Environmental sustainability

As one of the world’s largest financial institutions, we have a role and responsibility in accelerating the transition to a low-carbon, sustainable economy.

We are doing this by deploying financial and intellectual capital to our clients to help them develop solutions to climate change and other environmental challenges; reducing our operational impact through aggressive goals including aiming for carbon neutrality and purchasing 100 percent renewable electricity by 2020; and working with our employees and partners to inspire environmentally responsible actions each day.

Deployment of our financial capital is one of our biggest opportunities to have a positive environmental impact. This is why through our Environmental Business Initiative we’ve committed a total of $445 billion by 2030 in financing to low-carbon, sustainable business activities to address climate change and other demands on natural resources. Since 2007, we have already deployed more than $126 billion toward clean and renewable energy, water conservation, energy efficiency, sustainable transportation and other environmentally supportive activities.

Men installing solar panels on a roof

Environmentally-focused roles and groups

Our employees support the bank’s environmental efforts through their roles at the company. Here are just a few groups within Bank of America that focus on the deployment of capital to sustainable initiatives:

  • Employees in Global Research bring insight and market analysis on green bonds to institutional investors, while our Global Capital Markets team works with corporate clients to educate them on how they can leverage this product as part of their funding plans.
  • The Bank of America Renewable Energy Finance team provides a broad range of solutions to strategic clients with qualified assets in the renewable and clean energy markets, primarily wind and solar infrastructure. This team is driving growth in the renewable energy market by making significant tax equity investments and financing for renewable energy products. For the past three years, we have been recognized as the number one tax equity provider for wind and solar projects in the U.S. Since 2007, this team has been responsible for approximately $10.5 billion of renewable energy tax equity financing supporting wind and solar facilities.
  • The Energy Services team supplies financing for a wide range of energy efficiency and renewable energy assets that deliver client needs in the municipal, federal, commercial, education, not for profit, hospitality and healthcare markets.

“Interest in sustainability and socially responsible investing is growing. We are helping an increasing number of corporate clients in Asia issue green bonds every year. This product not only helps to diversify a company’s investor base, it can also potentially provide pricing advantages.”

Conan Tam | Managing Director, Asia Pacific Debt Solutions, Global Banking & Markets, Hong Kong Island, Hong Kong

Green bonds

A key part of our climate finance efforts includes the expansion of the green bond market, helping to increase bonds whose proceeds support environmental benefits such as incorporating solar energy into a company’s operations or making buildings more energy-efficient. In 2013 we co-authored “A Framework for Green Bonds,” the blueprint for the Green Bond Principles, and we have since been a thought-leader in shaping this entirely new asset class.

In 2018, we issued our fourth and largest corporate green bond for $2.25 billion to help finance renewable energy generation.

Exterior view of glass building, looking up from street level

We are the leader in underwriting green bonds, and since 2007, we have underwritten more than $38 billion green bonds on behalf of more than 100 clients, supporting more than 220 deals and providing critical funding to environmentally focused projects.

Exterior view of glass building, looking up from street level

Environmental operations goals

As a large, global company, we understand the impact our operations have on the environment. But our scale also enables us to take measurable action to reduce these impacts – through our own efficiency, with new technologies and by influencing our supply chain. In 2016 we announced a new set of operational goals that we will work to achieve by 2020, including a commitment to carbon neutrality and purchasing 100 percent renewable electricity. Recently we shared that we will install solar panels on multiple locations including financial centers and ATMs. 

Our My Environment® employee program drives positive environmental change at work, at home and in the community. To date, more than 24,000 teammates across 30 countries around the world, have participated in the program, including environmentally focused volunteer activities and events, education sessions and webinars. We also offer environmentally focused programs such as a reimbursement for a low-carbon vehicle purchase or lease, electric vehicle (EV) charging stations at office parking sites which is free to employees, discount on residential solar panels and home EV charging stations as well as a Zipcar® car-sharing discount.

Impact | Our environmental commitment

50%
Reduce location-based gas emissions
45%
Reduce water usage
40%
Reduce energy usage
35%
Reduce waste to landfill