Bank of America Corp has unveiled a US$250 billion initiative to invest in critical infrastructure across the United States over the next year, joining other major banks backing projects aimed at strengthening the country’s economic competitiveness.
The investment will target data centres and computing capacity, renewable power generation, energy storage, natural gas, electricity transmission, as well as critical minerals and mining. The bank said the initiative is designed to support energy security, job creation and economic growth.
“Without hard infrastructure, it’s difficult to preserve our competitiveness and leadership for the next generation. Old infrastructure has to be modernised,” said Karen Fang, global head of infrastructure and sustainable finance and co-head of global capital solutions.
The initiative comes as US banks increase their focus on infrastructure investment. Morgan Stanley recently announced a US$1.5 trillion pledge over the next decade for capital raising, financing and advisory services, while the United States faces ageing infrastructure and rising demand for electricity from the rapid expansion of artificial intelligence data centres.
Bank of America said its initiative extends beyond the AI sector to include areas such as transportation and water systems. The pledge is also separate from the bank’s earlier commitment to support US$1.5 trillion in sustainable-finance projects by 2030.
Last year, JPMorgan Chase & Co also pledged to direct US$1.5 trillion over the next decade towards industries considered critical to US economic security and resilience, underscoring growing efforts by major financial institutions to support the country’s infrastructure and energy needs.
