Feb. 13, 2008 – Nearly a year after earmarking $20 billion for environmental ventures, Bank of America has created a new banking team to find and finance businesses that save resources and develop new technologies to combat climate change, Reuters reports.

"Our $20 billion initiative isn't charity by any stretch. We expect an attractive risk-adjusted return on this capital," says BofA CEO Kenneth Lewis. "[Financing the green economy] represents the future, and a tremendous business opportunity. We believe it's what our customers and clients need us to do to support them."

In a prepared statement, Lewis also called for the U.S. Congress to establish a cap-and-trade system for carbon dioxide emissions.

BofA was among the leading financial institutions that agreed last week on new guidelines for financing renewable energy projects.