March 7, 2007—Bank of America will direct $20 billion to help its corporate, individual and small-business customers take advantage of the business opportunities created by green economic growth, the company has announced.
The ten-year initiative is intended to encourage the development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services.
Under its environmental initiative, Bank of America will emphasize the business opportunities created by “green” economic growth by providing critical financing to encourage the development of environmentally sustainable products and technology; accelerate the deployment of existing technology; and increase energy efficiency.
For its corporate clients, 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.
In commercial real estate, the company will build upon its expertise in financing environmentally friendly development by creating customized solutions for clients who are developing and implementing environmentally sustainable designs. Areas of focus include financing real estate projects with LEED certification, improvements in energy efficiency, brownfield redevelopment, promotion of smart growth, and the use of energy-related tax credits.
In addition, Bank of America will further promote an existing product, the EPA SmartWay Transport Program. Under a partnership between the Environmental Protection Agency and the freight industry, the bank provides Small Business Administration SBA Express loans with no collateral and flexible terms to small and mid-sized trucking companies to finance fuel efficient technologies.
Bank of America will also make a series of investments to offset the impact its own operations and associates have on the environment, including a planned commitment of $1.4 billion to achieve LEED certification in all new construction of office facilities and banking centers; donating $50 million from the Bank of America Charitable Foundation to support non-profit organizations focused on forest preservation, innovative energy conservation, developing green affordable housing and other environmentally Progressive activities; and investing $100 million in energy conservation measures for use in all company facilities.
For more information, see the Bank of America Web site.
