Bank of America Announces $10 Billion Catalytic Finance Initiative to Accelerate Clean Energy Investments
Wednesday, September 24, 2014
New York, 23 September 2014 – Bank of America today announced a Catalytic Finance Initiative, designed to stimulate at least $10 billion of new investment into high-impact clean energy projects. The initiative will focus on developing or advancing innovative financing structures that reduce investment risk, thereby attracting a broader range of institutional investors.
“We want to take a leadership role in helping remove barriers to investment in clean energy projects around the world,” said Brian Moynihan, Bank of America Chief Executive Officer. “The capital we commit and our strong global client and institutional investor relationships can lead to considerable additional investments in a lower carbon future.” Moynihan was the only U.S. CEO who spoke today at the United Nations Climate Summit Finance Session.
As part of the initiative, Bank of America will commit $1 billion in capital to investment structures that employ a range of de-risking tools, developed in conjunction with development finance institutions (DFIs), insurance providers, foundations and institutional investors. The goal of the initiative is to make clean energy investments more financeable, particularly in emerging markets where project impact is often amplified – addressing other large-scale issues like health, education and job creation.
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