Bank of America and Climate Exchange call off joint venture
Bank of America and Climate Exchange, parent company of the Chicago Climate Exchange and European Climate Exchange, have scrapped plans for a formal joint venture.
Bank of America originally announced, in July 2007, that it would set up a joint venture with Climate Exchange to further develop the bank’s carbon trading platform, while taking 0.5% of the issued share capital of the exchange group. The venture was to be structured so that the bank could take up to $25 million in Climate Exchange stock, depending on revenues generated.
However, a joint statement issued this week stated that, while Bank of America will continue as an investor in Climate
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