(June 14, 2007) Funding for green technology is vital for California businesses, Bank of America President and Chief Executive Officer Kenneth D. Lewis told a California Chamber of Commerce audience.

The interactive session brought together Sacramento business and policy leaders to discuss the budding "green" economy, technology innovations and the need for workforce training.

“This is an exciting time for us in California. We bank every other household in California and we bank every other household in America,” Lewis said.

Bank of America President and Chief Executive Officer Kenneth D. Lewis (right) answers questions during an interactive meeting at the CalChamber. At left are Janet Lamkin of Bank of America and Assemblyman Ted Gaines (R-Roseville).

Bank of America is playing a large role in the financing of new green technologies. The company already has agreed to a 10-year $20 billion environmental initiative designed to make the company’s own operations more environmentally friendly and also encouraged its customers and clients to do the same.

“We think there is a great opportunity for these green companies,” said Lewis. “In fact, we think our own initial investment of $20 billion will seem relatively small when we look back on it in the next four to five years and we'll have another number that will be much larger.”

Bank of America recently made a $1 million grant to the Los Angeles Trade Tech College because these “professions are really vital and necessary for the growth of our economies.“ Bank of America hopes that this grant program will be modeled in other parts of the state and other parts of the county.

Lewis was named chairman, chief executive officer and president of Bank of America in 2001. He previously served in top executive positions at North Carolina National Bank, predecessor to NationsBank and Bank of America.