Bank of America Pledges $50 Billion to Combat Climate Change
The unholy alliance between bankers and government is on naked display.
It’s the black hole in the kitchen: huge, obvious, and silent. And boy does it suck. As Climate Depot points out, Bank of America got a $45 billion bailout from the government during the global financial crisis. Now it’s promising $50 billion to “address Climate Change”. How Green is your Bankster?
It’s a feeding frenzy:
The bank’s new initiative includes lending, equipment finance, capital markets and advisory activity and carbon finance, as well as advice and investment help.
Bank of America will focus on promoting energy efficiency; renewable energy, including wind, solar and hydropower; lower-carbon transportation like electric and hybrid vehicles; and water and waste treatment and disposal initiatives. [Capitalgr]
They already spend nearly $20bn on climate and did it four years ahead of schedule. So why not $5obn?
The company has spent $17.9 billion toward its initial pledge, including $8.4 billion for energy efficiency activities, including low-cost loans and grants for retrofitting low-income neighborhoods for energy efficiency. It spent $5 billon on renewable energy projects, including helping the San Jose Unified School District in California to run on solar energy. An additional $1 billion went to consumer financing of hybrid vehicles. [WSJ]
A billion here, a billion there, and soon they’ll be talking real money.