Environmental sustainability and commitment

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Our commitment to environmental sustainability


Bank of America is committed to improving the environment in how we approach our global business strategy, work with partners, make our operations more sustainable, support our employees, manage risks and govern our activities.

Since 2007, our Environmental Business Initiative has mobilized more than $158 billion in financing to low-carbon and sustainable business activities across the globe. Our multi-year financing commitment provides financial capital, along with significant intellectual capital, to develop solutions to climate change and other environmental challenges. It focuses on low-carbon energy, energy efficiency, and sustainable transportation, in addition to addressing other important areas like water conservation, land use and waste.

We also are making our operations more sustainable – including achieving carbon neutrality and procuring 100% renewable electricity in 2019, a year ahead of schedule. We offer programs and benefits that help employees become better environmental stewards.

Importantly, we are committed to managing environmental and social risk, as well as providing industry-leading disclosures on our progress. For details, read our Environmental and Social Risk Policy Framework, newly released Task Force on Climate-related Financial Disclosures Report, and ESG Data Performance Summary, which aligns to G4 guidelines under the Global Reporting Initiative standards.

Environmental Business Initiative — Deploying capital to low-carbon, sustainable business activities

2007: Set first goal at $20 billion, met four years ahead of schedule
2012: Met first commitment four years ahead of schedule
2013: Set second goal at $50 billion
2015: Increased second goal to $125 billion
2019: Met second goal, six years ahead of schedule
2020: Third goal deploys an additional $300 billion by end of 2030
Total commitment (2007-2030) = more than $445 billion

A recent report demonstrates how our environmental business commitment is making a positive impact on the U.S. economy.

Also, we manage environmental and social risks across our enterprise and have established an Environmental and Social Risk Policy Framework and Task Force on Climate-related Financial Disclosures (TCFD) report to provide transparency into those policies and processes.

Read our 2019 Annual Report, ESG Performance Data Summary, and recent press releases to learn more.

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.


Environmental Business Initiative financing by line of business


Blended Finance Catalyst Pool

The Blended Finance Catalyst Pool provides $60 million in capital and mobilizes additional private capital to advance the United Nations Sustainable Development Goals (SDGs). The financing pool specifically focuses on energy access (SDG7), affordable housing (SDG11), water and sanitation access (SDG6), and climate resiliency (SDG13). The initiative aims to support economic growth and result in more sustainable jobs, development and projects as well as drive innovation. Read our press release to learn more.

 

Green Bonds

Bank of America is excited to play a leadership role in the rapid expansion of the green bond market. The issuance of our fifth corporate green bond of $2 billion in aggregate principal amount expands our commitment to sustainable finance. Our most recent bond’s proceeds will help support the United Nations Sustainable Development Goal (SDG) No. 7 of affordable, clean energy. With this offering, Bank of America becomes the first U.S. financial institution to issue five corporate green bonds, raising a total of $6.35 billion for renewable energy projects since 2013. Learn more.

Equally as important, BofA Securities has been the leading underwriter of green bonds globally since 2007 according to Bloomberg New Energy Finance league tables and Environmental Finance Bond database. Additionally, in the same time period this division has underwritten more than $49 billion on behalf of more than 100 clients, supporting more than 288 deals and providing critical funding to environmental projects.


Tax Equity

*Bank of America Renewable Energy Finance team has been the No. 1 tax equity investor in the U.S. since 2015. Its portfolio at the end of 2019 was approximately $9.4 billion of Tax Equity renewable energy investment, supporting wind and solar facilities.

*According to Bloomberg New Energy Finance league tables.

Community Development Financial Institutions (CDFI)

In addition to our direct lending and investment business in community development, we work with 255 Community Development Financial Institutions (CDFIs) to finance affordable housing, economic development projects, small businesses, entrepreneurs, and community facilities. CDFIs extend the reach of what we can do on a direct basis, and we have a loan portfolio to CDFIs in an amount greater than $1.5 billion. In 2019 we originated more than $325 million in CDFI loans with use of proceeds focused on environmental sustainability. Learn more about our work with CDFIs.

Our partners

Big challenges require collaboration. That is 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 conducting crucial research and demonstrating strategies that can be scaled and making a significant and positive impact across the globe.

In 2019 alone, we provided more than $24 million in philanthropic support to organizations helping to make a difference in local communities and around the globe.

Low Carbon Energy Future Infographic - American Forest Logo, Ashden Sustainable Solutions, better lives Logo, Ceres, Sustainability is the bottom line. logo, Givepover logoAccess to clean and safe water Infographic, Water.org Logo, Village Water LogoClimate Change and Extreme Weather Resilience Infographic, Center For Climate And Energy Solutions Logo, U.S. Green Building Council Member Logo
Throughout the coronavirus, ESG-focused companies appear to be more stable esg
Social bonds aim to fight against the pandemic and the world’s most pressing issues social bonds
Our Task Force on Climate-related Financial Disclosures Report: how we manage climate-related risks tree leaves
The economic opportunities of Bank of America's environmental business initiative windmills
Creating a more sustainable world through the power of partnership agronomist checking plants
Can better companies create better returns for a better world? office
Sustainable food production: Little Leaf Farms' local approach to feeding the world man walking through greenhouse
Learn about the new ways capitalism is being used to solve society's biggest challenges Sustainable finance narrative image
Powering our facilities with the sun man installing solar panels
Take a virtual flyby of EDF Renewables’ wind facility, part of our $125 bn environmental commitment Drone on wind farm
Sustainable Development Goals provide a roadmap for investing in a sustainable world overview of sea and land
How blended finance puts private capital to work on global issues in emerging markets birds eye view of circular machines
The community of Kiunga, Kenya, broke a five-year drought using the power of the sun man drinking water
In Brazil, communities are balancing preservation and economic growth pantanal body of water
Press to play the video plane flying over horizon
Tradepoint Atlantic creates 17,000 jobs where an old steel mill once stood Tradepoint
Press to play the video Los Angeles cityscape
Bank of America Chicago Marathon awarded sustainability certification Carey Pinkowski, Bank of America Chicago Marathon Executive Race Director
Chicagoans Divvy into marathon weekend owner of Divvy bikes
Green Bonds for a better planet birdseye view of solar panels on ground
Solving the world's safe water problem with innovative financing Children smiling next to water spout
Delivering clean water and sanitation through partnership with Water.org Woman catching water from spout with hands
Awards and recognition: See how our environmental commitment is being recognized  
A Transforming World: Earth  
Supporting the New York City Energy Efficiency Corporation partnering locally to help transition to a lower carbon footprint