Bank of America
CEF Lead Executives
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ALEXANDRA LIFTMAN
Global Environmental Executive
Liftman is responsible for the company’s environmental sustainability strategy. She oversees the company’s aggressive operational goals, our environmental business initiative, and our policy positions and philanthropic investments. Liftman also gets the chance to meet new people every day while collaborating with all parts of the bank, from the investment banking group to teams at local banking centers, to identify innovative opportunities and implement changes that that will help us achieve our goals. What’s exciting about pursuing revenue-producing opportunities is that they’re good for the environment and good for the business, so they’re win-win. For example, we’ve got a thriving renewable energy practice, a growing public finance business, and a wealth management business increasingly focused on providing more values-based investment opportunities for clients.
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ASHWANI CHOWDARYList Item 2
SVP, Environmental, Social and Governance
Ashwani has worked in the field of ESG for 17 years, having held previous roles in community development, public policy, philanthropy and communications at Bank of America and several other Fortune 100 firms. Ashwani was instrumental in developing Bank of America's current $125B environmental business initiative and manages all of the reporting for this initiative. She co-developed the methodology Bank of America uses to measure the environmental benefits of its environmental business. More broadly, Ashwani also works to embed responsible business practices across the company, from its policies and practices to services, products and governance. She provides analytical insight to help determine the organization’s future direction and initiatives in the areas of sustainability and ESG, including drafting the bank’s first Human Rights Statement and leading the bank’s first materiality assessment.
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LISA SHPRITZ
Winner CEF Leadership Program (2017)
Environmental Operations Executive
As part of Global Environmental Group, responsible for identification, measurement and reduction of adverse environmental impacts from global bank operations in 42 countries. Works across Bank of America’s 240,000 employees, 8000 buildings and 110 million ft2 of occupied space to facilitate, implement and track progress towards public and internal operational goals and to ensure resources are in place to achieve stated goals. Coordinates global data management and reporting of environmental impacts for regulatory agencies, green business rankings, Carbon Disclosure Project and Global Reporting Initiative (GRI)-based Corporate Social Responsibility report. Partners with Supply Chain Management to develop and implement supply chain sustainability program, including integration of sustainability into supplier requests for proposal and supplier development activities for major Bank of America suppliers.
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BRANDON MAYO
Responsible Sourcing Manager
Brandon is responsible for managing environmental and social risks and driving impactful environmental and social change throughout Bank of America’s global supply chain. Areas of focus include: governance and ethical business practices, labor and human rights, diversity and inclusion and environmental sustainability. This includes developing policy, training, process, reporting and communications to drive program objectives; and, engaging stakeholders, both internal and external, to collaboratively achieve transformative outcomes. Brandon has responsibility for execution of Bank of America’s CDP supply chain program. Brandon graduated from Duke University with a Bachelor of Arts in Public Policy. She received a Master of Environmental Management from Duke University and a MBA from the University of rth Carolina’s Kenan Flagler School of Business. She is a LEED AP (Leadership in Energy and Environmental Design Accredited Professional). Brandon resides in Charlotte, NC with her husband and two young daughters. She is an avid reader and enjoys cycling, hiking, gardening and traveling.
