About This Project
Bank of America Merrill Lynch
Sector: Business & Financial
Member Since: 2007
Bank of America Merrill Lynch is a founding member of Cleantech San Diego, established in 2007. That same year, Bank of America announced its $50 billion environmental initiative that focuses on financing companies committed to energy efficiency, renewable energy, and transportation, in addition to addressing other important areas like water conservation, land use, and waste.
Bank of America has since increased its second environment initiative: $125 billion pledged for low-carbon business by 2025 through lending, investing, capital raising, advisory services, and developing financing solutions for clients around the world. This 10-year environmental business goal speaks to the bank’s commitment of financial innovation to help address climate change and how to spur investment in clean energy to accelerate the transition to lower carbon emissions.
Since 2007, Bank of America has provided more than $39 billion in financing for low-carbon activities to help address climate change. It committed $12 billion in 2014 alone, of which 40 percent went to renewable energies – solar, wind, hydro, geothermal, advanced biofuels, or mixed portfolios. Thirty-three percent went to financing energy efficiency.
Bank of America has played a leading role in the development of the rapidly expanding green bond market and has been recognized as the “Most Innovative Investment Bank for Climate Change & Sustainability,” from The Banker from 2011-2015.
Energy and Technology