Financing a low-carbon economy
We understand the powerful role we can play—globally—in helping our customers, clients and communities navigate the transition to a low-carbon economy. Our goal is to serve all our customers—from large corporate clients and institutional investors to individual consumers and small businesses. This is the cornerstone of our environmental business strategy: financing of a wide range of projects that drive positive environmental change and create opportunities for individuals and institutions to invest in environmental sustainability.
Since 2007, Bank of America has provided more than $39 billion in financing for low-carbon activities. As part of our second commitment launched in 2012 at $50 billion and increased to $125 billion in 2015, we have provided more than $17 billion dollars to help finance low carbon activities.
Cost-efficient funding for a Kansas wind farm
EDF Renewable Energy, an established owner and operator of wind farms, chose BofAML to provide a $120.4 million investment in a wind power partnership. The partnership finances Spearville 3, a clean power facility in Kansas consisting of 63 turbines. The investment helped fund a facility that supplies nearly 40,000 homes with renewable energy.
Conserving energy and providing job training in North Dakota
Banc of America Public Capital Corp (BAPCC) Energy Services provided $4.8MM lease financing for Energy Conservation Measures (ECMs) for Lake Region State College (LRSC) to be installed under a Guaranteed Savings Energy Services Agreement with an Energy Services Company. LRSC is a two-year state-run institution of higher education located in Devils Lake, North Dakota. More Learn more.
Supporting the environment and taking action to address climate change globally
With the worldwide transition to a low-carbon economy gaining momentum, our focus is on leveraging our global financial capabilities to support and drive opportunities and innovation for the clients and communities we support. It started with developing cleaner energies and creating more energy-efficient products and buildings. As environmental innovation spreads across all business sectors, we continue to bring experience, expertise and capital to all of our clients and customers around the globe.
BofA's Bessant Says Iberdrola 'Green Bond' Good Sign (Audio)
Green bonds interview with Cathy Bessant on Bloomberg radio. Cathy Bessant discusses the first ever “green bond” issued by a Spanish corporation and how it is a good sign for the growing renewable energy securities markets. She also discusses the company’s internal programs to promote a cleaner environment. More More
Helping Clients Invest According To Their Values
One of our nonprofit clients is focused on conservation and education. Their mission is to educate children about climate change and the effects of carbon in the atmosphere. We helped them build a large-cap portfolio that worked with their goals, made up of companies in the field of climate change mitigation that meet the client's rigorous standards of environmental stewardship.