Bank of America sets $20 billion green push

[New York] Taking what’s been called a leadership position among financial service firms in the corporate green movement, the Charlotte, N.C.-based financial giant set aside all but $2 billion of its commitment for lending, advice and market creation to help commercial clients finance the use and production of new products, services and technologies. The bank also will launch the capability to trade carbon emissions credits, a move designed “to enable clients to achieve carbon emission neutrality through existing and emerging market mechanisms.” The bank’s also evaluating investment management solutions that incorporate forest conservation principles consistent with those defined by the Forest Stewardship Council. In addition, Bank of America will commit $1.4 billion to achieve LEED certification — short for Leadership in Energy and Environmental Design — in all new construction facilities and banking centers, including a New York City skyscraper expected to open late in 2008.

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