April, 2, 2008 - Bank of America has joined Citibank, JPMorgan, and Morgan Stanley in adopting the Carbon Principles, a set of guidelines that help advisors and lenders to power companies evaluate and address carbon risks in the financing of energy projects.

"It is my hope that these principles, when combined with Bank of America's commitment to assess the cost of carbon in our risk and underwriting process, will enable us to better evaluate the business models of utility sector companies and, ultimately, help them move to cleaner technologies in the future," BofA CEO Kenneth D. Lewis said in a statement.

In March of last year Bank of America embarked on a ten-year, $20 billion environmental initiative addresse climate change through lending, investing, philanthropy and the creation of new products and services.

The Carbon Principles were first adopted by Citibank, JPMorgan, and Morgan Stanley in February. Read the full text of the principles here.