While other banks withdrew from the US environmental markets in 2011 and early 2012, JP Morgan has maintained its presence in the sector. In fact, the integration of RBS Sempra’s environmental trading business, completed in the second quarter of 2011, helped to expand JP Morgan’s client base. “We had a fairly active business with respect to carbon, renewable energy credits (RECs) and sulphur dioxide (SO₂) and nitrogen oxides (NO_x) prior to the RBS Sempra deal, but that acquisition brought a