Leveraging Our Strengths and Leading by Example
We completed our $20 billion environmental business initiative ahead of schedule and in 2013 launched our new $50B goal to put our capital, capabilities and employees to work across the globe.
Bank of America has announced a new 10-year, $50 billion environmental business goal to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions. The company also introduced significant new goals to reduce the environmental impact of its own operations… learn More about Bank of America Announces New $50 Billion Environmental Business Initiative
Bank of America Merrill Lynch joined with SolarCity and US Renewables Group on Project SolarStrong—the largest residential solar power project to date and the first of its kind.
SolarStrong is expected to create more than $1 billion in solar projects and 300 megawatts of new solar generation capacity through the installation of rooftop photovoltaic (PV) systems on up to 120,000 U.S. military residences across the country. The project will create thousands of jobs, many of which will be filled by U.S. veterans and military family members, who will be recruited, trained and employed to install, operate and maintain the PV systems… learn More about Can Solar Create Jobs for Veterans and Military Families?
Of the 400 million people who live in African cities, 80% still use charcoal as their primary cooking fuel, a practice which has been shown to present significant health hazards. Given the widespread use of charcoal in Africa and its increasing expense, there exists a real commercial opportunity to replace existing cooking systems with clean-burning ethanol-based stoves. Through the use of carbon credits, Bank of America Merrill Lynch is helping to finance CleanStar Mozambique, a joint venture between CleanStar Ventures and Novozymes. An “integrated food-energy business,” CleanStar Mozambique will reduce dangerous indoor charcoal smoke, save thousands of acres of forest each year, and dramatically reduce greenhouse gas emissions.
Bank of America Merrill Lynch is partially financing the model through carbon credits known as “Certified Emissions Reductions” or “CERs.” Each CER represents one ton of CO2e reduced. The CERS will be generated in Mozambique and other countries in sub-Saharan Africa when clean cooking fuel takes the place of charcoal. CERs then can be sold to the thousands of organizations with emission reduction obligations under mandatory cap-and-trade programs such as the EU Emissions Trading Scheme and the Australian Carbon Pricing Mechanism… learn More about A Transformative Use of Carbon Finance In Africa
Our 10-year, $50-billion environmental initiative is a catalyst for accelerating low-carbon activities for the businesses, institutions and customers we serve.
We manage our operations, and those of our vendors, with environmentally sound practices and ambitious targets.
We enable our employees to act as environmental stewards by helping them to conserve resources.
Our executive leadership sets strategy, priorities and goals with a global perspective and ensures rigorous risk management in our lending and other business activities.