Bank of America sets $50B green lending, business goal
Bank of America is putting $50 billion toward greener business, but the bank is not without its environmental detractors.
Bank of America has launched a $50 billion campaign to green-up its lending practices and operations — and it’s receiving mixed reviews.
The Charlotte-based bank on Monday announced a 10-year, $50 billion goal to “help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions.” BofA will also take steps to reduce its corporate carbon footprint.
The goal follows a $20 billion plan nearing completion.
“Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economy,” BofA CEO Brian Moynihan says in a statement. “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 new goal will be reached by lending, capital markets activities and advisory services on $50 billion in projects over the next decade. Areas of focus will be energy efficiency, renewable energy, transportation, water and waste.
BofA has received high marks from Bloomberg for its environmental practices.
However, at least one environmental group is chastising the bank for not addressing its status as the nation’s largest lender to coal-mining companies.
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