Bank of America Launches $20 Billion Environmental Initiative
Bank of America has launched a $20 billion initiative to support environmentally sustainable business activity. The company says the ten-year plan will encourage development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services.
Bank of America will commit $18 billion in lending, advice and market creation to help commercial clients finance the use and production of new products, services and technologies. The company says it will create customized solutions for clients who are developing and implementing environmentally sustainable building designs, will focus on financing and advisory services to clients participating in emissions offsets markets, developing energy-efficient or low-carbon technologies and helping private/public sector entities adopt green and low-emissions technology, will launch the capability to trade carbon emissions credits, and will give favorable consideration, among other existing underwriting criteria, to lending opportunities with clients that are creating and implementing environmentally sustainable products, services and technologies.
On the consumer side, Bank of America plans to announce the launch of new products in the next year including an eco-friendly credit card, a rewards program where customers can donate points to organizations that invest in greenhouse gas reductions or redeem them for environmentally friendly merchandise, a green mortgage program, and what it calls an environmental home equity program.
Bank of America also announced investments to offset the impact its own operations and associates have on the environment. It’s committing $1.4 billion to achieve LEED certification in all new construction of office facilities and banking centers, donating $50 million from the Bank of America Charitable Foundation to support non-profit organizations focused on environmental activities, and investing $100 million in energy conservation measures at its facilities.
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