Who is acquiring the carbon offsets and from where?
Our parent company, Bank of America Corporation, joined the Chicago Climate Exchange (CCX) as a full member and through our affiliate BofA Commodities Inc. carbon offsets will be acquired through the CCX on behalf of MBNA and its eco-Logique cardholders interested in environmental issues. The CCX is an all voluntary exchange with more than 100 members who are contractually committed to reducing their carbon impact. As the carbon trading market is generally unregulated, MBNA makes no representations on its results to actually offset or reduce carbon emissions. MBNA will direct its acquisition of carbon offsets to Canadian initiatives trading on the CCX, where it deems, at it sole discretion, that it is reasonable to do so. As carbon emissions are distributed across the world, notwithstanding where the credits are applied, the positive effect on the environment will be the same.
