So what do they hope to gain, here?
ank of America Corp. (BAC) said it will contribute $50 billion over the next 10 years to address climate change, the latest company to boost its investments toward environmental goals.
The new set of goals will be effective on Jan. 1, following the anticipated completion of the bank’s current 10-year pledge of $20 billion, which it said is four years ahead of schedule.
…The bank’s new initiative includes lending, equipment finance, capital markets and advisory activity and carbon finance, as well as advice and investment help.
Bank of America will focus on promoting energy efficiency; renewable energy, including wind, solar and hydropower; lower-carbon transportation like electric and hybrid vehicles; and water and waste treatment and disposal initiatives.
…The company has spent $17.9 billion toward its initial pledge, including $8.4 billion for energy efficiency activities, including low-cost loans and grants for retrofitting low-income neighborhoods for energy efficiency. It spent $5 billon on renewable energy projects, including helping the San Jose Unified School District in California to run on solar energy. An additional $1 billion went to consumer financing of hybrid vehicles.
Shares were down 4 cents to $7.52 in recent trading. The stock is up 35% so far this year.
wow. “up 35% so far this year.” From $53.57 on 9.29.06… From $5.56 on 12.20.11…
How’s that Greeeen, unicorn-funded utopia workin out fer ya?