Archive for September 2010
A good way for a bank to make people forget its role in the sub-prime financial fiasco that’s rocked the economy is to focus on its climate change and sustainability efforts and that’s what Bank of America Merrill Lynch is doing.
BoA’s “Environmental Progress Report” this month revealed the good things it is up to on the corporate sustainability front, and to give the bank some credit (even if its not giving you any), there are some good things to report.
It’s ahead of the schedule it set in 2007 when it unveiled a 10-year, $20 billion “business initiative” focused on addressing climate change. Through June of this year BoA says it “directed” $8.4 billion through lending, investing, capital markets activity, philanthropy and its own operations. The bank committed about $5.4 billion of that in lending and investing activities while facilitating nearly $3 billion in capital markets activity.
A new website launched this month by the United Nations, FastStartFinance.org, will track climate funding commitments from industrialized countries, essentially attempting to make sure that developed economies will deliver on their plans to provide seed funds that help poorer nations battle climate change.
The Copenhagen Accord included a commitment from developed countries’ to provide developing countries with “fast start” financing of about $30 billion over the 2010-2012 period, earmarked for enhanced action on mitigation, including Reducing Emissions from Deforestation and Forest Degradation (REDD), adaptation, technology development and transfer and capacity building.