Bank of America Launches $20 Billion Environmental Loan Program

Bank of America on Tuesday detailed a $20 billion initiative to address global climate change which entails loans, an Eco-friendly credit card, and investments in green buildings.

The bulk of the money–$18 billion–is earmarked for lending to companies participating in “environmentally-sustainable products.” Specifically, the bank said that it will invest in low-carbon and energy efficiency technologies as well as carbon emissions trading programs.

At the end of the day, the majority of the money is for loans that need to be approved and have to be paid back. I think the LEED certification and the investments in preservation and conservation projects are quite commendable but represent only 10% of the money. As you can tell, I’m a bit more skeptical about these socially responsible campaigns by corporations after the news hit about Project RED.

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