Bank of America has backed out of a joint venture with the Climate Exchange because it wasn’t necessary “to pursue projects of mutual interest,” according to this Nashville Business Journal report. In July, BofA said it would join the Climate Exchange’s subsidiary, the Chicago Climate Exchange, and buy 500,000 tons of CO2 offsets over three years.
The bank also planned to market the Chicago Climate Exchange’s carbon offsets to Bank of America customers. it’s not clear how BofA planned to do that, but the bank recently partnered with Brighter Planet to offer a credit card with carbon offset rewards.
Last year, BofA committed to lend $20 billion over 10 years to support the growth of environmentally sustainable business practices.