Bank of America Corp. (NYSE: BAC) is having a bit of an unusual bond sale, and it is something we might have overlooked had it been anything else but this. The bank has issued a $500 million bond issue that is called a “green bond” by name. Issuing the green bond is meant to support Bank of America’s commitment to advance renewable energy initiatives and to promote energy efficiency.

Proceeds are earmarked specifically for the financing of green investments such as renewable energy and energy efficiency projects. The three-year fixed-rate bond is a senior bond in its capital structure.

Some banks have committed to green energy, renewable energy and energy efficiency. This is said to be part of Bank of America’s 10-year effort to create a $50 billion environmental business initiative to help address climate change, reduce demands on natural resources and also advance lower-carbon economic solutions.

Bank of America even called this green bond “an opportunity to expand its investor base and to support an important market as investors seek more socially responsible investment options.”

We looked at the Bank of America renewable site and it shows that its Renewable Energy Finance unit specializes in tailored financing products and services for renewable energy projects and equipment. This effort ranges from equity investments to secured loans, loan syndication and financial advisory services.

Bank of America also shows that its typical credit transactions and investments range in size from $5 million to $100 million. It also said that related renewable energy projects may require capital in excess of $1 billion.

This sum of $50 billion sounds very high on the surface. After all, that is $5 billion per year on average. Bank of America had over $2.1 trillion in total assets on its balance sheet as of September 30.

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