Bank of America to Finance Sustainable Business Practices
CHARLOTTE, N.C. — Bank of America Corp. has launched a $20 billion initiative to support sustainable business practices in an effort to reduce energy use and green house gas emissions by U.S. companies.
The bank has made a 10-year commitment to lend $18 billion to commercial clients committed to constructing green buildings and developing sustainable products and services. The remaining funds will be used to develop consumer programs — including incentives for purchasing sustainable merchandise or investing in companies committed to green house gas reduction — and ensuring that the bank’s own building practices and operations are environmentally friendly.
Bank of America will offer funding opportunities for commercial building projects that are seeking LEED certification, improving energy efficiency, redeveloping brown fields or using energy-related tax credits. Other prospective recipients will include clients who are developing energy-efficient or low-carbon technologies, encouraging the private and public sector to adopt green technology, or creating and using sustainable products and services.
The bank also plans to launch investment opportunities that will allow clients to trade carbon emissions credits.
Consumers can expect a new credit card from the bank that will make contributions to environmental organizations on a per-dollar basis and a mortgage program that will offer reduced interest rates for energy-efficient homes.
The bank plans to invest $1.4 billion in LEED certification for new construction projects, including banking centers and office buildings, and $100 million in energy conservation measures for all company facilities. Another $50 million will be donated to nonprofit organizations dedicated to forest preservation, energy conservation, and the development of affordable sustainable housing.
Bank of America has invested $1.5 billion in constructing sustainable facilities in Charlotte and New York City and has pledged to reduce its energy use by 7 percent by 2008 and greenhouse gas emissions by 9 percent by 2009.