Banks Look to Burnish Their Images by Backing Green Technology Firms

Primary tabs

In the wake of a $30 billion commitment to new environmental investments by Wells Fargo in April and a $40 billion promise fromGoldman Sachs this month, Bank of America will announce a 10-year, $50 billion initiative of its own on Monday.

Facing bad publicity on practically every front, the big banks are highlighting what has quietly become a hot growth area in recent years — backing projects and companies in sectors like renewable energy, emissions reduction and reduced-carbon transportation.

Bank of America officials said the initiative encompassed steps including underwriting initial public offerings for so-called green companies, making loans to consumers who buy hybrid vehicles and helping developers to retrofit old factories as well as investing in renewable energy.

The New York Times
Nelson D Schwartz
Sunday, June 10, 2012

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go here. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

<