Bank of America launches $20 billion environmental program

Bank of America on Tuesday detailed a $20 billion initiative to address global climate change which entails loans, an Eco-friendly credit card, and investments in green buildings.

The bulk of the money--$18 billion--is earmarked for lending to companies participating in "environmentally-sustainable products." Specifically, the bank said that it will invest in low-carbon and energy efficiency technologies as well as carbon emissions trading programs.

The company is also committing $1.4 billion to getting LEED certification--done by the U.S. Green Building Council--for its offices and facilities. It will also invest $50 million in forest preservation projects and $100 million in energy conservation actions for its own facilities.

For consumers, Bank of America later this year will offer an Eco-friendly credit card where for every dollar spent, the bank will make a contribution to an organization that invests in reducing greenhouse gas emissions.