SAN FRANCISCO, Oct. 2, 2018 /PRNewswire/ -- Bank of the West is committing $1 billion to finance clean, efficient, and renewable energy as part of a new multi-year effort to support broader diversity and transition in the U.S., thereby expanding the Bank's efforts to support a sustainable energy future.
Over the next five years, the Bank plans to dedicate:
- $500 million in new financing for renewable and clean energy to support, for example, the financing of hydroelectric, solar, and wind power sources;
- $300 million in loans to help individuals transition to EV/zero emission vehicles;
- $200 million in investments and loans directed toward cities' infrastructure and housing projects that are LEED certified or support energy efficiency or energy conservation.
"Bank of the West is dedicated to the communities we serve, and these new initiatives reflect our belief that our Bank can make a positive impact on society," said Nandita Bakhshi, CEO of Bank of the West. "Bank of the West remains committed to taking action for a sustainable future."
The Bank's new initiatives were unveiled at California's Global Climate Action Summit in San Francisco where international and local leaders from the public and private sectors convened to discuss climate action.
In addition to the five-year initiatives, the Bank's Commercial Banking Group will launch a new business line dedicated to energy transition. The Bank's Wealth Management Group is also expanding its purpose-driven investment offerings, including renewable energy investment opportunities.
Bank of the West's commitment aligns with our parent company's commitment to energy transition. BNP Paribas has announced a renewable energy financing initiative, including a commitment to doubling its financing activities in the renewable energy sector, with a target of €15 billion ($17.4 billion1) by 2020; and support for start-ups working to support energy-transition through innovation, with a goal of €100 million ($116 million) invested by 2020.
About Bank of the West
The fundamental belief that a bank should have a positive impact on society drives Bank of the West. At a time when people demand more from companies, we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. That's why we are investing where we can have a real impact: supporting energy transition, helping enable female entrepreneurs and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas, which is one of the only financial organizations in the world to adopt the UN Sustainable Development Goals. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.
Deposit and loan products offered by Bank of the West, Member FDIC and Equal Housing Lender. © 2018 Bank of the West. Doing business in South Dakota as Bank of the West California.
Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, (License #0C52321) and through BancWest Investment Services, Inc. in all other states where it is licensed to do business. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.
BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas.
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1 Based on current exchange rate
SOURCE Bank of the West