07:24 AM EDT, 09/05/2024 (MT Newswires) -- Bank of America ( BAC ) is offering $205 million in exchange for tax credits from Harvestone Low Carbon Partners, an ethanol producer that captures the carbon produced at a North Dakota plant, The Wall Street Journal reported Thursday.

"There has to be an element of trying to address the emitters that are in the market today and helping them decarbonize," the report quoted Bank of America's ( BAC ) sustainable finance team director Noah Zerance as saying in an interview.

Harvestone started capturing carbon from its facility near Underwood, North Dakota, in October, the report added. The site produces corn ethanol that is mixed with gasoline to comply with benchmarks for lowering fuel emissions.

Harvestone is planning two more carbon-capture projects in Indiana and North Dakota, the WSJ said.

Neither Bank of America ( BAC ) nor Harvestone immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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