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March 14, 2007

Bank of America $20 B Initiative to Help Renewable Energy

Charlotte, North Carolina [RenewableEnergyAccess.com]

Bank of America announced a $20 billion initiative to support the growth of environmentally sustainable business activity to address global climate change. The ten-year initiative encourages development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services.

"We have a tremendous opportunity to support our customer's 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."

-- Kenneth D. Lewis, Bank of America, chairman and CEO

"Over the last decade, Bank of America has implemented programs that have significantly reduced the environmental impact of our own operations," said Kenneth D. Lewis, Bank of America chairman and CEO. "Today, we have a tremendous opportunity to support our customer's 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."

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. For individual customers, Bank of America is developing a set of products for individuals who consider the environmental impact of their purchasing decisions and want to offset or minimize their carbon emissions. The bank will launch several new products in the next year, some of which include an eco-friendly Credit Card, WorldPoints Rewards for the Environment, the Green Mortgage Program and Environmental Home Equity Program.

"We have the opportunity to do more than address our own internal business practices," said Anne Finucane, chief marketing officer and chair of the company's environmental council. "As one of the world's leading financial institutions, we can and will work directly with individual and business customers to address the pressing issue of global climate change."
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Reader Comments (10)
 
No image available
March 14, 2007
Oh How I'd Like To Be A Banker

Oh, how I'd like to be a banker,
Opening the vaults of energy,
Yes I would like to be a banker,
Setting all the climate changes free,
A billion here a billion there supporting the environment,
What more to say, the bankers care, their help we think is heaven sent,
Oh, how I'd like to be a banker,
In charge of the vaults of energy,
Yes, I would like to be a banker,
Setting all the climate changes free.

adrianakau@aol.com
Comment 1 of 10
No image available
March 14, 2007
I hope Bank of America will help new American startups like

LaidLaw Energy LLEG and Trendsetter Solar TSSP

as well as United Ethanol ONYI
Comment 2 of 10
No image available
March 15, 2007
This programs are needed
Green Mortgage Program and Environmental Home Equity Program.
We do not need Gov.incentive to have more taxes, we need
Green Mortgage Program and Environmental Home Equity Program.
Bank Of America give real help to buy a solar electric power system and geothermal heat pumps systems for all homes.
www.giulionegrinifinancialadvisor.us
Comment 3 of 10
No image available
March 15, 2007
As the government of Brish Columbia takes the initiative
to develop sustainable industies. Bank loans must be given to those willing to invest in the future of the world. Geothermal closed loop for housing 40 years or older, would dramatically decrease demand for hydro in our province. We should export clean electricity to Alberta or California... Green energy makes money for nothing. Like banking!
Comment 4 of 10
No image available
March 16, 2007
This initiative looks promising. I'll have to check out just what kind of offer BofA has for a Renewable Energy -- Small Hydro Power developer...

AJW
http://www.doradovista.com/
Comment 5 of 10
No image available
March 16, 2007
Our company provides installation and service of geothermal air conditioning and heating systems in the New Orleans area, would Bank of America provide low interst rates to potential geothermal clients?
raul@menaair.com
Comment 6 of 10
No image available
March 16, 2007
Our company, Opel, Inc., is in the business of supplying solar panel systems for commercial and industrial installations. We do our primary banking with Bank of America and would like to know more about this program. Would they invest in our company, give up low cost financing for our solar installations, etc.?
How can we find out?
invest@opelinc.com
Comment 7 of 10
No image available
March 16, 2007
If you do not have a way to pay them back you won't get a loan no matter how green your needs are. What would be great is to have a loan system set up just like you do cars. No money down deals and you use the RE system as collateral, just like you use a car as your collateral. If you do not pay then they take away your energy source just like they take away your transportation if you do not pay.

The largest roadblock to RE systems is FIRST time cost. Banks could solve that problem over night IF THEY wanted to. This could be a start!

John D
http://www.beutilityfree.com
Comment 8 of 10
No image available
March 16, 2007
WE CAN USE MORE DETAILS ABOUT THIS INITIATIVE.
THE DEVIL IS IN HTE DETAILS.
STEPHANMB@GMAIL.COM
Comment 9 of 10
No image available
March 16, 2007
I HOPE BANK OF AMERICA INVEST MONEY TO THE COMPANIES THE NEED AND NOT TO COMPANIES THE HAVE $$$$$
Comment 10 of 10
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