Bank of America announces $50 billion green fund

Bank of America (BofA) has set a target to invest $50 billion over the next ten years on initiatives focused on addressing climate change.

This green fund will launch new clean energy projects while also improving current infrastructures to increase efficiency.

The announcement follows in the footsteps of BofA’s 2007 commitment to contribute $20 billion toward emission reduction projects, which BofA expects to meet this year.

Although this new goal demonstrates a continued effort by BofA to improve its environmental profile, green groups are pointing out that the banking giant continues to provide significant funding to coal-based electric production, which remains one of the dirtiest energy production processes.

In May fellow financial behemoth Goldman Sachs pledged $40 billion toward emission reduction projects in a shift towards global sustainability.

BofA has also taken measures to reduce its emissions by 30% by 2015.