Bank of America $20 B Initiative to Help Renewable Energy

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.

“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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