Why Bank of America will spend $250B to boost data centers, jobs, clean energy
Bank of America is ready to spend $250 billion to celebrate the country’s 250th birthday, and said it’s looking to fix up the basic systems Americans use every day.
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The Charlotte bank announced its “Critical Infrastructure Finance Initiative” on Wednesday. The plan is to invest in high-tech, energy and construction projects over 18 months, starting this year.
It’s not clear yet how the initiative could impact Charlotte and North Carolina, which are rapidly emerging as a national hub for data centers amid strong public criticism.
The push comes as the U.S. struggles with infrastructure and other hurdles to keep up with the need for data storage, cleaner power and better ways to get around. By using its own money, Bank of America wants to kickstart local building projects that executives say will create thousands of jobs.
“The infrastructure that powers our economy, strengthens our energy security and secures our technological leadership will drive growth, create jobs and define America’s next chapter,” Jim DeMare, co-president of Bank of America, said in a statement. The move shows the bank is betting on the country’s economic future, he said.
Bank of America’s financing will target three sectors:
The goal is to connect investors with the people building these projects, said Karen Fang, who leads the bank’s work in this area. “We are focused on helping accelerate investment in infrastructure that drives economic growth and creates lasting value for communities,” she said in the statement.
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The bank will track this spending and its other environmental and social investment targets from Jan. 1, 2026, through July 4, 2027.
The move also focuses on jobs.
Bank of America said it gave about $40 million last year to partners, including community colleges, to train workers for these specific projects. Jobs like fixing the power grid and running data centers that the new money will help build.
The effort will be led by Bank of America’s Global Capital Solutions and Global Infrastructure & Sustainable Finance teams, with support across all eight lines of business.
Bank of America is the second-largest bank in the U.S., and has 213,000 employees, with more than 19,000 workers in the Charlotte region.
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