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The Bank of America has issued its eighth green bond, this time a $2 billion racial equality and environmental sustainability bond.

This is the first-of-its-kind broad ESG-themed security designed to advance racial equality, economic opportunity and environmental sustainability, according to a statement.

This is also the first sustainability bond issued by a US bank holding company where the social portion of the use of proceeds will be dedicated to financial empowerment of Black and Hispanic-Latino communities.

The bond brings the Bank of America’s aggregate total of issuance to $9.85 billon.

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Since 2013, the Bank of America has issued five “green” bonds, two “social” bonds and the latest “sustainability” bond– which focused on areas such as clean energy, energy efficiency, affordable housing and community development, and addressing the global coronavirus pandemic.

Additionally, the Bank of America co-authored the Green Bond Principles, a voluntary set of guidelines and standards meant to bring integrity to this market where proceeds help to directly finance environmental projects.

The five-year environmental sustainability bond will finance, lease and invest in projects that support the transition to a low-carbon economy, focusing specifically on renewable energy and clean transportation.

Anne Finucane, vice chairman at Bank of America, who leads the company’s ESG, sustainable finance, capital deployment and public policy efforts, said: “Our focus on sustainable finance is one of the ways we drive responsible growth. By addressing these critically important issues through ESG-themed securities, we are offering a way for fixed income investors to be part of social and environmental change, and drive solutions through the debt capital market.

Our communities and the environment are inextricably linked, and Bank of America cares deeply about both and continues to explore innovative ways to enable investors to use their investments to help address these societal challenges.”