A global banking giant becomes a go-to underwriter for clean-energy projects.
As the growth of renewables mirrors the decline of fossil fuels, some of the biggest backers of dirty energy are changing sides. [f500link]Bank of America[/f500link], the top U.S. coal financier as recently as 2012, poured $14.5 billion last year into projects that promote renewable energy, energy efficiency and sustainability through its environmental business initiative. That brought the bank’s total green investment to $31.8 billion since it launched that initiative in 2013.
Bank of America has also issued two major “green bonds,” which fund low-carbon or sustainable business projects, for a combined $1.1 billion. It handled a $1 billion bond for [f500link]Southern[/f500link] Power, a subsidiary of coal-dependent utility Southern Company, to fund its clean energy projects; it also backed a 400-million-pound bond to aid the London transport network’s sustainability upgrades. Bank of America also took a big step forward last year with its Catalytic Finance Initiative (CFI), which it expanded through eight new partnerships with financial institutions that have pledged a combined $8 billion toward a variety of sustainable investments aimed at lower-income communities. The CFI has already underwritten a $204 million green project bond for wind developer ContourGlobal through its subsidiary in Peru.
Brian T. Moynihan
|Revenues ($M) (Last Fiscal Year)||$93,056|
|Profits ($M) (Last Fiscal Year)||$15,888|
|Market Value ($M)||$151,133|