Our environmental business strategy
We understand the powerful role we have to play—globally—in helping our customers and clients navigate the transition to a low-carbon, sustainable economy.
Our company purpose is to serve the financial needs of all our customers—from large corporate clients and institutional investors to individual consumers and small businesses. This is the cornerstone of our environmental business strategy: financing opportunities that create positive environmental change and enabling individuals and institutions to invest in environmental sustainability.
Supporting environment in every line of business
Since the launch of our second commitment in 2013, we have provided more than $31 billion to help finance low-carbon and sustainable activities. In 2015 alone we provided $14.5 billion toward these activities. This wouldn’t be possible without the active participation and contribution of our lines of business across the company.
Breakdown of 2015
by lines of business
Global investment banking
Raises equity and debt capital and provides advisory services to support our clients’ low-carbon business
Provides equipment and tax equity financing for energy efficiency project and renewable energy projects
Deliver debt for municipal sustainability projects
Commercial real estate & community development banking
Finances projects with LEED, ENERGY STAR and other environmental certifications, as well as brownfield redevelopment
Global commercial banking
Extends lending and credit to lower-carbon companies
Consumer vehicle lending
Provides loans for hybrid/electric vehicle purchases
Global wealth and investment management
Provides ESG investment solutions for GWIM clients
Philanthropy & CDFI lending
Supports environmental nonprofits and CDFIs
Catalytic Finance Initiative
Our Catalytic Finance Initiative (CFI) is designed to stimulate at least $10 billion of new investment into high-impact clean energy projects. The initiative focuses on developing or advancing innovative financing structures that reduce investment risk, thereby attracting a broader range of institutional investors. In 2016 eight additional partners joined the CFI for a total commitment of $8 billion to date. Learn more , about Catalytic Finance Initiative
We are excited to play a leadership role in the rapid expansion of the green bond market. We issued our first green bond, for $500 million, in 2013 – the first-ever benchmark corporate green bond. In 2015 we issued a second green bond, for $600 million. Like our first bond, proceeds are being used to fund renewable energy and energy efficiency projects. Learn more , about Green Bonds
Big challenges require collaboration. That’s why we partner with leading non-profit and academic organizations that are working toward a sustainable, low-carbon energy future, expanding access to clean and safe water, and developing extreme weather and climate change resilience solutions. These partners are researching next generation solutions, demonstrating strategies that can be scaled, and making a significant and positive impact across the globe.
In 2015 alone, we provided more than $16 million in grants through our Bank of America Charitable Foundation to organizations helping to make a difference in local communities and around the globe.