Bank of America’s $50bn to green global economy

Bank of America has announced a ten-year $50bn (£32bn, €40bn) environmental business project to deal with climate change, reduce demands on natural resources and advance lower-carbon economic models.

The bank has also introduced new goals to reduce the environmental impact of its operations.

The bank’s present ten-year $20bn environmental business programme is expected to be completed soon – more than four years ahead of schedule.

The new project will consist mainly of loans, equipment and carbon finance, advisory activity and advice and investment solutions for clients. The targets include energy efficiency, renewable energy, transportation, water and waste.

The bank also revealed its goal of providing $100m in grants and investments to NGOs promoting low-carbon and resource-conservation solutions.

Cathy Bessant, chair of the bank’s environment council, said: “Many of our clients are transitioning to more environmentally conscious business practices, products and services.
“We can continue to grow our business, promote a greener global economy and address climate change by helping our clients meet their own sustainability objectives.”

New internal environmental goals include reductions of 25% in energy consumption and 20% in paper and global water consumption, from 2004 levels.

The bank aims to divert 70% of its global waste from landfill, so that all electronic waste streams go to certified, responsible vendors.

The UN started Sustainable Energy for All earlier this year, and the bank was due to discuss sustainability goals with global leaders and NGOs at last month’s Rio+20 Conference.