The Bank of America today announced it is setting aside $18 billion over 10 years to help companies develop, finance and use green products, services and technologies.

A portion of the money will go toward environmental lending for companies developing green technologies. In an announcement, the company said it will now "give favorable consideration, among other existing underwriting criteria, to lending opportunities with clients that are creating and implementing environmentally sustainable products, services and technologies."

It also plans to accelerate greentech businesses through corporate & investment banking services, focusing on "financing and advisory services to clients participating in emissions offsets markets, developing energy-efficient or low-carbon technologies and helping private/public sector entities adopt green and low-emissions technology."

The $18 billion will also fund financing of environmentally friendly real estate projects with LEED certification, improvements in energy efficiency, brownfield redevelopment, and the encouragement of carbon emissions trading.

Today's announcement gave no impression that the company would spend a portion of this money speculating on carbon trading in public markets, unlike the initiative announced by Morgan Stanley last October (see Morgan Stanley makes $3B carbon trading bet.)

A number of new consumer initiatives were also announced today by the bank, including eco-friendly credit cards with environmental rewards programs and green mortgage incentives.

The bank also announced it will spend $1.5 billion to green its own environmental footprint, promising LEED certification on new buildings, energy conservation across all its facilities and donations toward green affordable housing and forest preservation.

All told, as described today, the bank is to allocate approximately $20 billion in commitments.