April 12 (Renewables Now) – Bank of America has more than tripled the size of its environmental business initiative, planning to mobilise USD 1 trillion (EUR 841.2bn) by 2030 for projects supporting the net-zero transition, it said last week.
The commitment expands the bank’s 2019 programme for investment in low-carbon environmental projects that initially aimed to deploy USD 300 billion. With the increase, the bank’s total commitment to sustainable finance, including both environmental transition and social inclusive development, is broadened to USD 1.5 trillion by 2030, it announced on Thursday.
In the environmental transition category fall projects in the fields of energy efficiency, renewable energy, sustainable transportation and resource efficiency, among others.
“The private sector is well-positioned to ensure that the capital needed – at the scale it is needed – can drive the transition to a low-carbon, sustainable economy,” said vice chairman Anne Finucane. She explained that the bank’s plan is to provide lending, capital raising, advisory and investment services and offer financial solutions addressing the transition to a sustainable economy.
Bank of America, which is pursuing a 2050 net-zero goal, noted it has backed the deployment of around 33 GW of wind and solar capacity in the US last year.
(USD 1.0 = EUR 0.841)