Bank of America Initiative to Address Climate Change
On March 6, Bank of America Corporation announced a $20 billion initiative to support the growth of environmentally sustainable business activity to address global climate change.
The company said that its 10-year initiative will encourage the development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services.
Opportunities to support its customers’ efforts to build an environmentally sustainable economy include innovative home and office construction, new manufacturing technology, changes in transportation and new ways to supply energy, according to Kenneth D. Lewis, Bank of America’s chairman and CEO.
Provisions related to the home building industry include:
- The company’s real estate banking will build upon its expertise in financing environmentally friendly development by creating customized solutions for clients who are developing and implementing environmentally sustainable designs. This will include improvements in energy efficiency, brownfield development, promotion of smart growth and the use of energy-related tax credits.
- The company will give favorable consideration, among other existing underwriting criteria, to lending opportunities with clients that are creating and implementing environmentally sustainable products, services and technologies.
- A Green Mortgage Program will provide home buyers with a reduced interest rate or $1,000 back for each home-purchase mortgage meeting ENERGY STAR specifications.
- For customers who use their home equity line of credit’s Visa Access Card, Bank of America will make an annual donation to a non-profit organization that focuses on environmental conservation. Initially, donations will be directed to Conservation International for land conservation and carbon sequestration. Additional non-profit organizations will be added to the program over time.
- Bank of America is evaluating proprietary investment management solutions that incorporate forest conservation principles consistent with those defined by the Forest Stewardship Council. Reforestation, wildlife management, responsible development and the support of carbon sequestration ecosystems are important attributes that will be considered. Bank of America intends to commit its own capital to promote “green” investment solutions for its clients.
- The Bank of America Charitable Foundation will be donating $50 million to support non-profit organizations focused on forest preservation, innovative energy conservation, developing green affordable housing and other environmental activities.
Free NAHB Environmental Stewardship Brochure Available
“Stewardship: The NAHB Environmental Issues Committee at Work” is a new, free brochure available from NAHB that outlines the environmental issues the committee — working with NAHB’s environmental, regulatory and legal staff — has faced and what the committee did to help preserve needed environmental balance.
The committee’s work is central to the NAHB mission as federal, state and local agencies enact myriad rules and regulations that erode housing affordability while providing dubious benefit.
By developing, implementing and completing research strategies, NAHB has created and reinforced its role of advising and directing regulators’ activities and pursuing reform.
Bulk copies of the brochure are available free to environmental committees and others interested in learning more about the home building industry's environmental stewardship efforts.
Click here to view the brochure. To order free copies, e-mail Delecia Jenkins at NAHB, or call her at 800-368-5242 x8163.
Download Green Building Intelligence Today From BuilderBooks.com
“Residential Green Building SmartMarket Report,” which addresses the growing trends and opportunities in green home building, is available and can be quickly downloaded through BuilderBooks.com’s Digital Delivery service.
Available through Digital Delivery only, the report provides the results of market research conducted by McGraw-Hill Construction and NAHB about green building in home construction.
To download this publication from BuilderBooks.com, click here.
Attend the 2007 National Green Building Conference
Attend the 2007 National Green Building Conference in St. Louis on March 25-27.
The conference includes educational sessions on construction, the environment, conservation, energy, recycling, finance and marketing — with real world applications.
In addition, there will be a green building/technology tour of green building projects in the St. Louis area.
Onsite registration is available.
Click here for conference information, or visit www.nahb.org/greenbuilding on the NAHB Web site to learn more about green building.