Bank of America to Spend $50 Billion Combating Climate Change
Throwing good money after bad?
Call it the greening of Wall Street.
In the wake of a $30 billion commitment to new environmental investments by Wells Fargo in April and a $40 billion promise from Goldman 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.
I’m all for a private-sector company investing or lending its capital as they see fit. If they want to lose Warren Buffett’s money, that’s fine by me.