On May 14, 2015, Bank of America issued a $600 million green bond to fund renewable energy and energy efficiency projects. In a statement issued by the bank, its chief operating officer Thomas Montag stated, “We believe green bonds will play an important role in closing the financing gap for renewable energy, energy efficiency and other lower-carbon projects. The market for green bonds is expanding rapidly and issuing our own green bonds is one way we are helping to meet that growing demand.”
This latest bond issuance is part of Bank of America’s $70 billion multiyear environmental business commitment and follows its 2013 $50 billion bond issuance, which was used to fund retrofitting of streetlights from traditional high pressure sodium to new LED technology and the installation of commercial solar systems.
The green bonds market is rapidly expanding. In 2014, approximately $37 billion worth of green bonds were issued, which more than tripled the bonds issued the previous year.
Read Bank of America’s press release here.