Bank of America to Announce Adoption of The Carbon Principles at Natural Resources Defense Council's Tenth Annual Award Event

NRDC will recognize Kenneth D. Lewis and company's environmental initiative

Apr 01, 2008, 01:00 ET from Bank of America

    NEW YORK, April 1, 2008 /PRNewswire/ -- Bank of America Chairman and
 CEO Kenneth D. Lewis will be recognized by one of the country's leading
 environmental organizations for his guidance of the company's efforts to
 address climate change. The Natural Resources Defense Council (NRDC) will
 honor Lewis, and New York Mayor Michael Bloomberg and his PlaNYC
 initiative, at its tenth annual award gala this evening.
     (Logo: )
     Also tonight, Lewis will announce that Bank of America will adopt The
 Carbon Principles, a set of guidelines that help advisors and lenders to
 power companies evaluate and address carbon risks in the financing of
     "The Carbon Principles are critical as we work to secure a more
 sustainable energy future," said Lewis. "It is my hope that these
 principles, when combined with Bank of America's commitment to assess the
 cost of carbon in our risk and underwriting process, will enable us to
 better evaluate the business models of utility sector companies and,
 ultimately, help them move to cleaner technologies in the future."
     Bank of America's ten-year, $20 billion environmental initiative
 addresses climate change by championing sustainable business practices
 through innovative lending and investing strategies, new financial products
 and services and operations. An example of these efforts is the new Bank of
 America Tower at One Bryant Park in New York City that, when completed in
 2009, will be one of the most environmentally friendly and efficient office
 buildings in the world, built to meet the highest LEED Platinum green
 building standards.
     "Helping our nation reduce greenhouse gas emissions, as well as
 encourage renewable energy and low carbon technologies, is not only the
 right thing for our planet, but it is also smart business -- and Bank of
 America is proud to be at the forefront," added Lewis. "Receiving the
 recognition of the Natural Resources Defense Council for this effort is a
 tremendous honor."
     "We have the know-how to beat global warming. What we need is the
 leadership to make it happen, and Ken Lewis is providing that leadership,"
 said NRDC President Frances Beinecke.
     Bank of America has a legacy of environmental leadership dating back
 two decades, when it began implementing and applying green techniques to
 its own operations and internal business practices. For example, the bank
 reduced paper usage per associate by 40 percent and set aggressive,
 voluntary goals to reduce greenhouse gas emissions across the company by
 nine percent through the reduction of its energy consumption. Bank of
 America also reimburses its associates $3,000 when they buy a hybrid
 vehicle - a benefit that nearly 2,000 individuals have taken advantage of
     Bank of America's environmental initiatives emphasize business
 opportunities, created by green economic growth, by providing critical
 financing to encourage the development of environmentally sustainable
 products and technologies; accelerate the deployment of existing
 technologies; and increase energy efficiency. Results under these
 initiatives include investments in solar and other renewable energy efforts
 at schools, municipalities and businesses, and financing the preservation
 of redwood forests, among other efforts. At the same time, the company has
 policies in place against financing projects that would destroy primary
 moist tropical rainforests, certain endangered forests or companies
 involved in illegal logging.
     Bank of America
     Bank of America is one of the world's largest financial institutions,
 serving individual consumers, small and middle market businesses and large
 corporations with a full range of banking, investing, asset management and
 other financial and risk-management products and services. The company
 provides unmatched convenience in the United States, serving more than 59
 million consumer and small business relationships with more than 6,100
 retail banking offices, nearly 19,000 ATMs and award-winning online banking
 with nearly 24 million active users. Bank of America is the No. 1 overall
 Small Business Administration (SBA) lender in the United States and the No.
 1 SBA lender to minority-owned small businesses. The company serves clients
 in 175 countries and has relationships with 99 percent of the U.S. Fortune
 500 companies and 83 percent of the Global Fortune 500. Bank of America
 Corporation stock (NYSE:   BAC) is listed on the New York Stock Exchange.
     Natural Resources Defense Council
     Based in New York City since 1970, the Natural Resources Defense
 Council (NRDC) is a national, nonprofit organization of scientists, lawyers
 and environmental specialists dedicated to protecting public health and the
 environment. NRDC has 1.2 million members and online activists nationwide,
 served from offices in New York, Washington, Los Angeles, San Francisco,
 Chicago and Beijing.

SOURCE Bank of America