Bank of America World Points
"Over the last decade, Bank of America has implemented programs that have significantly reduced the environmental impact of our own operations," said Kenneth D. Lewis, Bank of America chairman and CEO. "Today, we have a tremendous opportunity to support our customer's efforts to build an environmentally sustainable economy -- through innovative home and office construction, new manufacturing technology, changes in transportation, and new ways to supply our energy."
Under its environmental initiative, Bank of America will emphasize the business opportunities created by "green" economic growth by providing critical financing to encourage the development of environmentally sustainable products and technology; accelerate the deployment of existing technology; and increase energy efficiency.
Bank of America will commit $18 billion in lending, advice and market creation to help commercial clients finance the use and production of new products, services and technologies:
* Commercial Real Estate Banking: The company will build upon its
* Corporate & Investment Banking: The company will focus on financing and
* Carbon Emissions Trading: The bank will launch the capability to trade
* Environmental Lending Consideration: The company will give favorable
Bank of America currently is developing a set of products for individuals who consider the environmental impact of their purchasing decisions and want to offset or minimize their carbon emissions. The bank will announce the launch of the following new products in the next year:
* Eco-friendly Credit Card: For every dollar spent on this new card, Bank
* WorldPoints Rewards for the Environment: Existing cardholders may
* The Green Mortgage Program: Homebuyers will receive a reduced interest
* Environmental Home Equity Program: For customers who use their home
* Timberland Investment Solutions: Bank of America is evaluating
In addition, Bank of America will further promote its existing product:
Investments by Bank of America
Bank of America will also make the following investments to offset the impact its own operations and associates have on the environment:
* Committing $1.4 billion to achieve LEED certification in all new
* Donating $50 million from the Bank of America Charitable Foundation to
* Investing $100 million in energy conservation measures for use in all
"We have the opportunity to do more than address our own internal business practices," said Anne Finucane, chief marketing officer and chair of the company's environmental council. "As one of the world's leading financial institutions, we can and will work directly with individual and business customers to address the pressing issue of global climate change."
"Bank of America is getting out on the front end of this issue -- developing innovative products and services that will flourish in a developing green economy while helping households, investors, and businesses cut greenhouse gases," said Eileen Claussen, president of the Pew Center on Global Climate Change.
Today's announcement by Bank of America builds upon environmental programs previously announced by the company, including:
* Expansion earlier this year of its $3,000 hybrid vehicle reimbursement
* Investment of $1.5 billion to construct environmentally progressive
* Aggressive, voluntary goals to reduce greenhouse gas emissions across
* Active program to reduce paper usage throughout company operations; from