Financing the future: the economic opportunities of Bank of America’s Environmental Business Initiative

Bank of America teamed up with consulting firm EY to analyze the economic impacts resulting from a subsetfootnote1 of its second Environmental Business Initiative (EBI) commitment of $125 billion, which closed in late 2019, six years ahead of schedule.

As the bank’s second sustainable finance goal under its EBI, the analysis reviews information between 2013 and 2018. This data showed that the bank financed $41.6 billion towards U.S. projects or companies that yielded a direct environmental benefit by supporting energy conservation or producing alternative energy. The financing was directed towards renewable energy production, primarily wind energy and supporting vehicle loans, construction of energy efficient buildings, implementation of energy conservation measures, water infrastructure upgrades, and urban transit infrastructure upgrades.

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. Click here to view a copy of the full report.

Employment by the Numbers

2020 Environment Jobs Graphic

Employment by the numbers graph.


Average annual jobs supported

Horizontal bar graph

37,593 Transportation

46,259 Water

163 Other Renewable Energy

31,494 Wind

10,898 Solar

7,609 Energy Efficient Measures

21,477 Energy Efficient Buildings

4,505 Low-Carbon Vehicles

EY estimated that in 2018 in the U.S., Bank of America’s environmental finance efforts supported 159,998 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 $53,154.

Contributions to GDP

2020 Environment GDP Graphic

51.4 billion dollars

Total contributions to GDP due to Bank of America financing

Circle graph

10.6 billion dollars Water

10.1 billion dollars Wind

8.1 billion dollars Transportation.

7.5 billion dollars Energy Efficiency Buildings

6.4 billion dollars Solar

4.8 billion dollars Energy Efficiency Measures

3.2 billion Low-Carbon Vehicles

700,000 million Other

As part of the analysis, EY estimated how the outputs of Bank of America’s U.S. environmental finance 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. From 2013-2018, the $41.6 billion (U.S.) subset of capital deployed from the bank’s $125 billion environmental business initiative (by 2025) has helped to contribute $51.4 billion to U.S. GDP.

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).