A group of eight banks and investors pledged $7 billion to join Bank of America Corp’s initiative that plans to raise at least $10 billion for investments in clean energy and sustainable development.

HSBC Holdings Plc, Credit Agricole SA, AllianceBernstein Holding LP, Babson Capital Management LLC and Mirova, a unit of Natixis SA, are among those to join the Catalytic Finance Initiative, according to a joint statement by the banks Wednesday.

Read the article on Bloomberg.

Photo credit: Rob Nguyen (Flickr)