Sustainability Goals
Sustainability Goals
Outstanding Goals
- Reduce waste to landfill by 35% (benchmark 2011) (29% as of 2020)
- Purchase 100% of paper from certified sources (99.3% in 2019)
2030 Sustainability Goals
- Mobilize an additional $1 trillion in capital to low-carbon, sustainable business activities
- Create Global GHG Accounting and Reporting Standard for the Financial Industry, and disclosing financed emissions by 2023
- Invest $1.25 billion in racial equality and economic opportunities through 2026
- Reduce energy use by 55%
- Ensure 70% of global vendors set GHG emissions reduction or renewable energy targets
- Reduce emissions related to financing activities with the auto manufacturing, energy, and power generation sectors x:
- Auto manufacturing: Reduce Scope 1, 2, and end-use Scope 3 emissions intensity by 44% gCO2e/km
- Energy: Reduce Scope 1 and 2 emissions intensity by 42% gCO2e/M and Scope 3 end-use Scope 3 emissions intensity by 29% gCO2/MJ
- Power generation: Reduce Scope 1 emissions intensity by 70% kgCO2/MWh
2050 Sustainability Goals
- Achieve net-zero GHG emissions in its financing activities, operations, and supply chain before 2050
- Help clients accelerate their own transition to net-zero
- Establish interim science-based targets for high-emitting portfolios
Past Goals Achieved
- Achieved carbon neutrality for Scope 1 and 2 emissions in 2020 (Goal by 2020)
- Purchased 100% renewable electricity in 2020 (Goal by 2020)
- Reduced location-based emissions by 56% globally since 2010 (Goal 50% by 2020)
- Reduced energy use by 42% globally since 2010 (Goal 40% by 2020)
- Maintaining at least 20% LEED-certified square footage (achieved in 2018)
- Reduced water use 45% (achieved in 2018)
- Increased the number of supply chain vendors reporting GHG emissions to CDP to 92% (Achieve in 2019, Goal of 90%)
- Disposed of 100% of e-waste using certified responsible vendors (Achieved in 2019)
Latest Sustainability Report
(April 2024)
Highlights
- Mobilized and deployed $560 billion since 2021 as part of its sustainable finance target of $1.5 trillion by 2030.
- Issued its inaugural Euro-denominated green bond for €1 billion ($1.08 billion).
- Acted as sole initial purcharser of the first-ever debt-for-nature transaction in Continental Africa to refinance $500 million of sovereign debt of the Gabonese Republic.
- Continued to be a leader in renewable energy tax equity financing, with a portfolio of $14 billion at the end of 2023. These investments have contributed to the development of approximately 45.6 GW of total installed renewable energy capacity in the U.S.
- In 2023, originated over $568 million in loans to Community Development Financial Institutions.
- Has committed over $550 million in equity investments to minority- and women-led funds as of December 2023, more than doubling its initial $200 million commitment.
- Increased U.S. minimum hourly wage for full-time employees to $23, with a target of $25 by 2025.
- A 2023 review of company pay practices found compensation received by women was on average more than 99% of that received by men, and that compensation received by people of color in the U.S. was on average more than 99% of that received by non-people of color employees.
- Approximately $2 billion of annual spending was with diverse suppliers in 2023.
Recent News
2023
Impact Disclosure Taskforce — This network of financial institutions and industry participants is developing voluntary guidance to help corporate entities and sovereigns measure and disclose their efforts to reduce major gaps to achieving the Sustainable Development Goals (SDGs). The guidance will help entities set targets to address developmental challenges most relevant to them and to monitor and report progress against those targets. The Taskforce plans to release the Guidance for public consultation in April 2024. The Taskforce includes CEF members JPMorgan Chase and Bank of America, and is being observed by the International Sustainability Standards Board (ISSB). (Dec 2023)
GREATER MSP PARTNERSHIP — Through the Greater MSP Partnership, CEF members Bank of America, Delta Air Lines, and Ecolab, along with Xcel Energy, have established the first large-scale sustainable aviation fuel (SAF) hub in the U.S. (in Minnesota). It will have a multi-phased approach, bringing SAF into Minnesota (as early as 2025), engaging SAF producers, and expanding its coalition. (Sept 2023)
IRG ACQUISITION HOLDINGS (IRGAH) — This partnership between Invenergy Renewables, Blackstone, and Canadian pension fund Caisse de dépôt et placement du Québec acquired American Electric Power’s unregulated, contracted renewables portfolio for $1.5 billion. This includes 14 projects over 11 states comprising of 1,200 MW in wind and 165 MW in solar projects. IRGAH secured a $580 million commitment for a first-of-its-kind federal production tax credit transfer with CEF Member Bank of America (selling those credits to help make this acquisition). (Aug 2023)
