Bank of America has been named a founding member of the newly formed Stanford Strategic Energy Alliance, which will facilitate research and education between companies and faculty members with shared scholarly interests.
These efforts are in combination with the company’s $125 billion environmental business commitment, which deploys capital to low-carbon, sustainable business activities. Since 2007, Bank of America has directed more than $87 billion in low-carbon, sustainable financing — including for solar, wind, hydro, geothermal, advanced biofuels and energy efficiency.
"This program will help to accelerate the transformation and the transition of the energy sector by developing financial instruments to reduce both costs and investment risks for clean energy projects on a larger scale and drive innovation in this sector," said Thomas K. Montag, chief operating officer of Bank of America.
"Deploying capital and finding new approaches to drive to a lower-carbon energy future is an economic imperative," said Anne Finucane, vice chairman of Bank of America. "The commitment to the Stanford Strategic Energy Alliance demonstrates our focus on responsible, sustainable growth, which is addressing important societal issues and helping our global economy now and for years to come."
A brighter energy future also requires major improvements in energy policy, business and finance. The Stanford Strategic Energy Alliance will support the work of Stanford’s professors in energy research from engineering to economics. Stanford’s Precourt Institute for Energy will manage the program. Alliance members, in addition to helping improve energy systems, gain insights on the latest trends in energy science, engineering, economics and law. The knowledge gained will inform strategies for managing an energy sector in transition. To learn more about the program, please visit the Stanford Strategic Energy Alliance website.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Kelly Sapp, Bank of America