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 today 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 part of a holistic commitment to environmental sustainability.
“It is critical that we leverage all parts of our business – beyond our direct operations – in order to accelerate the transition to a net zero global economy,” said Bank of America Vice Chairman, Anne Finucane, who leads the company’s environmental, social and governance, sustainable finance, capital deployment, and public policy efforts. “We recognize that this will be no easy task, but we believe our commitment will help spur the growth of zero carbon energy and power solutions, sustainable transportation and agriculture, and other sector transformations, while generating more climate resilient and equitable opportunities for our future.”
Collaboration on the Path to Net Zero
As part of its transition to net zero emissions, in July 2020, Bank of America joined the Partnership for Carbon Accounting Financials (PCAF) as a member of the Global Core Team. In collaboration with 15 other financial institutions, Bank of America participated in the development of the Global GHG Accounting and Reporting Standard for the Financial Industry, providing a consistent methodology to assess and disclose emissions associated with financing activities. Bank of America is committed to disclosing its financed emissions no later than 2023.
This collaboration builds on Bank of America’s ongoing and recent efforts with partners to address the financing, technology, policy and other challenges inherent in the transition to a net zero global economy, including:
- CEO Brian Moynihan serves as co-chair of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative.
- The World Economic Forum’s International Business Council, under Moynihan’s chairmanship, recently released a set of common Environmental, Social and Governance (ESG) Stakeholder Capitalism Metrics, developed in conjunction with the Big 4 Accounting Firms. Nearly 70 global companies have committed to the metrics, which include recommendations of the Task Force on Climate-related Financial Disclosures, as well as alignment with net zero emissions before 2050. Moynihan is also a member of the World Economic Forum’s Alliance of CEO Climate Leaders and its Transition Finance Steering Committee.
- Bank of America is also a founding partner of RMI’s Center for Climate Aligned Finance, and members of 1t.org U.S. Stakeholder Council and Energy Transitions Commission.
- Bank of America routinely engages members of its National Community Advisory Council – including Ceres, the Center for Climate and Energy Solutions (C2ES), Clean Air Task Force, The Nature Conservancy, World Resources Institute, and U.S. Green Building Council – and other external stakeholders, to provide valuable perspective and guidance in shaping its net zero strategy and planning.
“By outlining the steps Bank of America is taking to achieve net zero emissions, the company is accelerating the ambitions laid forth in the Paris Climate Agreement,” said Ceres CEO and President Mindy Lubber. “As a global financial institution, Bank of America has unique influence and reach to help achieve those goals. We appreciate Bank of America’s commitment to set ambitious 2030 targets and look forward to more details in the future, including how it will work with clients to deliver on its commitment.”
Expanding Operations and Supply Chain Commitment
Bank of America achieved carbon neutrality in its operations in 2019, a year ahead of schedule, and increased the number of vendors that measure and publicly report GHG emissions through the CDP Supply Chain survey. Bank of America has now established the next set of targets for its operations and supply chain to be achieved by 2030:
- Maintain carbon neutrality for operations (Scope 1 and 2).
- Purchase 100% zero carbon electricity.
- Reduce location-based GHG emissions by 75% (Scope 1 and 2).
- Reduce energy use by 55%.
- Reduce potable water use by 55%.
- Manage facilities responsibly and achieve LEED® certification (or comparable) for 40% of building space.
Responsibly manage waste to reduce amount sent to landfill.
- Divert 75% of construction and demolition waste from the landfill.
- Dispose 100% of electronic waste using certified responsible vendors.
- Ensure 70% of global vendors, by spend, set GHG emissions reduction or renewable energy targets.
- Assess 90% of global vendors, by spend, for ESG risks as outlined by the company’s Vendor Code of Conduct.
- Continue to reduce paper use and purchase 100% of paper from certified sources.
