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.
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