Bank of America Launches $20 Billion Environmental Initiative

I wish all banks could start environmental programs like Bank of America.  They announced this week that they will spend $18 billion on commercial lending and investment banking for “green” projects over the next 10 years.  Another $2 billion will be spent for consumer programs and on its own efforts to reduce their environmental footprint. 

Bank of America custumers will be able to sign up for a credit card program that will contribute a portion of every dollar spent to greenhouse gas reduction projects. Customers who want to buy homes that meets energy efficiency standards can apply for a mortgage with a reduced interest rate or a $1,000 rebate from Bank America.

The bank will also invest an additional $100 million in its own energy conservation measures and donate $50 million to several nonprofit organizations that promote forest preservation, innovative energy conservation and green housing.

Bank of America already provides rebates of $3,000 for employees who buy hybrid vehicles.

Have a great weekend everyone!

by
Erin Swanson
ESwanson@enviance.com