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Bank of America pledges $50 billion to combat 'climate change,' after taking $45 billion in bailouts

The new set of goals will be effective on Jan. 1, following the anticipated completion of the bank's current 10-year pledge of $20 billion, which it said is four years ahead of schedule. "Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economy," said Chief Executive Brian Moynihan. "We met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable."