Bank of America Commits To Environmental Financing

Date: May 11, 2004

Source: News Room

Like Citigroup before it, Bank of America has begun tightening its financing standards to take into account possible environmental risks. The company announced its plans in a joint statement with the Rainforest Action Network, which has pushed several large banks to strengthen their lending standards. The company has agreed not to fund projects that entail oil and gas exploration, mining, or logging activity in old-growth tropical rainforests or "intact" forests as defined by the World Resource Institute. The standards took effect on May 15.

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