Bank of America's latest environmental declarations come on the heels of a $30 billion commitment by Wells Fargo in April 2012. The pledge also included a goal to give away $100 million in grants.
At the time of its announcement, Wells Fargo already had invested approximately $11.7 billion in projects akin to those being targeted by Bank of America: energy efficiency retrofits, wind and solar energy projects and public financing with an emphasis on environmental responsibility.
Although it has said less about the matter than its competitors, J.P. Morgan Chase has also been investing in alternative energy projects, which it considers "an attractive investment opportunity" for both the bank and its clients.
Since 2003, J.P. Morgan has invested $3.8 billion of its own money and $3.9 billion raised from co-investors in 95 renewable energy projects. Its primary focus has been on wind (farms financed by J.P. Morgan generated about 17 percent of the wind energy capacity in the United States at 7,600 megawatts). The bank has also backed 13 solar projects and four geothermal power plants.