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Bank of America Announces
$20- billion Green Economy Program
A $20 billion, 10-year initiative to support the growth of environmentally sustainable business activity that addresses global climate change was announced recently by Bank of America Corp.
The initiative will encourage development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services, according to the bank announcement.
The bank 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, the statement added.
"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," said Kenneth D. Lewis, Bank of America chairman and CEO.
Among the many programs under the umbrella of the broad-based initiative are:
- Creation of customized financing solutions for clients developing and implementing environmentally sustainable designs, including financing projects with LEED certification, improvements in energy efficiency, brownfield redevelopment, promotion of smart growth, and use of energy-related tax credits.
- Favorable consideration to lending opportunities involving the creation and implementation of environmentally sustainable products, services and technologies.
- An eco-friendly credit card on which customer purchases will generate Bank of America contributions to an environmental organization to invest in greenhouse gas reduction projects, and including "environmentally friendly incentives and features."
- A green mortgage program in which homebuyers will receive a reduced interest rate or cash back for each home-purchase mortgage meeting Energy Star specifications.