Bank of America named Top Global Bank on Fortune magazine's 2018 "Change the World" list

Bank of America has been honored with the number three spot on Fortune’s annual “Change the World” list, which highlights 57 companies creating social benefits globally through their core business strategy. First among financial services firms on the list, the bank was recognized for its focus on responsible growth and its ability to mobilize and deploy capital to address a number of challenges, including environmental sustainability.

For the list, Fortune recognized the bank’s current $125 billion (by 2025) Environmental Business Initiative, which directs financial and intellectual capital to help accelerate the transition to a low-carbon, sustainable economy. Since 2013, when this goal was established, nearly $75 billion has already been deployed toward these efforts. The magazine noted that the company is “a powerhouse in climate finance,” and that it has taken a leadership position in green bond underwriting and corporate green bond issuances as well as tax equity investment in wind and solar. Since 2007, Bank of America has directed more than $96 billion to low-carbon, sustainable business activities.

“This is good business,” notes Bank of America Vice Chairman Anne Finucane. “We are driving returns for investors and sustainable growth in our business, while finding innovative ways to deploy our capital to address global challenges.” Hear from Finucane as she provides background on green energy finance.

There is also positive economic outcomes from its deployment of capital. A report, based on analysis conducted by consulting firm EY last year, examined the economic impacts of a $12.6 billion subset of the company’s $125 billion environmental business commitment. This subset was focused on projects within the United States financed between 2013 and 2016. It found that over the course of four years (2013–2016), these efforts supported an average of nearly 40,000 jobs annually, realized a cumulative $30 billion in economic output and contributed a cumulative $14.8 billion to GDP. Supporting the environment has real economic impacts and is driving positive change.

Find the “Change the World” list on the Fortune magazine website, and learn more about Bank of America’s efforts to “fuel the green energy boom” and accelerate the transition to a low-carbon economy.

8/23/2018


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