Thursday, March 08, 2007

Bank of America commits $20 billion to renewable energy developments

Bank of America Corp. has introduced a $20 billion, 10-year initiative that encourages the development of environmentally sustainable business practices through lending, investing, philanthropy, and the creation of new products and services.

"Today, we have a tremendous opportunity to support our customers' efforts to build an environmentally sustainable economy - through innovative home and office construction, new manufacturing technology, changes in transportation and new ways to supply our energy," says Kenneth D. Lewis, Bank of America's chairman and chief executive officer.

According to the company, it 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. In addition, the bank will commit $1.4 billion to achieve Leadership in Energy and Environmental Design certification in all new construction of office facilities and banking centers; donate $50 million to support nonprofit organizations focused on forest preservation, innovative energy conservation, developing green affordable housing and other environmentally progressive activities; and invest $100 million in energy conservation measures for use in all company facilities.

Bank of America says it is currently developing a set of products for individuals who want to offset or minimize their carbon emissions.

No comments: