June 12, 2012
Bank of America Corp. (BAC) said it will contribute $50 billion over the next 10 years to address climate change, the latest company to boost its investments toward environmental goals.
The new set of goals will be effective on Jan. 1, following the anticipated completion of the bank’s current 10-year pledge of $20 billion, which it said is four years ahead of schedule. “Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economy,” said Chief Executive Brian Moynihan. “We met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable.”
The bank’s new initiative includes lending, equipment finance, capital markets and advisory activity and carbon finance, as well as advice and investment help.