Bank Systems & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Management Strategies

10:42 AM
Connect Directly
RSS
E-Mail
50%
50%

Bank of America Merrill Lynch Teams With TerraPass to Provide Carbon Offsets in California

The multimillion agreement will allow the bank to create the first multisector mandatory emissions trading program in the U.S.

Bank of America Merrill Lynch announced that it has entered into an agreement with TerraPass, a company that manages carbon reduction projects across the country. Through the partnership, Bank of America Merrill Lynch's Global Commodities Group can purchase from TerraPass verified carbon offsets generated from agricultural methane projects throughout the U.S. This will allow the bank to create the first multisector mandatory emissions trading program in the U.S., pending approval from the California Air Resources Board.

Bank of America says that this agreement with TerraPass is part of a broader initiative to address climate change through lending, investments, capital markets activity, philanthropy and operations.

"We are pleased to be working with TerraPass, a highly innovative and respected player in the California carbon offset market," said Abyd Karmali, global head of carbon markets in the Global Commodities Group at Bank of America Merrill Lynch, in a press release. "This partnership will enable us to offer our corporate clients, who will have a carbon emissions compliance obligation under AB32, an integrated hedging solution that includes power, fuels, and carbon risk management."

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.