Bank of America makes $50 billion environmental pledge

June 12, 2012

Bank of America Corp. announced Monday a commitment to invest $50 billion in green energy and other environmental projects over the next 10 years, after achieving a similar goal announced in 2007 years ahead of schedule.

The Charlotte bank joins a number of other large banks in making similar commitments amid complaints that the bank finances coal extraction and mountaintop removal.

“Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economy,” said CEO Brian Moynihan said in a statement. “We met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable.”

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