CHARLOTTE, N.C., March 6 /PRNewswire/ -- Bank of America Corporation
announced today a $20 billion initiative to support the growth of
environmentally sustainable business activity to address global climate
change. Bank of America's ten-year initiative encourages development of
environmentally sustainable business practices through lending, investing,
philanthropy and the creation of new products and services.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
"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.
Corporate Clients
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
expertise in financing environmentally friendly development by creating
customized solutions for clients who are developing and implementing
environmentally sustainable designs. Areas of focus include financing
real estate projects with LEED certification, improvements in energy
efficiency, brownfield redevelopment, promotion of smart growth, and the
use of energy-related tax credits.
* Corporate & Investment Banking: The company will focus on financing and
advisory services to clients participating in emissions offsets markets,
developing energy-efficient or low-carbon technologies and helping
private/public sector entities adopt green and low-emissions technology.
* Carbon Emissions Trading: The bank will launch the capability to trade
carbon emissions credits in order to enable clients to achieve carbon
emission neutrality through existing and emerging market mechanisms.
* Environmental Lending Consideration: The company will give favorable
consideration, among other existing underwriting criteria, to lending
opportunities with clients that are creating and implementing
environmentally sustainable products, services and technologies.
Individual Customers
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
of America will make a contribution to an environmental organization to
invest in greenhouse gas reduction projects. These cards, available
later this year, will have environmentally friendly incentives and
features.
* WorldPoints Rewards for the Environment: Existing cardholders may
donate their WorldPoints rewards to organizations that invest in
greenhouse gas reductions or redeem them for environmentally friendly
merchandise.
* The Green Mortgage Program: Homebuyers will receive a reduced interest
rate or $1,000 back for each home-purchase mortgage meeting ENERGY STAR
specifications.
* Environmental Home Equity Program: For customers who use their home
equity line of credit's Visa Access Card, Bank of America will make an
annual donation to a non-profit organization that focuses on
environmental conservation. At launch, donations will be directed to
Conservation International for land conservation and carbon
sequestration. Additional non-profit organizations may be added to the
program over time.
* Timberland Investment Solutions: Bank of America is evaluating
proprietary investment management solutions that incorporate forest
conservation principles consistent with those defined by the Forest
Stewardship Council. Reforestation, wildlife management, responsible
development and the support of carbon sequestration ecosystems are
important attributes that will be considered. Bank of America intends
to commit its own capital to promote "green" investment solutions for
its clients.
In addition, Bank of America will further promote its existing product:
* EPA SmartWay Transport Program: Under a partnership between the
Environmental Protection Agency and the freight industry, the bank
provides Small Business Administration SBA Express loans with no
collateral and flexible terms to small and mid-sized trucking companies
to finance fuel efficient technologies. The loan program helps trucking
companies purchase SmartWay Upgrade Kits that include idle-reduction
devices, low-rolling resistance tires, aerodynamic equipment and exhaust
after-treatment devices. The kits can improve fuel efficiency by 15
percent.
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
construction of office facilities and banking centers;
* Donating $50 million from the Bank of America Charitable Foundation to
support non-profit organizations focused on forest preservation,
innovative energy conservation, developing green affordable housing and
other environmentally Progressive activities; and
* Investing $100 million in energy conservation measures for use in all
company facilities.
"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
to more than 185,000 U.S.-based Bank of America associates;
* Investment of $1.5 billion to construct environmentally progressive
towers in Charlotte, N.C. and New York City;
* Aggressive, voluntary goals to reduce greenhouse gas emissions across
the company nine percent by 2009 and seven percent in our energy and
utility portfolio by 2008; and
* Active program to reduce paper usage throughout company operations; from
2000-2006, the company reduced paper usage per associate by 40 percent.
Bank of America will continue to track and report on the progress of
its environmental initiatives. The 2005 Sustainability Report can be found
at:
http://www.bankofamerica.com/environment/pdf/EnvironmentalReport_FN3.pdf.
Bank of America
Bank of America is one of the world's largest 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 more than 55
million consumer and small business relationships with more than 5,700
retail banking offices, through more than 17,000 ATMs and award-winning
online banking with more than 21 million active users. Bank of America is
the No. 1 overall Small Business Administration (SBA) lender in the United
States and the No. 1 SBA lender to minority-owned small businesses. The
company serves clients in 175 countries and has relationships with 98
percent of the U.S. Fortune 500 companies and 80 percent of the Global
Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the
New York Stock Exchange. Bank of America is an equal housing lender.
Certain activities and services referred to in this press release are
provided by Banc of America Securities LLC and other affiliates of Bank of
America Corporation.
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