British Airways Carbon Offsetting

I haven't done any air travel in a little while, so this post is prefaced by saying this may not be news. But I haven't heard of any American airlines doing this...

I am looking to book a flight to England and I see that British Airways allows you at check out to "offset" the carbon emissions of your flight by making a monetary donation towards UN certified emission reduction projects. For my flight it would cost $32.12US. The Q&A below is from ba.com.

"How does carbon offsetting work?
The money you pay to offset the emissions from your flying is used to buy and cancel carbon credits that will have been registered and verified through the United Nations Kyoto Protocol. These carbon credits balance the effect of your CO2 emissions by funding projects that reduce the amount of greenhouse gases released into the atmosphere.

Where does your money go?
Your money goes towards supporting projects in developing countries and typically focus on providing new sources of renewable energy and in promoting energy-efficiency schemes. In addition to balancing your CO2, the projects we have chosen must also bring social and economic benefits to the communities in which they are based and often bring health benefits from improvements to local air quality.

What are the projects?
Morgan Stanley funds emission reduction projects in developing countries across the world and maintains a portfolio of carbon credits on behalf of British Airways customers."

http://www.britishairways.com/travel/ba6.jsp/carbonoffmoreinfo/public/en_us

I am interested in learning more about the mechanisms that allow the funds to flow through Morgan Stanley and then be reallocated to Morgan Stanley selected projects. I am also interested to see if any American companies have instituted similar programs. More research and findings to follow.