We set expectations of our suppliers through our Supplier Code of Conduct (also available in Spanish and Portuguese), which we expect all suppliers to adhere to while conducting business with or on behalf of Bank of America. Our environmental and social expectations of suppliers are reiterated in our contract templates as well.
In 2020, Bank of America celebrated 30 years of commitment to engaging with diverse-owned companies. Through our Supplier Diversity program, we support the growth of minority, women, veteran, disabled, service-disabled veteran, LGBT+ and other diverse-owned suppliers. Which in turn helps communities thrive through business development and job growth. Please visit our annual reports for a deeper view into our commitment to spend Bank of America procurement dollars with diverse businesses, which drives meaningful and lasting impacts within the diverse communities we serve.
Our commitment to supplier diversity initiatives includes:
- Cyber Security barrier to entry initiatives, which continue to be a material barrier to entry for diverse businesses
- Delivering training to small and diverse businesses with insights on accessing capital and credit, expanding their businesses and creating local economic impact
- Supporting non-minority owned businesses use of diverse-owned businesses in their supply chains
Our commitments have been recognized by a number of organizations including the Billion Dollar Roundtable, the National Minority Supplier Development Council (NMSDC), the Women’s Business Enterprise National Council (WBENC), WEConnect International and the National LGBT Chamber of Commerce (NGLCC).
We are committed to driving environmental sustainability across our operations and supply chain. In 2021, we announced a goal to achieve net zero greenhouse gas (GHG) emissions in our financing activities, operations and supply chain before 2050. We also set an interim 2030 goal to ensure that suppliers that account for 70% of our total supply chain spend set greenhouse gas emissions reduction targets or renewable energy goals.
One way we approach this is through the annual CDP (formerly Carbon Disclosure Project) supply chain climate change questionnaire. CDP is an international nonprofit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. The annual CDP supply chain survey helps us quantify emissions associated with our supply chain, understand climate change impacts on our suppliers’ businesses and identify risks related to our global supply chain.
Each year, we provide individualized feedback regarding each supplier’s level of transparency and performance. This has facilitated an ongoing dialogue with our suppliers, which promotes collaboration and drives positive environmental change.
To learn more about our Supplier Diversity and Responsible Sourcing program, read our environmental and social reports.