Deploying Capital to Low-Carbon, Sustainable Business Activities
Significantly increasing investment in the low-carbon technologies and activities needed to decarbonize all sectors of the economy will be critical to Bank of America meeting its net zero goals. Since 2007, the company has directed more than $200 billion in capital and has committed to deploy a total of $445 billion by 2030 under its Environmental Business Initiative. The company already expects to exceed this commitment in advance of 2030 based on current financing activity. Under this initiative, the company partners closely with its clients to finance the adoption of low-carbon solutions, including resource-efficient building construction, renewable energy, sustainable transportation such as electric vehicles and charging infrastructure, and resource-efficient agriculture.
Bank of America is also dedicating significant financial, intellectual, philanthropic and catalytic capital to support the advancement of developing technologies, such as carbon finance, sustainable agriculture and biofuels, water infrastructure, clean hydrogen, waste-to-energy, and carbon capture sequestration technologies. More details on Bank of America’s approach to addressing climate change and managing risk in its financing activities can be found in the company’s updated Environmental and Social Risk Policy Framework and Task Force on Climate-related Financial Disclosures Report.
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
Reporters may contact:
Kelly Sapp, 1.980.214.3070
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Universal Peace Federation: Millions of participants from 150 countries joined the live online broadcast of the 5 th Rally of Hope3.3.2021 19:43:00 CET | Press release
Millions of participants from 150 countries joined the live online broadcast of the 5th Rally of Hope sponsored by the Universal Peace Federation (UPF) on Saturday, February 27, 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210303005853/en/ Dr. Hak Ja Han Moon, Co-Founder of Universal Peace Federation delivering her message of peace to the online participants of the 5th Rally of Hope. (Photo: Business Wire) The virtual event featured world-class entertainment and globally renowned leaders including Cape Verde President Jorge Carlos Fonseca; Guyana Prime Minister Mark Phillips; U.S. Vice President Mike Pence (2017-2021); United Nations World Food Programme Executive Director David Beasley; City of Refuge Church Bishop Noel Jones; South Africa President F.W. de Klerk (1989-1994); India Vice President Mohammad Hamid Ansari (2007-2017); Oxford Vaccine co-developer Dr. Sarah Gilbert; and East Timor President Xanana Gusmão
AGCO Announces Farmer-First Strategy3.3.2021 17:50:00 CET | Press release
AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today announced its farmer-first strategy designed to maximize value creation for its key stakeholders. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210303005773/en/ AGCO Announces Farmer-First Strategy (Photo: Business Wire) During its 2021 Virtual Analyst Briefing, Eric Hansotia, AGCO’s Chairman, President and CEO introduced AGCO’s new Purpose and Vision statements that, when combined, offer powerful insight into the role AGCO intends to play for farmers and within the agriculture industry. AGCO’s Purpose is to deliver “Farmer-focused solutions to sustainably feed our world” and its Vision is to be the “Trusted partner for industry-leading, smart farming solutions.” AGCO will realize its Purpose and Vision by continuing to leverage its award-winning, differentiated brand portfolio to offer
Norwegian Emergency Health Services Gain Nationwide Collaboration Through Motorola Solutions’ Unified Control Room Solution3.3.2021 17:27:00 CET | Press release
Health services are a critical discipline, where every second counts and the control room is at the heart of their mission-critical operations. Teams require collaboration and flexibility to effectively manage emergency health situations as they arise. This has become especially apparent with the ongoing COVID-19 pandemic, where pressures on health services including medical communication centres, continue to rise. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210302005158/en/ (Photo: Business Wire) Motorola Solutions announced today it has been awarded a contract by Helsetjenestens Driftsorganisasjon for Nødnett HF (HDO HF) to provide the Norwegian Health Emergency Service with a new CommandCentral Control Room Solution (CRS). “The new control room solution allows for significant improvements to efficiency and scalability, providing the much-needed flexibility between mission-critical teams”, said Lars Erik Tandsæther, CEO
