Bank of America Considers Expanding $20 Billion Clean-Energy Loan Program
April 6 (Bloomberg) -- Chad Holliday, chairman of Bank of America Corp., said the company will consider expanding its program to lend $20 billion for renewable energy by 2020 once the goal has been reached. Holliday spoke yesterday at the 2011 Bloomberg New Energy Finance Summit in New York. Erik Schatzker reports on Bloomberg Television's "InsideTrack." (This is an excerpt. Source: Bloomberg)
Bank of America Corp. (BAC) will consider expanding its program to lend $20 billion for renewable energy by 2020 once the goal has been reached, Chairman Chad Holliday said in New York today.
“We think this is going to be a gigantically large market,” Holliday said in an interview in New York today at a Bloomberg New Energy Finance conference. “When we get to $20 billion, we’ll look” at whether to lend more, he said.
The bank, based in Charlotte, North Carolina, backed efforts to restrain greenhouse gas emissions and wants to support cleaner-burning forms of energy as it also makes loans to coal and oil companies, the chairman said.
“There’s about 2 billion people in the world that wake up in the morning that don’t know if they’re going to have clean water, electricity,” Holliday said. “That’s two in seven people.”
Holliday said he was pessimistic about the chances the U.S. will adopt legislation to limit greenhouse gas emissions and encourage renewable energy anytime soon.
“That’s just not going to happen during a recession,” Holliday said. “We’ve never passed a major piece of environmental legislation with unemployment above 6 percent.”
To contact the reporters on this story: Erik Schatzker in New York at eschatzker@bloomberg.net; Christopher Martin in Bnef Summit at cmartin11@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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