Our activities in support of the environment
In June 2012 in conjunction with the Rio+20 United Nations Conference on Sustainable Development, Bank of America announced a 10-year, $50 billion environmental business goal to advance lower-carbon economic solutions through lending, equipment finance, capital markets and advisory activities, carbon finance and investment advice and solutions for clients around the world.
The $50 billion commitment followed an initial $20 billion multi-year environmental business commitment announced in 2007 that was achieved four years ahead of schedule.
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% by the end of 2009. Our company achieved reductions of 18%, double its goal, by improving the energy efficiency of 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 capital, expertise and employees to work on behalf of our clients and customers across the business continuum. 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.
Low-carbon Vehicle Program 2006
Launched across the U.S. in 2006 for hybrids, and expanded in 2010 to include highway-capable electric vehicles and compressed natural gas vehicles, the Low-carbon Vehicle program reimburses employees $3,000 when they purchase an eligible, low-carbon vehicle. In 2013, we expanded the program again to offer its benefits to U.K. employees. To date, nearly 7,500 employees have benefited from the program.
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.
$50 Billion Commitment and Operational Goals 2013
Bank of America's 10-year, $50 billion environmental business initiative will help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions. This goal, effective Jan. 1, 2013 builds on our previous 10-year, $20 billion initiative that delivered more than $21.6 billion in lending, equipment finance, capital markets and advisory activity, carbon finance, and advice and investment solutions four years ahead of schedule.
Concurrent to this commitment, our company also announced a new set of internal operational goals we plan to achieve by 2015:
25% reduction in energy consumption from 2004
20% reduction in paper consumption (2010 baseline)
20% reduction in global water consumption (2010 baseline)
70% diversion of global waste from landfills
30% aggregate reduction in global GHG emissions (2004 baseline)
20% LEED certication within our corporate workplace portfolio
These internal goals build on two previously announced 2011 goals: to reduce our absolute greenhouse gas (GHG) emissions 15% between 2011 and 2015, and to certify 20% of our corporate real estate portfolio under the U.S. Green Building Council's LEED® (Leadership in Energy and Environmental Design) rating system by 2015.
First-ever Corporate Green Bond 2013
Bank of America issued the first ever corporate "Green Bond" – $500 million in funding to connect investors with projects that create a positive environmental impact. The net proceeds of this new series of bonds will be used to finance energy efficiency projects and invest in renewable energy projects such as wind and solar.
U.S. Employee Solar Discount 2014
In partnership with a leading residential solar provider, U.S. employees are offered a substantial discount on a contract for solar panel generated power for their homes.
In November 2013, Bank of America issued the first ever corporate “Green Bond.” The funds of this senior debenture will be used specifically to finance renewable energy projects such as wind, solar and geothermal energy. Funds will also be used to finance energy efficiency projects that help reduce energy consumption per unit of output and include projects such as lighting retrofits, district heating, co-generation, and building insulation in residential, commercial and public properties… learn More about Bank of America issues $500 million "Green Bond"
Bank of America announced a Catalytic Finance Initiative, designed to stimulate at least $10 billion of new investment into high-impact clean energy projects. The initiative will focus on developing or advancing innovative financing structures that reduce investment risk, thereby attracting a broader range of institutional investors… learn More about Catalytic Finance Initiative
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.