UNITED — The United Airlines Ventures Sustainable Flight Fund, a way to increase the supply of sustainable aviation fuel (SAF) by supporting SAF start-ups, has increased its investment power to nearly $200 million and added eight new corporate partners, five months after its initial launch. New members include CEF member Bank of America and inaugural fund partners include CEF members Boeing, GE Aerospace, Honeywell, and JPMorgan Chase. (July 2023)
Airports of Tomorrow — This initiative, launched by World Economic Forum with Airports Council International, aims to overhaul global airports to enable net-zero aviation. It brings together more than 50 CEOs from “the aviation ecosystem” to mobilize capital needed to transform airports into clean energy hubs, electrify airport operations, and scale up at least 300 Sustainable Aviation Fuel plants by 2030. CEF members include Bank of America, Boeing, Honeywell, and McKinsey & Co. (July 2023)
Committed more than $500 million in equity investments to minority- and women-led funds, more than doubling its initial $200 million commitment. The bank has committed equity to more than 150 funds, which to date have invested in over 1,000 companies led by 1,500 diverse entrepreneurs and employing over 21,000 people. (June 2023)
United announced eight new participants in its Eco-Skies Alliance program to support SAF use on United’s Flights, including CEF members Bank of America and Cisco, bringing the total number in the program to 24. (May 2023)
JUST CAPITAL — Released its JUST 100 list for 2023 in collaboration with CNBC. Of 951 large public companies, 100 were scored for their just business behaviors, such as paying a fair living wage, protecting workers’ health, and minimizing pollution (based on the polling of 3,002 Americans). Of the top 10, five were CEF members, including Bank of America (#1), Microsoft (#3), Hewlett Packard Enterprise (#7), Apple (#8), and JPMorgan Chase (#10). In total, 23 CEF member companies were included in the 2023 JUST 100 list. (Jan 2023)
2022
RUBICON CARBON — Launched as a new carbon credit platform to scale and provide easier access to high-integrity emissions reduction solutions by vetting projects and their credits. Rubicon received an initial capital commitment of $300 million from CEF member TPG, with a total capital commitment target of $1 billion. As part of its launch, Rubicon also formed a coalition of corporate sustainability leaders to help guide its platform and product development, including CEF members Bank of America, Dow, GE, Honeywell, J.P. Morgan, JetBlue, McKinsey & Co., and TD Bank. (Dec 2022)
The U.S., The Rockefeller Foundation, and the Bezos Earth Fund announced a partnership to create an Energy Transition Accelerator (ETA), a carbon credit system to increase private finance to accelerate the clean energy transition in developing countries. Operating at the scale of national or subnational jurisdictions, the ETA will produce verified greenhouse gas emission reductions, which participating jurisdictions will have the option of issuing as marketable carbon credits. CEF members Bank of America, Microsoft, and PepsiCo, and Standard Chartered Bank have expressed interest in informing the ETA’s development, with decisions on whether to formally participate pending the completion of its design. (Nov 2022)
Announced an additional $100 million in low-cost deposits to minority depository institutions (MDIs) to expand their lending capacity. This doubles the company’s existing deposits in MDIs and will facilitate additional lending, housing, neighborhood revitalization, and other banking services in minority and low- to moderate-income communities. (Oct 2022)
Six of the largest U.S. banks will participate in a Federal Reserve pilot climate scenario analysis exercise in early 2023 to better understand and measure climate-related financial risks. The exercise is strictly for information-gathering purposes; it will have no capital or supervisory implications. The six participating banks include CEF members
Bank of America, JPMorgan Chase, Morgan Stanley,
and Wells Fargo, as well as Citigroup and Goldman Sachs. (Oct 2022)
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Announced 2030 targets to reduce emissions related to financing activities with the auto manufacturing, energy, and power generation sectors x (April 2022):
- Auto manufacturing: Reduce Scope 1, 2, and end-use Scope 3 emissions intensity by 44% gCO2e/km.
- Energy: Reduce Scope 1 and 2 emissions intensity by 42% gCO2e/M and Scope 3 end-use Scope 3 emissions intensity by 29% gCO2/MJ.
