ICECAP was formed by a number of individuals with backgrounds in emissions and energy trading, environmental services, financial services, project development and financing, and the power industry. 

   In early 2003, two companies who were active in the UK emissions trading market –Cumbria Energy in trading and Less Carbon in advisory services – met to consider opportunities arising from the newly emerging emissions trading markets in Europe and the developing world. The group decided to develop products which provide solutions for large industrial emitters, financial institutions and other market participants with carbon liabilities to hedge or carbon assets to trade. In March 2004, the ICECAP Carbon Portfolio was launched in conjunction with Investec Bank UK which is currently being marketed to European, Japanese and Canadian corporates.

   Concurrently, the ICECAP team has been originating a substantial portfolio of carbon projects in the developing world and building trading and hedging positions for its clients and partners from the emissions reductions generated by these projects. ICECAP is now one of the largest private sector providers of liquidity in the market with headquarters in Europe and offices in the Americas and Africa.