February 2, 2007

BofA Expands Hybrid Allowance to All U.S. Employees

Bank of America is expanding its program to reimburse $3,000 to employees purchasing a new hybrid vehicle to more than 185,000 U.S.-based associates. Last June, the company introduced the program to associates living within 90 miles of Boston, Charlotte, and Los Angeles.

All full-time and part- time, U.S.-based associates working at least 20 hours per week are eligible.

If all Bank of America workers took advantage of the offer, which the company doesn’t anticipate, it would cost the firm more than $500 million, The Arizonia Republic reports.

“Since we launched the program and within the three cities where it was piloted, hybrid vehicle purchases by our associates have more than quadrupled,” said Anne Finucane, Bank of America chief marketing officer and head of the company’s environmental council. 

Earlier this year, Swiss Re announced a program to reimburse employees for purchases made that contribute to reducing CO2 emissions.

In December, Clif Bar launched a Cool Commute program for employees that pays cash to those who purchase clean-burning biodiesel cars.

Bank of America will continue to evaluate the program, assessing how it could be rolled out to associates outside of the U.S.

BofA also is striving to cut its greenhouse-gas emissions, lower its energy use and increase paper recycling.

It claims to pursue environmentally friendly lending practices and paper-procurement policies that protect endangered forests, according to the article. In addition, Bank of America is building a Manhattan high-rise that it says will be the world’s most environmentally sound office tower.

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