Bank of America Increases Environmental Business Initiative Target to $1 Trillion by 2030

Bank of America has announced a goal of deploying and mobilizing $1 trillion by 2030 in its Environmental Business Initiative in order to accelerate the transition to a low-carbon, sustainable economy. This commitment will anchor a broader $1.5 trillion sustainable finance goal by both environmental transition and social inclusive development purposes, spanning business activities across the globe. “The private sector is well-positioned to ensure that the capital needed – at the scale it is needed – can drive the transition to a low-carbon, sustainable economy,” said Bank of America Vice…

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Bank of America Increases Commitment to Advance Racial Equality and Economic Opportunity to $1.25 Billion

Bank of America has announced that it has increased its $1 billion, four-year commitment to advance racial equality and economic opportunity to $1.25 billion over five years. This effort further accelerates work already underway to address racial equality and opportunity through direct actions, investments and work to catalyze similar efforts across the private sector. To date, the company has made more than $350 million in various investments from its initial $1 billion four-year commitment, announced in June 2020, across its primary focus areas of health, jobs/reskilling, affordable housing and small…

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Bank of America Announces Actions to Achieve Net Zero Greenhouse Gas Emissions before 2050

Building on Bank of America’s longstanding support for the Paris Climate Agreement, the company has outlined initial steps to achieve its goal of net zero greenhouse gas (GHG) emissions in its financing activities, operations and supply chain before 2050. Bank of America continues to actively engage with its clients to help accelerate their own transitions to net zero, and it plans to establish interim science based emissions targets for high-emitting portfolios, including energy and power. In addition, Bank of America released its broader 2030 operational and supply chain goals as…

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Bank of America Taps Duke Energy to Expand Renewable Energy Commitment

Bank of America has announced it is partnering with Duke Energy to further expand its renewable energy commitment by powering its headquarters and other Charlotte operations with solar energy. Through a renewable energy sleeved-power purchase agreement (PPA), the company is participating in Duke Energy’s Green Source Advantage (GSA) program. The bank is the first company and financial institution to sign a 10-year agreement for electricity and Green-e® certified renewable energy certificates (RECs) through this program.   The purchase of a 25-megawatt (MWAC) solar project’s electricity output and RECs will cover 45%…

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Bank of America Achieves Carbon Neutrality

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…

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