- Power generation: Reduce Scope 1 emissions intensity by 70% kgCO2/MWh.
theSKIMM — Mission-driven media company theSkimm created a public-facing database featuring voluntarily-shared leave policies of more than 480 companies, in an effort to increase transparency and provide accessible information from a wide range of employers to help empower workers and improve policies. The database builds on theSkimm’s viral #ShowUsYourLeave initiative (launched in 2021) and presents market research as well as specific company benefits and policies. Among the companies that shared their policies are CEF members Bank of America, Boeing, Cisco, General Motors, and Morgan Stanley. (April 2022)
“Building the Clean Hydrogen Economy” consortium — Consulting firm Guidehouse is leading a new consortium of over 20 organizations to launch scalable pilot projects that use clean hydrogen to reduce US energy sector emissions, decarbonize heavy transport, and increase renewables integration. Consortium members, which include CEF member Bank of America, will build private-sector partnerships “and gain commitments for engagement.” Pilots will first be pursued in the southwestern U.S., New York, and the Gulf Coast “to drive an adequate, cost-competitive supply by 2025-2030.” (March 2022)
Announced it is doubling enrollment for the Bank of America Institute for Women’s Entrepreneurship at Cornell, enabling an additional 50,000 small business owners, particularly women entrepreneurs of color, to learn business skills from Cornell University faculty and connect with an entrepreneur network. Registration is “open to anyone worldwide, regardless of gender, educational background or business stage.” (March 2022)
Sea Change Impact Finance Facility (SCIFF) — A new global finance initiative to deploy hundreds of millions of dollars into coastal and ocean natural capital by 2030. Spearheaded by the Ocean Risk and Resilience Action Alliance, SCIFF will include a Blue Resilience Clearing House (a marketplace to match potential investments with projects), a Risk Reduction Mechanism (to develop insurance products), and an Umbrella Facility (to support existing impact funds, provide project technical assistance, and provide finance for higher-risk areas such as offshore renewables). CEF Member Bank of America is among the private-sector participants. (Feb 2022)
RMA Climate Risk Consortium — 19 banks—including CEF members Bank of America and Wells Fargo—formed a new consortium under the Risk Management Association (RMA) to develop “consistent taxonomy, frameworks, and standards” that help banks integrate climate-risk management into their operations. The consortium will also engage with regulators and policymakers to help inform climate-related policy considerations. (Jan 2022)
Breakthrough Energy’s Catalyst program launched an RFP to finance climate tech projects in the EU, Iceland, and Norway focused on four areas: direct air capture, long-duration energy storage, sustainable aviation fuel (SAF), and “green hydrogen” (hydrogen produced using renewable energy). It is the next phase of the EU-Catalyst partnership, which aims to mobilize up to $1 billion from 2022-2027 for technologies that deliver on the European Green Deal goals and the EU’s 2030 climate targets. Catalyst “anchor partners” include CEF members Bank of America, BlackRock, General Motors, and Microsoft. (Jan 2022)
JUST CAPITAL 2022 “JUST 100 LIST” — 100 companies out of 954 public companies scored by JUST Capital, in collaboration with CNBC, made the 2022 “JUST 100” list, which recognizes companies that perform the best against 20 “priorities for just business behavior” (e.g., accountability to all stakeholders, paying a fair, living wage) that are identified based on polling of the American public. The top 10 includes CEF members Alphabet (#1), Microsoft (#3), Bank of America (#5), Apple (#7), and Cisco Systems (#10). (Jan 2022)
2021
Breakthrough Energy’s Catalyst program (BEC) launched its first RFPs to finance climate tech projects focused on four areas: direct air capture, long-duration energy storage, sustainable aviation fuel (SAF), and “green hydrogen” (hydrogen produced using renewable energy to split water into hydrogen and oxygen). BEC aims to deploy $3 billion of funding over six years to projects in the U.S. and US territories, starting in 2022. Catalyst “anchor partners” include CEF members Bank of America, BlackRock, General Motors, and Microsoft. (Dec 2021)
