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Steep legal fees used to make it difficult for smaller banks to invest in renewable energy tax credits. A new fund is looking to lower the typical legal fees that have made such investments cost-prohibitive for community banks.
June 5 -
Citigroup will commit $100 billion to help reduce the effects of climate change over the next 10 years as part of a new sustainability initiative.
February 18 -
Several big banks have hired environmental professionals from far outside the world of banking to make sure banks' clients aren't doing things to threaten water quality, public health or worker safety. The executives' job is to protect their banks' credit books and reputations.
May 21 -
The mock-up office is letting PNC resolve issues that would have been costly and time-consuming to fix on the Pittsburgh tower site.
March 31
Bank of America and Goldman Sachs have promised the Obama administration to invest in, and provide other support for, efforts to fight climate change.
By signing the
B of A has raised its spending target for environmental initiatives to $125 billion from the $50 billion, multiyear goal it set in 2012. It has provided $39 billion in financing for renewable-energy, efficiency and other projects in the current program in addition to a $20 billion effort completed in 2013.
Bank of America conducted the first benchmark-sized corporate green bond, valued at $500 million, in 2013 and held another such offering, for $600 million, this spring.
Goldman Sachs said it expects to complete its own goal of financing $40 billion in clean energy projects next year, having already completed a $33 billion program. The investment bank's asset management division is "moving full force" toward expanding its environmental, social and governance-related investment products in response to higher demand from clients, a company spokesman said.
Moreover, Goldman laid out plans for how it will reduce its own carbon footprint by 2020, including working towards using 100% renewable power for its electricity needs worldwide and reducing energy use at the facilities it controls by 10%.
