Bank of America has been known for a long while now as a leader in the banking industry. Until recently, they had a stellar reputation, however when the news hit that they would allowing the extention of a line of credit to those without social security numbers or a credit history (aka illegal immigrants and possibly potential terrorists), it left many with a bad taste in its mouth. Now Bank of America has shifted the focus off of this controversy to something more positive and an issue that has most of the world buzzing about right now: going green.
I’m not talking green as in the almighty dollar, although that is obviously what is fueling this initiative, but green as in participating in a way to contribute to diminishing the effects of global warming. This is a great endeavor for a bank as large as Bank of America to embark on. They will be investing $20 billion dollars into this initiative, making them the leader among financial institutions. This initiative will include support for trading in carbon units, which is a means to enable its clients to achieve carbon emission neutrality through existing and emerging market mechanisms. One way they plan to enable this is through an eco-friendly credit card. Each time this particular credit card is used, the bank will make a contribution to an environmental organization to invest in greenhouse-gas reduction projects. Those who plan to obtain a mortgage through Bank of America will also benefit if they purchase a home that meets Energy Star specifications, as it will result in an a reduced interest rate or $1000 cash back.
I think this is a great way to not only involve themselves in the green initiative sweeping the country (and world), but to also encourage its customers to also start thinking green. For those who purchase an Energy Star home, most likely that is not where their reduction in their carbon footprint will end. For each product paid for with the eco friendly credit card, who wants to make a purchase of an item that will contradict that contribution to an environmental organization? My bet is that the customers participating in the green programs will begin to think of other ways to get involved in carbon neutrality. Change begins one person at a time, and its wonderful that Bank of America is tackling the issue with a large part of the population at once.
What are your thoughts on Bank of America’s green initiative?
Posted by Shannon Nelson on March 7, 2007 11:28 AM
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