Bank of America Partners with Global Alliance for Clean Cookstoves to Raise $100 Million for Clean Cooking Solutions
November 21 2014 - 10:39AM
Business Wire
Bank of America today announced a partnership with the Global
Alliance for Clean Cookstoves (GACC) to raise $100 million to help
provide clean cooking solutions to millions of households in the
developing world.
Advancing clean cooking solutions – which greatly reduce
emissions that are harmful to people’s health and the broader
environment – is a component of the bank’s recently launched
Catalytic Finance Initiative. Bank of America announced the new
initiative at the United Nations Climate Summit in September,
committing to catalyze at least $10 billion of capital toward
investments in renewable energy, energy efficiency and energy
access.
“We understand there is a critical need for clean cooking
solutions for families and communities throughout the developing
world,” said Anne Finucane, Bank of America global chief strategy
and marketing officer. “This initiative will improve health,
particularly for women and children; protect the environment by
reducing carbon emissions; and spur economic growth. We do our best
work when we combine our scale and resources with partners’
expertise to help address the world’s toughest challenges.”
Bank of America and Deutsche Bank will partner with GACC, other
development finance institutions and private investors to create a
$100 million fund to support social enterprises that advance and
catalyze clean cookstove solutions.
Bank of America will announce its commitment at the first
Cookstoves Future Summit, hosted by GACC. Purna Saggurti, Bank of
America Merrill Lynch Global Corporate & Investment Banking
chairman, will represent the bank at the summit, which will bring
together leaders from around the world to discuss the adoption of
and investment in clean cooking solutions.
“This broad-based public-private partnership will help improve
the health and well-being of millions of people around the world,”
said Saggurti. “Our commitment to working with GACC on a facility
to advance clean cookstoves is a great example of how we are using
financial innovation to increase investment in a range of clean
energy technologies.”
Bank of America has experience in financing clean cooking
solutions in developing countries. The bank financed CleanStar
Mozambique in 2011, an innovative sustainable bioethanol fuel and
cookstove venture that is displacing charcoal. CleanStar has
already sold 35,000 clean stoves in Maputo, Mozambique. The bank
arranged financing using compliance market carbon credits that
helped to crowd-in equity and debt from investors.
Previously, the bank partnered with The Nature Conservancy to
promote energy efficient cookstoves to reduce deforestation in
Yunnan Province, China.
The Catalytic Finance InitiativeThis initiative,
announced by Bank of America Chief Executive Officer Brian Moynihan
in September, is designed to raise at least $10 billion of new
investment for high-impact clean energy projects. It will focus on
developing or advancing innovative financing structures that reduce
investment risk, thereby attracting a broader range of
institutional investors. As part of the initiative, Bank of America
will commit $1 billion in capital to investment structures that
employ a range of de-risking tools, developed in conjunction with
development finance institutions (DFIs), insurance providers,
foundations and institutional investors. The goal of the initiative
is to make clean energy investments more financeable, particularly
in emerging markets where project impact is often amplified –
addressing other large-scale issues like health, education and job
creation.
Read more about Bank of America’s commitment to the
environment.
Bank of AmericaBank of America is one of the world's largest
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businesses, middle-market businesses and large corporations with a
full range of banking, investing, asset management and other
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approximately 48 million consumer and small business relationships
with approximately 4,900 retail banking offices and approximately
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among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
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small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in more than 40 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
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Reporters May Contact:Laura W. Hunter, Bank of America,
1.704.577.1164laura.w.hunter@bankofamerica.com
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