They might no longer be certain what the future holds for the financial sector, but two of the world's largest banks have this week signalled their ongoing support for the carbon market.
DWS Investments, a subsidiary of Deutsche Bank's asset management division, announced yesterday that it is setting up a new carbon fund that is expected to invest in the burgeoning global carbon market.
The fund, which will be aimed at retail customers, is seeking to raise about €250m.
Deutsche Bank has been one of the most vocal supporters of the global carbon market and earlier this year launched its own trading platform designed to streamline trading processes and limit the risks associated with the purchasing of credits.
Meanwhile, carbon trading specialist EcoSecurities announced yesterday that the Institutional Securities Group and Global Wealth Management arm of US banking giant Morgan Stanley had increased its stake in the company to more than three per cent, gaining voting rights in the process.
The move comes just days after the company saw its share price slip, after announcing it had recorded a loss of €11.1m during the first half of the year.
However, the company insisted that despite a series of delays in its pipeline of new UN-approved carbon credits, it remained optimistic that the flow of carbon credits into the market would continue to accelerate.
The moves from DWS Investments and Morgan Stanley appear to provide further evidence that the carbon market will continue to prosper, despite the recent turmoil that is affecting global markets.
Experts predicted last week that with the carbon market underpinned by an expanding regulatory framework, it could present a "safe haven" for investors increasingly concerned about the stability of more established financial markets