Sept. 16, 2010, 8:30 a.m. EDT · Recommend · Post:
Bank of America Ahead of Plan on 10-Year, $20 Billion Environmental Business Initiative
Environmental Progress Report Details $8.4 Billion Directed toward Addressing Climate Change
CHARLOTTE, Sep 16, 2010 (BUSINESS WIRE) — In a report issued today, Bank of America announced it is ahead of schedule on its 10-year, $20 billion business initiative focused on addressing climate change, launched in 2007. Through June 2010, Bank of America has directed $8.4 billion through lending, investing, capital markets activity, philanthropy and the company’s own operations. Details can be found in Bank of America’s 2010 Environmental Progress Report at www.bankofamerica.com/environment.
“One way Bank of America helps set opportunity in motion for clients and communities is by financing renewable and energy efficiency technologies and projects that reduce greenhouse gas emissions,” said Anne M. Finucane, Global Strategy and Marketing officer and chair of Bank of America’s Environmental Council. “As an organization, we believe we can help address climate change and spur economic recovery by creating new businesses, technologies and jobs. Even in this challenging economy, the momentum we’re seeing demonstrates that strong demand for capital, service and expertise in this sector continues to present a compelling business opportunity.”
The $20 billion environmental business initiative is comprised of hundreds of transactions in 45 states, the District of Columbia, Canada and markets across Asia and Europe. The 2010 report provides an update on the company’s progress toward its environmental goals, commitments and activities including:
– $2.8 billion in commercial real estate banking, financing projects relating to LEED(R) (Leadership in Energy and Environmental Design) certification, ENERGY STAR, brownfield redevelopment and the use of renewable energy tax credits.
– $2.8 billion in equity and debt capital raised to help facilitate clients’ climate change initiatives.
– $2.2 billion in equipment financing for energy efficiency projects and renewable energy projects in solar, wind, biomass and biofuel technologies for both utilities and end users.
– $265 million in private equity investments for innovative companies addressing climate change issues.
– $233 million invested in corporate workplace energy and resource efficiency initiatives for Bank of America facilities and LEED certification for all new construction office facilities and banking centers.
– $102 million in transactions that have financed emission reductions in the global carbon markets.
– $21 million in philanthropic support for nonprofit organizations focused on addressing climate change and other environmental opportunities.
In addition, Bank of America Merrill Lynch has provided industry-leading advice to clients on more than $2 billion in low-carbon energy and clean energy mergers, acquisitions and other financial transactions on behalf of both large and small renewable energy companies.
The company also has taken measurable actions to reduce and report on the environmental impact of its own operations. Notably, as a member of the EPA Climate Leaders program, the bank reduced its absolute greenhouse gas emissions by 18 percent over its 2004 benchmark, doubling a goal set five years ago.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (BAC 13.51, -0.04, -0.30%) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
SOURCE: Bank of America
Reporters May Contact:
Britney Sheehan, Bank of America, 1.206.358.7563