Bank of America this week announced a 10-year, $50 billion investment to address climate change and advance a low-carbon economy.
The effort would help support energy efficiency, renewable forms of energy, low carbon forms of transportation and water recycling.
Cathy Bessant, a top official on Bank of America's environmental council, said the company has "a strong culture of environmental sustainability."
Rainforest Action Network, however, said, while the bank is focusing on energy efficiency, it does little to address the financing of fossil fuels like coal.
Amanda Starbuck, director of energy and financing at RAN, said the focus on renewables was a step in the right direction but the overall initiative fell short of what's needed for environmental sustainability.
"The bottom line is we cannot reduce the emissions necessary to stem climate change with renewable energy funding alone, we must also curb our use of coal and Bank of America's new environmental initiative makes no move to do that," she said in a statement.
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