Bank of America Announces Industry-leading $125 Billion Environmental Business Initiative
27 July 2015 - 10:30PM
Business Wire
Bank of America Recognized for Its Support of
the Environment at the White House’s American Business Act on
Climate Pledge Event
Bank of America has pledged to increase the company’s current
environmental business initiative from $50 billion to $125 billion
in low-carbon business by 2025 through lending, investing, capital
raising, advisory services and developing financing solutions for
clients around the world.
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Today’s announcement will be highlighted at the White House’s
American Business Act on Climate Pledge event, which recognizes
corporations for their support of action to address climate change.
The event will bring together executives from various industries as
they pledge their support of an agreement in advance of the climate
change talks in Paris scheduled for later this year. The company is
represented by Purna Saggurti, Bank of America Merrill Lynch
chairman of Global Corporate and Investment Banking.
The company initiative and commitment focus on energy
efficiency, renewable energy and transportation, in addition to
addressing other important areas like water conservation, land use
and waste. This expanded second commitment builds on the company’s
initial environmental business initiative established in 2007 and
fulfilled in 2013, four years ahead of schedule.
“We are putting our financial capital, our intellectual capital,
and the strength of our partnerships to work to help create a
better future for all of us,” said Brian Moynihan, chief executive
officer, Bank of America.
“We will continue to work with partners around the globe to
develop innovative and scalable solutions that attract new
investors and additional capital to clean energy and low-carbon
infrastructure opportunities,” said Saggurti.
“Since making its original environmental business commitment in
2007, Bank of America has consistently been among the leaders in
every branch of clean energy finance we track,” said Michael
Liebreich, founder and chairman of the Advisory Board, Bloomberg
New Energy Finance. “This new commitment means Bank of America is
again setting the pace. To be considered a leading provider of
financial services, in anything from energy to real estate, it’s
crucial to be focused on funding low-carbon solutions, and Bank of
America’s new commitment is a very significant statement.”
Bank of America has provided more than $39 billion in financing
for low-carbon activities since 2007, including $12 billion in 2014
alone, of which:
- Forty percent went to renewable
energies – solar, wind, hydro, geothermal, advanced biofuels or
mixed portfolios.
- Thirty-three percent went to financing
energy efficiency.
In the past 12 months, Bank of America has deployed several
innovative capital markets solutions designed to accelerate the
funding of low-carbon projects, focusing in particular on
developing the green bond market and building out its new Catalytic
Finance Initiative.
Bank of America has played a leading role in the development of
the rapidly expanding green bond market, issuing the first
benchmark-sized corporate green bond in 2013 – a $500 million
offering – followed by a second green bond for $600 million in the
spring of 2015. According to Bloomberg New Energy Finance, Bank of
America was the No. 1 underwriter of green bond issuances in
2014.
The company is also committed to attracting a wider array of
capital to clean energy investments while delivering low-risk,
solid yield opportunities for investors though the bank’s Catalytic
Finance Initiative. Examples of initial projects under the
initiative include:
- Global Alliance for Clean
Cookstoves: In November 2014, Bank of America announced a
partnership with the Global Alliance for Clean Cookstoves and other
commercial and development finance institutions to raise $100
million to help provide clean cooking solutions to millions of
households in the developing world. Advancing clean cookstove
technology helps improve the health of women and children, protects
the environment by reducing carbon emissions and spurs economic
growth.
- Energía Eólica SA (EESA): Bank
of America was a joint bookrunner for the first green bond out of
Latin America, an offering of $204 million in senior secured green
notes by EESA, a ContourGlobal subsidiary. Proceeds from the green
project bond directly support EESA’s two separate wind farms in
Talara and Cupisnique, Peru that became operational in September
2014 with an installed capacity of 114.04 MW. This green offering
is expected to be the first of a new asset class that will help
finance environmentally beneficial infrastructure in Latin America.
It was recently named “Green Bond of the Year” by Environmental
Finance magazine.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
48 million consumer and small business relationships with
approximately 4,800 retail financial centers, approximately 16,000
ATMs, and award-winning online banking with 31 million active users
and approximately 18 million mobile users. Bank of America is among
the world's leading wealth management companies and is a global
leader in corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
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Reporters May Contact:Kelly Sapp, Bank of America,
1.800.796.8448pressroom@bankofamerica.com
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