BofA Leads Gas Bond Sale for BP, Casting Doubt on Texas 'Energy Boycott' Label - Bloomberg
BofA Leads Gas Bond Sale for BP, Casting Doubt on Texas ‘Energy Boycott’ Label - Bloomberg
Bank of America’s $1.5 Billion Deal Casts Doubt on Texas Energy ‘Boycott’ Label
The pre-paid gas bonds allow government agencies to purchase long-term supplies of natural gas and can help save utilities money. Photographer: Mark Kauzlarich/Bloomberg
Bank of America Corp. led a $1.5 billion natural gas bond sale for oil-giant BP Plc just as Texas politicians are deciding whether to punish certain Wall Street banks by labeling them as “energy boycotters” for their climate change policies.
At first blush, the deal might provide evidence that the bank doesn’t shun the oil and gas industry as the label suggests. In fact, Bank of America has been named by environmental groups as one of the biggest financiers of fossil fuels in the world.
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Bank of America’s $1.5 Billion Deal Casts Doubt on Texas Energy ‘Boycott’ Label
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”