By Nicholas Larkin
Oct. 27 (Bloomberg) -- Goldman Sachs Group Inc. bought a stake in carbon-offset provider Blue Source LLC as it expands in the U.S. emissions market.
Goldman will market verified emissions reductions credits from Salt Lake City-based Blue Source's projects, the companies said today in a statement distributed by Business Wire. The size and value of the equity stake weren't included.
Emissions credits from projects that reduce global warming gases are voluntarily traded in the U.S. by companies and others seeking to enhance their environmental image. The Regional Greenhouse Gas Initiative, the first mandatory emissions trading system in the world's biggest economy, is slated to start Jan. 1 next year.
``Interest in the pre-compliance carbon market in the U.S. is growing rapidly and we are excited to be able to offer our clients immediate access to a diverse selection of emission reductions to manage their carbon risk,'' Leslie Biddle, Goldman's head of commodity sales, said in the statement.
Och-Ziff Capital Management Group LLC, the hedge-fund firm run by Daniel Och, in August bought 10 percent of Blue Source for an undisclosed fee.
To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net
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