Red and Blue Makes Green

The big banks are doing their part in the “green movement” to save our environment

Bank of America

  • March, Bank of America announced a ten-year, $20 billion environmental commitment to support the growth of environmentally sustainable business activity. The bank will provide financing to encourage the development of environmentally sustainable products and technology, accelerate the deployment of existing technology, and increase energy efficiency.
  • The bank launched a pilot program in 2006 that reimbursed $3,000 to associates purchasing a new hybrid vehicle. Employees living within ninety miles of Boston, Charlotte, and Los Angeles were eligible. Deeming the program a success, BofA expanded it nationwide last February.
  • Bank of America and the Redwood Forest Foundation announced the country’s first forest acquisition by a nonprofit using 100 percent private capital to close the deal. The transaction preserves more than 50,000 acres of critical working timberland in the Usal Redwood Forest in northern California’s Mendocino County.
  • Annual amount of paper recycled: 50,000 tons
  • Local green building (above): A $450 million, thirty-two-floor building that features an eight-story interior garden. LEED (Leadership in Energy and Environmental design) gold certified. Located at College and Fifth streets. Scheduled to be completed in 2010.

Wachovia

  • Wachovia pledges to reduce its absolute carbon dioxide emissions by 10 percent by 2010 by developing and applying green whole building standards and improving the energy efficiency of its existing businesses.
  • Wachovia has a policy on forest protection stating that it will not finance logging operations in primary tropical moist forests, areas in which conservation values are endangered, or World Heritage sites. The bank also will not finance projects where major indigenous land claims have not been appropriately addressed.
  • Annual amount of paper recycled: 20,000 tons
  • Local green building (above): Recently named Wachovia Corporate Center, the $880 million, forty-eight floor building will house the bank’s top executives as well as lease office space to Duke Energy. The LEED gold certified building will also be a part of the bank’s much anticipated cultural arts campus. Located at South Tryon and Stonewall streets. Scheduled to be completed in 2009.