{"id":10137,"date":"2015-05-11T11:04:32","date_gmt":"2015-05-11T16:04:32","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=10137"},"modified":"2015-06-04T17:02:36","modified_gmt":"2015-06-04T22:02:36","slug":"bank-of-america-votes-for-renewables-with-its-very-large-wallet","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2015\/05\/11\/bank-of-america-votes-for-renewables-with-its-very-large-wallet\/","title":{"rendered":"Bank of America Votes for Renewables with Its Very Large Wallet"},"content":{"rendered":"

By: Tom Murray<\/a>,\u00a0Vice President, Corporate Partnerships Program<\/em><\/p>\n

\"boa\"<\/a>A company\u2019s public statements matter \u2013 they can influence consumer choice, sway public policy decisions, and demonstrate leadership on important issues. But in terms of actual change, it\u2019s where a company puts its money that really matters. This week, Bank of America (BoA) spoke with both its voice and wallet: At its shareholder meeting last week, the bank announced a\u00a0new coal policy<\/a>\u00a0that continues the company’s commitment to reducing its\u00a0exposure to coal extraction companies and accelerating the transition from a high-carbon to a low-carbon economy.<\/p>\n

According to BoA,\u00a0its portfolio has grown to favor renewable energy over coal by a ratio of more than three-to-one. That\u2019s an important step forward toward a clean, low-carbon energy future. And, it\u2019s one that builds on moves by other institutions, like the recent news from\u00a0Goldman Sachs about how the company is looking to\u00a0divest some of its mining interests<\/a>\u00a0and\u00a0Citi\u2019s recent 10-year, $100-billion commitment<\/a>\u00a0toward investments in areas like energy efficiency, renewable energy, green affordable housing, and climate change resiliency projects.<\/p>\n

Investors are seeing the terrain change beneath them \u2013 from upcoming regulations like the EPA\u2019s\u00a0Clean Power Plan<\/a>\u00a0and\u00a0federal regulations on methane emissions from the oil and gas sector<\/a>, to consistently lower natural gas prices, which undercut coal\u2019s prior price advantage over other power sources \u2013 and beginning to bet on a future that\u2019s powered by lower-carbon options.<\/p>\n

More of this type of corporate leadership, including metrics and timelines, is what’s needed to help make the leap from today\u2019s polluting\u00a0energy system to tomorrow\u2019s thriving, clean energy future.<\/p>\n

This post originally appeared on our EDF+Biz blog<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By: Tom Murray,\u00a0Vice President, Corporate Partnerships Program A company\u2019s public statements matter \u2013 they can influence consumer choice, sway public policy decisions, and demonstrate leadership on important issues. But in terms of actual change, it\u2019s where a company puts its money that really matters. This week, Bank of America (BoA) spoke with both its voice …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42996,53091],"tags":[],"coauthors":[],"class_list":["post-10137","post","type-post","status-publish","format-standard","hentry","category-smart-power","category-energy-financing"],"acf":[],"yoast_head":"\nBank of America Votes for Renewables with Its Very Large Wallet - Energy Exchange<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/energyexchange\/2015\/05\/11\/bank-of-america-votes-for-renewables-with-its-very-large-wallet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of America Votes for Renewables with Its Very Large Wallet - Energy Exchange\" \/>\n<meta property=\"og:description\" content=\"By: Tom Murray,\u00a0Vice President, Corporate Partnerships Program A company\u2019s public statements matter \u2013 they can influence consumer choice, sway public policy decisions, and demonstrate leadership on important issues. 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