NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, November 24, 2014

Bank of America today announced a partnership with the Global Alliance for Clean Cookstoves (GACC) to raise $100 million to help provide clean cooking solutions to millions of households in the developing world.

Advancing clean cooking solutions – which greatly reduce emissions that are harmful to people’s health and the broader environment – is a component of the bank’s recently launched Catalytic Finance Initiative. Bank of America announced the new initiative at the United Nations Climate Summit in September, committing to catalyze at least $10 billion of capital toward investments in renewable energy, energy efficiency and energy access.

“We understand there is a critical need for clean cooking solutions for families and communities throughout the developing world,” said Anne Finucane, Bank of America global chief strategy and marketing officer. “This initiative will improve health, particularly for women and children; protect the environment by reducing carbon emissions; and spur economic growth. We do our best work when we combine our scale and resources with partners’ expertise to help address the world’s toughest challenges.”