Barings sets internal carbon fees on business travel

(Reuters) – Asset manager Barings will announce steps on Wednesday to cut carbon emissions, including a new accounting treatment for air travel, executives said, among other efforts to change employee behavior as workers return to their offices this fall.

FILE PHOTO: A passenger plane takes off from London Luton airport, Luton, Britain, January 7, 2018. REUTERS/Peter Cziborra

Barings Chief Executive Mike Freno said a goal of the program is to give employees and managers data to decide what business trips are worth the cost of the greenhouse gasses they generate.

“We’re starting to provide a level of transparency to teammates to see what the impacts are,” Freno said.

While the charges are only internal, U.S. policymakers have many ideas for putting real prices on carbon.

The plans by the mid-sized asset manager, a unit of Massachusetts Mutual Life Insurance Co, show the spread of internal carbon pricing into the finance industry.

Similar fees have been…

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