Bank of America will look to expand its sustainable finance efforts in China with plans to reportedly double the size of its ESG-based investment team in Asia.
Bank of America aims to underwrite $50 million of green and sustainability-linked bonds, equities and loans for Chinese clients with carbon-neutral goals by the middle of the decade, according to a «Bloomberg» report, marking a 50 percent annual growth rate for the business.
The expansion plans include the doubling of its capital markets team focused on environmental, social and governance-based investment strategies in Asia from three to seven people.
«China will be paying huge attention to ESG in the next decades,» said Bank of America’s China country executive Wang Wei. «It's under immense pressure to develop the discipline.»
