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Bank of America calls for carbon trading, spends more money


Bank of America is to get its very own environmental banking team, ready to dole out cash to those who fancy pumping it new ways to fight carbon. The bank’s boss has also called for a carbon trading system – presumably much like the sticker swapping of Greenbang’s playground days. The carbon with the shiny foil coating will likely be worth more and there will always be a couple of carbons that no one has, so you have to send off to get them in order to complete the collection.

Oh alright, the bank’s CEO says he wants a government system to trade carbon allowances, as well as standards and a market based scheme to set values.

Reuters has more:

In prepared comments to the North Carolina Emerging Issues Forum in Raleigh, North Carolina, CEO Kenneth Lewis said the environmental group will be led by Richard Cohen, a managing director in strategic investments and head of environmental strategic investments, and begin operations in the coming months.[…]

“Bank of America is involved in financing the green economy for a lot of good reasons,” he added. “It represents the future, and a tremendous business opportunity. We believe it’s what our customers and clients need us to do to support them.”

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