One of the world’s leading financial institutions, Bank of America, has announced a $2.25 billion green bond to support clean energy projects. This was the fourth and largest green bond, furthering the company’s commitment to deploying capital to advance sustainable renewable energy projects.
With this offering, Bank of America has become the first U.S. financial institution to issue four corporate green bonds, raising a total of $4.35 billion for renewable energy projects since 2013.
The bank has also been the leading underwriter of green bonds globally since 2007, underscoring its continued leadership in addressing climate change by financing the transition to a low-carbon, sustainable economy. According to the bank’s portfolio, since 2007, it has provided more than $87 billion in financing for low-carbon, sustainable business activities.
Green bonds are an important tool for the private sector to finance clean and alternative energy sources, as well as other environmentally-minded activities, at competitive market rates.They have assumed global significance as these financial instruments help mobilize resources for funding green projects.