State Street Corp has launched a carbon asset servicing solution that will enable the integration of carbon assets into investment portfolios.The solution provides a full range of fund management and custodian services, including recordkeeping, net asset value calculation and reporting, the American Depository Bank said in a statement on May 9. According to Phil Kim, the total traded value of compliance and voluntary credits in the carbon asset market reached a record €865 billion ($950.67 billion) last year and is expected to grow 15-fold by 2030. “Our new carbon asset servicing solution will help clients gain access to this emerging asset class, allowing them to directly hold carbon allowances and credits and trade them like other products, and ultimately seek to maximize the potential of their investment portfolios using State Street’s fund administration expertise,” the statement said. Boston-based State Street had $37.6 trillion in assets under custody and/or management as of March 2023. ( Hui Ching-hoo)