WASHINGTON, July 2, 2012 /PRNewswire-USNewswire/ -- The United States Hispanic Chamber of Commerce (USHCC) commends Bank of America for its bold investment in green business practices. Bank of America recently announced a new 10-year, $50 billion environmental goal to help businesses address climate change, reduce demands on natural resources and advance lower-carbon economic solutions. The company also introduced significant new goals to reduce the environmental impact of its own operations.
"We applaud Bank of America for their investment in sustainability." said USHCC President and CEO Javier Palomarez. "Their pledge to provide millions in investment funding is promising news for the Hispanic business community. Our own USHCC Foundation provides training in green business practices to aspiring entrepreneurs and small business owners across the country and we are delighted to see yet another organization that sees the economic benefits of going green."
According to Bank of America, the new goal, effective Jan. 1, 2013, follows the anticipated completion of the company's current 10-year, $20 billion environmental business initiative – a program that is more than four years ahead of schedule. The initiative will consist primarily of lending, equipment finance, capital markets and advisory activity, carbon finance, and advice and investment solutions for clients.
"Our work at the USHCC has shown us that minority communities are beset by a lack of access to incentives and education around green business practices," said USHCC Chairman Nina Vaca, "We are grateful to companies like Bank of America for demonstrating true leadership to bridge that divide by offering greater access to capital than ever before to Hispanic business owners. In doing so, they are promoting environmental stewardship more effectively than the most stringent environmental regulation ever could."
Bank of America has said it will measure the effectiveness of its investments by working with outside organizations who will monitor greenhouse gas (GHG) emissions reductions and renewable energy generation among other societal benefits. Their announcement is unsurprising given their history of environmental stewardship. In 2004, the Bank became the first financial institution to commit to GHG emissions reduction by setting out and accomplishing an ambitious variety of operational goals, many of them stemming from improvements in energy efficiency to existing infrastructure.
Palomarez continued – "Not only are they creating responsible economic growth for our nation's Hispanic business community, but they are proving that corporate responsibility is alive and well. Innovative approaches to investment like Bank of America's environmental initiative will power our nation's economic recovery.
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that combined generate in excess of $465 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. For more information, visit www.ushcc.com.
SOURCE United States Hispanic Chamber of Commerce