- The Washington Times - Thursday, June 28, 2012

ANALYSIS/OPINION:

“Banking on green energy” (Commentary, June 21) created an impression very different from reality. Bank of America’s primary objective in pursuing a $50 billion, 10-year environmental business initiative is to create long-term economic value for shareholders. Expanding the market for renewable energy, supporting energy efficiency and advancing sustainable businesses all represent compelling business opportunities (and generate revenue) for our company.

Our new $50 billion goal builds on our current $20 billion initiative, which we will achieve in about half the time we set for ourselves. It includes lending, equipment finance and capital markets activity, and it provides advice and investment opportunities for our global clients.

For example, in 2011 we helped to arrange financing for the world’s two largest rooftop solar projects with combined transaction values of $3.6 billion, supporting the potential creation of thousands of jobs across the United States and generating significant revenue for the company.

Our initiative also creates significant expense savings for our company. Just looking at our energy reduction efforts alone, since 2004 we have had a cumulative cost savings of $195 million.

I’m proud of this commitment: It saves money, produces revenue and advances environmental sustainability. It’s a good business decision, and that’s why we made it.

CATHY BESSANT

Chairman

Bank of America Environmental Council

Charlotte, N.C.

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