Bank of America has announced that it has met its carbon neutrality goal a year ahead of schedule, pending third-party verification. The goal was accomplished by reducing Scope 1 and 2 emissions from its facilities, purchasing 100 percent renewable electricity and buying carbon offsets for its remaining unavoidable emissions.
“We are delivering responsible growth by focusing on serving our clients, investing in our teammates, supporting the communities where we operate – AND by addressing important societal priorities,” said Brian Moynihan, CEO of Bank of America. “Being carbon neutral is core to our $300 billion, 10-year environmental business initiative that is helping finance the transition to a low-carbon future.”
As part of Bank of America’s long-term commitment to lessen the environmental impact of its operations, the company has completed the following activities:
- Reduced emissions by more than 50 percent in its facilities since 2010.
- Met its 100 percent renewable electricity goal by:
— Installing on-site solar capability at many of its facilities, including office locations and financial centers, and on ATMs.
— Completing multiple long-term renewable agreements which will add new wind and solar electricity to the grid.
— Purchasing Renewable Energy Credits (RECs).
- Purchased a limited amount of carbon offsets from four nonprofit projects located in impoverished areas across the U.S., South America, Africa, and Asia, which are helping to preserve biodiversity and drive reforestation, while furthering economic mobility for the local populations.