure for a while.”
ABN Amro is exiting emissions trading after Barclays Plc, UBS AG, Deutsche Bank AG and JPMorgan Chase & Co. closed or reduced their carbon-trading businesses since 2008, the year that prices peaked. The market was worth $30 billion at the end of 2013, according to the World Bank.
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