Bank of America ups its environmental business initiative $75 billion

By Lisa Kerner

Charlotte, N.C., July 27 – Bank of America announced it has pledged to increase its current environmental business initiative to $125 billion, from $50 billion, in low-carbon business by 2025 through lending, investing, capital raising, advisory services and developing financing solutions for clients around the world.

This expanded second commitment builds on Bank of America’s initial environmental business initiative established in 2007 and fulfilled in 2013, according to a news release.

The Charlotte, N.C.-based financial services company has provided more than $39 billion in financing for low-carbon activities since 2007, including $12 billion in 2014.

In addition, Bank of America issued the first benchmark-sized corporate green bond in 2013, a $500 million offering. It was followed by a second green bond for $600 million in the spring of 2015.

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