Bank of America has issued a $2.25 billion green bond aimed at increasing renewable energy generation.
The bond, the largest green bond issued by the bank to date, advances the company's commitment to deploying capital to advance sustainable projects. With the offering, BofA becomes 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 and underscoring its continued leadership in addressing climate change by financing the transition to a low-carbon, sustainable economy. Since 2007, the bank has provided more than $87 billion in financing for low-carbon, sustainable business activities.
"We are engaging every part of our company to address today's biggest global challenges — including solutions to help transition to lower-carbon energy sources and address unsustainable demands on our natural resources," said BofA vice chair Anne Finucane. "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. We've seen tremendous demand in the debt capital markets, with all four of our green bonds significantly oversubscribed, and we are responding to that demand."