Financing the Future: The Economic Opportunities of Bank of America’s $125 Billion Environmental Business Initiative

In 2017, Bank of America teamed up with consulting firm EY to analyze the economic impacts resulting from a subset1 of our $125 billion environmental business commitment. That analysis found that Bank of America’s deployment of capital helped make positive contributions to GDP, economic output and jobs – confirming that there are large societal opportunities to addressing climate change.

This year, we reviewed a broader range of investments – including, for the first time, transportation and water infrastructure. In the report, “Financing the Future: The Economic Opportunities of Bank of America’s $125 Billion Environmental Business Initiative,” EY analyzed the impacts of $29.4 billion deployed by the bank in the United States from 2013 to 2017. According to EY’s latest analysis, over this time period, Bank of America’s environmental finance activities supported an annual average of 76,043 jobs, contributed a cumulative $35.6 billion to GDP, and realized a cumulative $70.4 billion in economic output. The EY analysis also revealed that these low-carbon economy jobs pay good wages, with all project types supporting a higher average compensation than the U.S. annual average of $51,750.

These findings underscore our firmly held belief that tackling climate change is not just an environmental imperative, but it is also an economic opportunity. As we continue to grow responsibly as a company, Bank of America is in a position to provide the financing necessary to build a more sustainable global economy. EY’s analysis demonstrates this point and serves as a powerful reminder of the greater opportunities ahead.

To learn more about Bank of America’s environmental commitment and how we are working across the globe to transition to a low-carbon, sustainable economy, visit our environmental site.

Employment by the Numbers

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Employee Compensation
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EY estimated that from 2013 to 2017 in the U.S., Bank of America’s environmental finance efforts supported an annual average of 76,043 jobs. EY’s analysis also showed that these jobs are in industries – such as wind, solar, energy conservation and energy efficiency – that pay good wages, with all project types supporting a higher average compensation than the U.S. annual average of $51,750.

Economic Impact

Economic output
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According to EY’s analysis, over the course of the five-year period analyzed, the total combined economic contributions of the subset of Bank of America’s environmental business initiative – a $29.4 billion investment in the U.S. – resulted in $70.4 billion of economic output.

Contributions to GDP

GDP Contributions
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As part of the analysis, EY estimated how the outputs of Bank of America’s U.S. environmental finance ($29.4 billion in deployed capital) has contributed to the United States economy, as measured by Gross Domestic Product (GDP). We refer to this as the “value added” by these projects. Value added captures the enhancement that a business gives a final good or service. Unlike economic output, which captures all the expenditures a business makes, value added equals the profit a business receives, the money it pays its workers, and its expenditures on the use of its machines and equipment. Over five years, the $29.4 billion (U.S.) subset of capital already deployed from the bank’s $125 billion environmental business initiative (by 2025) has helped to contribute $35.6 billion to U.S. GDP.

1 In the Banking on a Low-Carbon Economy report, EY estimated the economic impacts of the $12.6 billion deployed directly in project-related finance in the U.S. over the first four years of current commitment (2013-2016).


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