JP Morgan seeks buyers for Irish carbon credits company EcoSecurities

US banking group JPMorgan Chase & Co (NYSE:JPM) is willing to offload Ireland-incorporated carbon credits generation business EcoSecurities Group Plc, Carbon Finance said, quoting unidentified sources.

According to the report, the executives of EcoSecurities are ready to negotiate a transaction with interested parties. Patrick Burton, who is president of media relations at JPMorgan in London, did not comment on the matter, Bloomberg said.

The US company bought EcoSecurities in 2009 for GBP124m (USD197.8m/EUR153.5m). The business is engaged in sourcing and developing emission reduction credits from greenhouse gas emission reduction initiatives.

EcoSecurities develops projects across various technologies like renewable energy, agriculture and urban waste management as well as industrial efficiency and forestry.