Bank of America Reaffirms Commitment to Environmental Protection

Bank of America Reaffirms Commitment to Environmental Protection

Bank of America Corp. last week reaffirmed its commitment to responsible environmental practices in its corporate philosophy, everyday business operations, and products and services.

At the CERES annual conference in Boston, Candace Skarlatos, Senior Vice President of Environmental Initiatives, announced that the bank, which recently merged with Fleet Financial, once again endorsed the CERES Principles, a 10-point code of corporate environmental conduct. Skarlatos also announced that Bank of America had adopted the Equator Principles, a voluntary set of environmental and social screening criteria and guidelines that provide a framework for managing project financing.

"As a recognized leader among corporations with environmental policies and programs, we wanted to take the opportunity of our merger with FleetBoston Financial to renew our commitment to sustainable and successful environmental business practices," said Chan Martin, Bank of America Enterprise Market Risk Executive.

Mindy Lubber, Executive Director, CERES noted, "CERES is very pleased that Bank of America will be continuing its commitment to the CERES Principles. We look forward to a productive partnership working on attaining the goals set forward by the Principles. We are especially excited to work with a leader in the financial services industry who could help develop best practices as examples for other institutions"

The Equator Principles, were established by the International Finance Corporation, the private-sector investment arm of the World Bank, and apply globally to development projects with a capital cost of $50 million or greater.

"The actions we take today can have an impact far beyond the financial transactions that define our business. We believe our adoption of the Equator Principles supports an industry standard that recognizes environmental responsibility," said Martin.

More information about the Equator Principles can be found at www.equator-principles.com.
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