Bank of America Corp will take $20 billion loan for renewable energy into consideration once the goal has been reached.
In an interview at a Bloomberg New Energy Finance conference, Chairman Chad Holliday said that when the company got to $20 billion, it would take further consideration.
The Charlotte, North Carolina-based bank makes loans to coal and oil companies and it wants to support cleaner-burning forms of energy.
Chairman Chad Holliday saw little possibility of legislation adopted by the U.S, giving that the unemployment rate was still high. The legislation encourages renewable energy and limits greenhouse gas emissions.
Bank of America provided critical financing to encourage the development of environmentally sustainable products and technology.
It has pledged to spend a huge bunk of money on commercial lending and investment banking for “green” projects.
In 2007, the bank pledged $20 billion for green initiatives. It might be the biggest green project of any corporation in history at that time.
The world’s largest wealth manager partnered with Brighter Planet to offer an eco-friendly credit card.
In 2004, the bank committed $750 billion for community development lending and investment.
Bank of America is the largest bank in the U.S by assets and the second largest bank by market capitalization. As of August 2009, it holds 12.2% of all U.S. deposits. It main rivals include Citigroup, Wells Fargo, and JPMorgan Chase.
It now serves clients in over 150 countries. The company is a component of the Dow Jones Industrial Average and the S&P 500.
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