H.I.G. Capital Expands European WhiteHorse Team with the Addition of Michael Lucas3.3.2021 17:08:00 CET | Press release
H.I.G. Capital, LLC ("H.I.G."), a leading global alternative investment firm with over €35 billion of equity capital under management, is pleased to announce the expansion of its European WhiteHorse team with the addition of Michael Lucas as a Managing Director. Michael will be based in H.I.G.’s London office. Michael has 27 years of experience in leveraged finance and direct lending. Prior to joining H.I.G., he was a Founding Partner and Head of the UK at Bridgepoint Credit. Prior to that, he spent over 20 years at ING where he was most recently acting as Global Head of Financial Sponsors. Commenting on the hire, Pascal Meysson, Head of H.I.G. WhiteHorse Europe, said, “We are thrilled to have Michael join the firm. He is one of the most respected and well-known professionals within the direct lending community in Europe, and I am confident he will have an immediate impact on our growing European direct lending platform.” About H.I.G. Capital H.I.G. is a leading global alternative asse
NZMP™ Customers Set to Benefit From New Carbonzero Certified Ingredients3.3.2021 17:00:00 CET | Press release
NZMP™, Fonterra’s dairy ingredient and solutions brand, has launched a new carbonzero certified Organic Butter. Debuting its launch in North America, the new Organic Butter will help NZMP’s customers to achieve their own sustainability goals and meet consumer demand for more sustainable products. With 72 per cent of global consumers expressing an interest in brands that actively communicate achievements around sustainability1, the introduction of carbonzero ingredients is just one way in which NZMP™ customers can leverage Fonterra’s sustainability solutions. NZMP’s™ first certified carbonzero ingredient has been audited and verified by Toitū Envirocare, an independent certifier. Lara Phillips, Senior Manager of Fonterra Sustainability Solutions, says: “Climate change is one of the most pressing challenges of our time and we’re committed to finding solutions to reduce our footprint further as part of our ongoing journey in sustainability. “To obtain carbonzero certification for an ingre
CORRECTING and REPLACING Monument Re Acquires Variable Annuity Portfolio From Athora Ireland Plc.3.3.2021 16:07:00 CET | Press release
Headline of release should read: Monument Re Acquires Variable Annuity Portfolio From Athora Ireland Plc. (instead of Monument Re Acquires Variable Annuity Portfolio From Athora Life Plc.). The updated release reads: MONUMENT RE ACQUIRES VARIABLE ANNUITY PORTFOLIO FROM ATHORA IRELAND PLC. Monument Re announced today that, subject to necessary Irish High Court and regulatory approvals, it has agreed to acquire the closed-block portfolio of variable annuities from Athora Ireland plc, a wholly-owned subsidiary of Athora Holding Ltd. Financial terms of the transaction were not disclosed. “We are pleased to have reached agreement with Athora to acquire this block of business which further reinforces our position as the market leading consolidator in Ireland,” said Manfred Maske, CEO of Monument Re. About Athora Holding Ltd. Athora is a specialised insurance and reinsurance group fully focused on the European market. Athora dedicates its focus, capital, time and technical insights to offerin
Altasciences Conducts Phase I Study in Healthy Normal Subjects for RLS-0071 for Treatment of Acute Lung Injury Due to COVID-19 Pneumonia3.3.2021 15:41:00 CET | Press release
Altasciences is pleased to support ReAlta Life Sciences by conducting a Phase I trial to evaluate RLS-0071 for treatment of Acute Lung Injury (ALI) as a result of viral infections, such as COVID-19, respiratory syncytial virus (RSV), and influenza. As part of the ReAlta ALI program underway, the Phase I trial is a single-ascending dose, randomized, double-blind, placebo-controlled, adaptive-design study to evaluate the safety, tolerability, PK, and PD of RLS-0071 in healthy subjects, performed at the Altasciences clinical pharmacology unit in Montreal, Canada. Ingrid Holmes, Vice President, Global Clinical Operations at Altasciences, says, “Our teams are proud to have the opportunity to be involved in the clinical conduct and bioanalytical analysis for this important first-in-human trial. Being able to prioritize COVID-19 therapies by contributing critical data to the development of potentially life-altering medications, such as RLS-0071, is tremendously rewarding to our teams.” Click