Bank of America Launches $20 Billion Initiative to Encourage Green Business Practices

Energy Resource, March 6, 2007

ENERGY RESOURCE-6 March 2007-Bank of America Launches $20 Billion Initiative to Encourage Green Business Practices(C)2007 JeraOne - http://www.jeraone.com

Bank of America Corporation today announced a $20 billion, 10-year initiative to encourage development of environmentally sustainable business practices.

Under the initiative, Bank of America will emphasize the business opportunities created by "green" economic growth by providing financing to encourage the development of environmentally sustainable products and technology; accelerate the deployment of existing technology; and increase energy efficiency.

"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."

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: Bank of America will offer 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.

For individual customers, 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.

-- 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 in the future.

-- 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. Bank of America intends to commit its own capital to promote "green" investment solutions for its clients.

((Comments on this story may be sent to newsdesk@scitech21.com))

((Distributed via M2 Communications Ltd - http://www.m2.com))