Our activities in support of the environment
In 2012, we announced a new, 10-year environmental goal of $50 billion to address global climate change and demands on natural resources, bringing our total to $70 billion over the course of 16 years — the largest among our peers.
This goal follows the early completion of our initial, $20 billion environmental business initiative. We exceeded this commitment four years ahead of plan, delivering more than $21.6 billion in lending, equipment finance, capital markets and advisory activities, and carbon markets finance to clients around the world in 2012.
Bank of America has achieved many significant environmental milestones. In the future, we’ll continue to use our expertise, capital and influence to drive change.
Key Environmental Leadership Milestones
Click a milestone for more information
- 2004 First GHG Goal
- 2007 $20 Billion Commitment
- 2007 Hybrid Vehicle Program
- 2010 Bank of America Tower at One Bryant Park
- 2011 New GHG and LEED Goals
- 2011 Financed World's Largest Distributed Solar Project
- 2012 U.S. Employee Solar Discount
- 2013 $50 Billion Commitment
First GHG Goal 2004
In 2004, Bank of America committed to reduce its total greenhouse gas (GHG) emissions by 9 percent by the end of 2009. The Bank achieved reductions of 18 percent, double its goal, by improving the energy efficiency of its new office construction, retrofitting existing structures and reducing its office space.
$20 Billion Commitment 2007
Bank of America’s 10-year, $20 billion environmental business initiative is a catalyst for accelerating low-carbon activities across the markets we serve. Our strategy is to put our capital, expertise and employees to work on behalf of clients and customers across the business continuum. By year-end 2011, we had delivered more than $17 billion toward our $20 billion goal.
Hybrid Vehicle Program 2007
The Bank’s hybrid vehicle reimbursement program, launched in 2007, reimburses U.S. employees $3,000 when they purchase a new hybrid vehicle. To date, more than 4,500 employees have traded in conventionally powered vehicles for hybrids. In 2010, the bank expanded the program to include highway-capable electric vehicles and compressed natural gas vehicles.
Bank of America Tower at One Bryant Park 2010
Host to the Bank's New York corporate offices and extensive trading facilities, the Bank of America Tower at One Bryant Park is the first high-rise commercial office building in the U.S. to ever attain LEED® Platinum certification, the highest LEED green building rating. The tower utilizes incorporates a combination of high-performance environmental technologies, materials and operational procedures to enhance the health and productivity of its tenants, reduce waste and promote environmental sustainability. It also features the new Stephen Sondheim Theatre - with the restored façade of its predecessor The Henry Miller Theatre, the first venue on Broadway to achieve LEED Gold certification.
New GHG & LEED Goals 2011
In May 2011, we announced an ambitious new goal to reduce our absolute greenhouse gas (GHG) emissions by 15 percent between 2011 and 2015. This goal spans all of the company’s global operations in more than 40 countries and builds on our previous GHG reduction of 18 percent between 2004 and 2009, which had focused only on legacy Bank of America operations in the U.S.
Factoring in the addition of Countrywide and Merrill Lynch, the new target represents an overall global reduction in aggregate GHG emissions of nearly one-third from the 2004 baseline. This is equal to annual emissions of more than 700,000 metric tons of CO2-equivalents. To put it another way, it is the equivalent of eliminating the annual GHG emissions from more than 124,000 passenger vehicles.
To further advance our GHG reduction goals, we also announced that 20 percent of our corporate real estate portfolio will be certified under the U.S. Green Building Council’s LEED® (Leadership in Energy and Environmental Design) rating system by 2015. Currently 11 percent of the company’s workplace portfolio, 13.2 million square feet, is LEED® certified. Shortly after the announcement, our main building in Boston at 100 Federal Street earned a LEED Existing Building Operations and Maintenance Silver Certification with a score of 45 out of 45 points.
Financed World’s Largest Distributed Solar Project 2011
Bank of America Merrill Lynch structured and drove a landmark deal to finance the largest distributed rooftop solar generation project in the world. Bank of America Merrill Lynch organized a team of innovative thinkers and seasoned experts to work with client ProLogis and investor NRG Energy on the $2.6 billion transaction, which involves a conditional commitment from the Department of Energy’s Loan Programs Office to support $1.4 billion of the debt.
The project will create the equivalent of more than 10,000 full-year jobs across 28 states at distribution facilities owned and/or operated by ProLogis. Once fully funded and completed, these installations are expected to provide up to 733 megawatts (MW) of distributed solar energy, which is enough clean, renewable energy to power approximately 100,000 homes.
U.S. Employee Solar Discount 2012
Under a relationship brokered by the Bank, U.S. employees were offered a substantial discount on the purchase of photovoltaic (PV) systems to provide electricity and/or solar water heating for their homes.
$50 Billion Commitment 2013
Bank of America's new 10-year, $50 billion environmental business goal will help address climate change, reduce demands on natural resources and advance lower- carbon economic solutions. The new goal, effective Jan. 1, 2013, follows the anticipated completion of the company's current 10-year, $20 billion environmental business initiative.
"Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economy," said Bank of America Chief Executive Officer Brian Moynihan. "We met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable."
The new environmental business initiative will consist primarily of lending, equipment finance, capital markets and advisory activity, carbon finance, and advice and investment solutions for clients.
Dynamic forces are sweeping across the globe, reshaping our lives. For the past year, we’ve been exploring this theme of A Transforming World, sharing our insights on what these seismic demographic, economic, and environmental changes mean for all of us. As we participate and collaborate in Switzerland with influencers from around the world… learn More about 2014 World Economic Forum
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.