Bank of America Announces Adoption of the Carbon Principles

New York, NY (April 1, 2008)- Kenneth D. Lewis, Bank of America (BofA) Chairman and CEO, was recognized by Natural Resources Defense Council (NRDC) at its tenth annual award gala for his guidance of the company’s efforts to address climate change. He announced that BofA will adopt The Carbon Principles, a set of guidelines developed by Citi, JPMorgan Chase and Morgan Stanley, that help advisors and lenders to power companies evaluate and address carbon risks in the financing of projects.

Lewis said, “The Carbon Principles are critical as we work to secure a more sustainable energy future. It is my hope that these principles, when combined with BofA’s commitment to assess the cost of carbon in our risk and underwriting process, will enable us to better evaluate the business models of utility sector companies and, ultimately, help them move to cleaner technologies in the future.”
BofA’s ten year, $20 billion environmental initiative addresses climate change by championing sustainable business practices through innovative lending and investing strategies, new financial products and services and operations. Lewis said, “Helping our nation reduce greenhouse gas emissions, as well as encourage renewable energy and low carbon technologies, is not only the right thing for our planet, but it is also smart business-and BofA is proud to be at the forefront.”
Related Resources:
Bank of America Announces Adoption of the Carbon Principles
Leading Wall Street Banks Establish The Carbon Principles