Energy

One of the most significant challenges our country faces is to develop secure, clean and affordable sources of energy to power our society, grow our economy and protect the environment. In pursuit of that goal, we at Bank of America have developed policies that promote the efficient production, conversion, delivery and consumption of energy to help make the necessary transition to a sustainable energy future.

Our $20 billion environmental commitment is providing focused products, services, lending and investments targeted at the needs of customers who are developing and implementing new efficient technologies and zero- and low-carbon energy to build and grow our society.

The policies and practices we have instituted cover a wide range of activities, including lowering carbon emissions while maintaining a reliable and diverse fuel mix. They include the increased development of renewable energy sources and transportation technologies that enhance energy security. Our policies and practices also encourage the growth of zero-carbon emitting energy sources, such as nuclear power and wind.

We fund advanced technologies that reduce the carbon emissions produced by the burning of fossil fuels, with a particular emphasis on technologies that capture carbon from fossil fuel plants and then sequester that carbon in geologic reservoirs. To further promote these actions, Bank of America partners with coal producers, utility companies, leading universities and the environmental community to develop the necessary elements aimed at implementing Carbon Capture and Storage (CCS) on a global scale. We recognize that CCS technologies will be necessary for addressing global climate change while enabling economies to flourish.

We are also funding the development of advanced technologies that work to improve energy efficiency in power generation and transmission as well as technologies that improve consumers' efficient use of power.

We strongly believe that, through our policies, we can help to create a future where we all enjoy a robust economy as well as a clean, healthy environment.

    Source: Energy Information Administration

    Quick Facts

    • In 2005, just 150 power plants and other stationary sources emitted as much CO2 as the global car fleet
    • The largest 1,000 stationary sources account for nearly one-third (31%) of global CO2 emissions 260 are in the U.S. and 240 are in China 875 are power-generating plants
    • 260 are in the U.S. and 240 are in China
    • 875 are power-generating plants