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MUMBAI: Bank of America on Tuesday said it mobilised and deployed approximately $250 billion in sustainable finance activity in 2021, an all-time high and a significant increase from the levels seen in 2020.

In India, the bank executed eight sustainability-linked, green deals in 2021 worth over $15 billion

These include deals such as ReNew Power’s listing in US markets, SoftBank’s sale of SB Energy’s renewable power portfolio to Adani Green Energy, Global Power Synergy’s investment of $450mm in Avaada Energy, Greenko’s $1bn senior green notes and a sustainability linked loan of UPL limited loan for $750 million.

The bank has been stepping up its focus on sustainable finance as part of its $1.5 trillion by 2030 sustainable finance goal announced last April to drive environmental and social change in line with the 17 United Nations Sustainable Development Goals.

“Our sustainable finance strategy permeates every aspect of how we deliver for our clients, employees and communities, and we are committed to a more inclusive, net zero society for all. Our sustainable finance focus is long-standing and continues to play a catalytic role in scaling our environmental transition and inclusive social development goals across the globe," said Paul Donofrio, vice chair of Bank of America. “As a financial institution, we are leveraging the power of our size, expertise and the capital markets to mobilize more investments and financings to address these global challenges and opportunities," added Donofrio.

Bank of America provides lending, capital raising, advisory and investment services, along with other financial and risk management solutions, for clients transitioning to a low-carbon, inclusive economy.

The bank said it continues to expand and innovate its environmental sustainable finance activities and offerings, including increased asset-based financing, advisory and capital raising activities for renewable energy and energy efficiency projects; sustainable transportation with an emphasis on electric vehicles and sustainable fuels; sustainable food and agriculture; clean water and sanitation; and carbon capture and voluntary and compliance carbon offset solutions. 

It is also focused on driving inclusive social development, with emphasis on affordable housing, healthcare, education, digital and financial inclusion as well as more access to capital for minority and women-led businesses and underserved communities.

“Finance with a purpose is a powerful tool for driving social and environmental change. Through our work with internal stakeholders, external alliances, and other partners, we are making tangible and meaningful progress towards achieving a more sustainable future," said Karen Fang, global head of sustainable finance at Bank of America.

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