Tuesday, 12 June 2012

Banking Going Green, Are We Seeing a Trend?

It looks like another bank, Bank of America, will be making some heavy investment into green technology. 
Last week we highlighted Goldman Sachs as they announced a 40 billion dollar commitment toward investing in green technology, following Wells Fargo's own dive into supporting green tech found here. 
Bank of America's plan includes a 50 million dollar venture that will span 10 years. Specifics beyond that portion of their announcement aren't know, but they're also committing themselves to a reduction in energy consumption of 25% from 2004 levels and additional reductions in paper and water. 
To many, this effort from B of A appears like the latest from big banks trying to divert attention from their fading image. Besides the negative perception that many banks have received from the 2008 crisis, deservedly or not, B of A has also been the target of criticism for their part in lending to the coal industry.

Our stance...well, we don't really have one... I mean, I guess it's bad? What we like is the funding and this new focus on real sizable investments in renewal, clean technologies. Regardless of what they're motivation is, like we stated in the Goldman Sachs post last week, these institutions are there to make money. But if along the way they shift their focus to green, we are clearly in support of it.

You can catch more here on B of A and their corporate responsibility initiatives.

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