Environmental sustainability and commitment

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Our commitment to environmental sustainability


$130 billion committed to low-carbon financing and sustainable business activities Bank of America is committed to improving the environment in how we approach our global business strategy, work with partners, support our employees, make our operations more sustainable, manage issues and govern our activities.

Since 2007, our Environmental Business Initiatives has deployed more than $126 billion in financing to low-carbon and sustainable business activities across the globe. Our multi-year financing commitment focuses on providing capital, along with significant intellectual capital, to develop solutions to climate change and other environmental challenges. It focuses on energy efficiency, renewable energy and transportation, in addition to addressing other important areas like water conservation, land use and waste.






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: At year-end, will meet second goal, six years ahead of schedule
2020: Third goal launches and deploys an additional $300 billion by 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 rigorously manage environmental and social risks across our enterprise and have established an Environmental and Social Risk Policy Framework to provide transparency into those policies and processes.

Read our 2018 Annual Report, 2018 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.


Supporting environment in every line of business through our Environmental Business Initiative

Separate from our Environmental Business Initiative, our Global Investment Banking division has provided $33 billion in advisory services since 2013 to environmentally focused sustainable business activities.


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.

Our Catalytic Finance Initiative (CFI) is designed to stimulate 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. CFI partners have completed 30 deals in both developed and emerging markets and have helped to mobilize more than $11 billion in investments.

 

Green Bonds

Bank of America is excited to play a leadership role in the rapid expansion of the green bond market. In 2018, we announced the issuance of our fourth and largest corporate green bond of $2.25 billion in aggregate principal amount. The bond’s proceeds will support increasing renewable energy generation. With this offering, Bank of America becomes the first U.S. financial institution to issue four corporate green bonds, raising a total of $4.35 billion for renewable energy projects since 2013.

Equally as important, Bank of America Merrill Lynch 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 (2007-2018) this division has underwritten more than $38 billion on behalf of more than 100 clients, supporting more than 220 deals and providing critical funding to environmental projects.


Tax Equity

Since 2007, the Bank of America Merrill Lynch Renewable Energy Finance team has been responsible for approximately $10.5 billion of renewable energy tax equity financing supporting wind and solar facilities. According to Bloomberg New Energy Finance league tables the bank has been the No. 1 tax equity investor in the U.S. from 2015 through 2018.

Community Development Financial Institutions (CDFI)

In addition to our direct lending and investment business in community development, we work with more than 250 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 2018 we originated $12 million in CDFI loans with use of proceeds focused on environmental sustainability. Learn more about our work with CDFIs.  

Leadership across the company

According to Dealogic league tables with adjustments for known non-disclosed transactions, Bank of America Merrill Lynch has been ranked the No. 1 firm for Global Renewables Mergers and Acquisitions since 2013, including No. 1 in Wind and Solar M&A.

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 2018 alone, we provided more than $19 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
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
Blended finance: a new approach 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
How environmental, social and governance (ESG) factors can help investors assess risk woman, digital chart, solar panels
In Brazil, communities are balancing preservation and economic growth pantanal body of water
Press to play the video plane flying over horizon
Climate change is everyone's problem. Women are ready to solve it Finucane and Hidalgo
Tradepoint Atlantic creates 17,000 jobs where an old steel mill once stood Tradepoint
The economic opportunities of our $125 billion environmental business initiative Economic Output: Solar $9.6B,  Transportation $8.6B, Water $12B, Energy Efficient Buildings $11B, Other $1.3B,Energy Efficient Measures $8B, Low Carbon Vehicles $6B, Wind $14B
Bank of America is proud to be named Top Global Bank on Fortune Magazine’s Change the World list windmills at sunrise
Press to play the video Anne Finucane interview on stage
Wind Energy, a natural resource powering a low-carbon energy future windmills at sunset
Clean Energy Access Powers Independence & Opportunity for Families in Rural India women in India
Jumpstarting clean energy careers with GRID Alternatives GRID Solar Panels
When Blue is Green: Supporting critical water work in Brazil Long river
Investing in the environment, strengthening communities and empowering employees road in green hills
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
Press to play the video Women catching water in their hands from spout and smiling
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