Bank of America ahead on its $20B environmental business plan
Bank of America announced on Thursday that it is ahead of schedule on its 10-year, $20 billion business initiative focused on addressing climate change.
The bank says it has already tallied $8.4 billion through June 2010 -- via lending, investing, capital markets activity, philanthropy and the company's own operations -- for the plan, which was launched in 2007.
The $20 billion initiative is massive, and not just in financials alone -- it spans 45 states, the District of Columbia, Canada and several markets in Asia and Europe.
Here's the breakdown of the funds so far:
- $2.8 billion in commercial real estate banking, financing projects for LEED certification, Energy Star, brownfield redevelopment and the use of renewable energy tax credits.
- $2.8 billion in equity and debt capital raised to facilitate clients' climate change initiatives.
- $2.2 billion in equipment financing for energy efficiency projects and renewable energy projects in solar, wind, biomass and biofuel technologies for both utilities and end users.
- $265 million in private equity investments for innovative companies addressing climate change issues.
- $233 million invested in BoA's own corporate workplace energy and resource efficiency initiatives, including updating existing facilities and LEED certification for new construction.
- $102 million to finance emission reductions in global carbon markets.
- $21 million in philanthropic support for non-profits focused on climate change and the environment
The bank touted its advice to clients on more than $2 billion worth of low-carbon energy and clean energy mergers and acquisitions on behalf of both large and small renewable energy companies.
It also made note of its own carbon footprint; Bank of America has slashed its absolute greenhouse gas emissions by 18 percent over its 2004 benchmark.
The big takeaway here: going green is lucrative business for the bank -- not just for its own operations, but also in helping other companies do the same.
You can read the company's full report here.
This post was originally published on Smartplanet.com