Impact Management Platform — Global providers of sustainability standards and guidance formed a new collaboration “to mainstream the practice of impact management.” It is the next phase of a five-year, global collaboration facilitated by the Impact Management Project (IMP). The Platform’s Steering Committee will advise the new International Sustainability Standards Board, and Platform partners will work to “consolidate existing sustainability resources, collectively address gaps, and coordinate with policymakers and regulators.” IMP advisors include CEF members Bank of America and BlackRock, and IMP Practitioners include CEF member Oracle. Founding Platform partners: standards organizations (including GRI), NGOs (including CDP), UN initiatives (including the UN Global Compact), multilateral organizations (including the OECD), and groups such as Principles for Responsible Investment (including CEF member Bloomberg L.P.), the Capitals Coalition (including CEF members Dow, TD Bank, and Unilever), and the Global Impact Investing Network (including CEF members Bank of America, JPMorgan Chase & Co., and Morgan Stanley). (Nov 2021)
NCS Investment Accelerator — Bank of America, Bayer, Boston Consulting Group, McKinsey & Company and Unilever launched a campaign to increase private sector investment in natural climate solutions (NCS) to slash at least 1 Gigaton of CO2 equivalent per year by 2025. The initiative is supported by the Natural Climate Solutions Alliance convened jointly by the World Economic Forum and the World Business Council for Sustainable Development. (Nov 2021)
The US State Department, through Special Presidential Envoy for Climate
John Kerry, and the
World Economic Forum
launched the
First Movers Coalition,
a
public-private partnership to accelerate green technologies’ commercial viability and decarbonize 8 hard-to-abate sectors by 2030. The
32 founding corporate signatories, accounting for over $8 trillion in market capitalization,
will sign purchasing commitments tailored to create market demand for the technologies. CEF members
Amazon, Apple, Bank of America, Boeing,
and
Trane Technologies are signatories.
Breakthrough Energy is the Primary Implementation Partner. (Nov 2021)
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TERRA CARTA SEAL RECIPIENTS —
HRH The Prince of Wales’ initiative and Corporate Knights
awarded their inaugural “Terra Carta Seal” to 45 companies
that are putting “Nature, People and Planet at the heart of” economic value creation.
All recipients have aligned with the
Terra Carta charter, committed to achieving net zero by 2050 or halving GHG emissions by 2035, and committed to standardizing their reporting metrics. Recipients include CEF members
Amazon, Bank of America, Hewlett Packard Enterprise, HP Inc., PepsiCo, Trane Technologies,
and Unilever.
(Nov 2021)
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The British government
is forming a strategic partnership with Breakthrough Energy’s
Catalyst program to drive
private-sector investment in UK climate tech projects
and
accelerate the U.K.'s net-zero transition. The
government
committed at least $276 million for projects in Catalyst’s areas of focus (green hydrogen, direct air capture, long-duration energy storage, and sustainable aviation fuel), which will be matched by
Catalyst’s investor and business partners over 10 years.
Catalyst “anchor partners” include CEF members Bank of America, BlackRock, General Motors,
and Microsoft.
(Oct 2021)
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Financial Services Taskforce (FSTF) — The industry subgroup of
HRH The Prince of Wales’ Sustainable Markets Initiative released a
new
Net Zero Practitioner’s Guide
to help the
banking industry consistently and transparently support their clients’ net-zero transition.
11 FSTF banks—including CEF members
Bank of America and
JPMorgan Chase & Co.—provided input for the guide, which includes
key recommendations
for
methodologies, target-setting,
and external engagement. (Oct 2021)
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Measuring Portfolio Alignment: Technical Considerations (Portfolio Alignment Team)
—
Outlines
emerging best practices for the development and use of “portfolio alignment tools,” which aim
to help investors measure financial portfolios’ alignment with Paris Agreement objectives. Identifies
priorities for future research to enable an “environment” for such tools. The Portfolio Alignment Team was convened in 2020 by
GFANZ Chair Mark Carney and includes executives from CEF members
Bank of America, BlackRock,
and
McKinsey & Co.
(Oct 2021)
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The Taskforce for Nature-related Financial Disclosures (TNFD) appointed 30 senior executives
from financial institutions, corporations, and service providers
to the
TNFD Taskforce. Members will
form 5 Working Groups to drive the development of a
beta disclosure framework to be launched in early 2022. TNFD Taskforce members include executives from CEF members
Bank of America
and BlackRock.
TNFD also launched the
TNFD Forum, a consultative group with over 100 institutions to support the Taskforce that includes CEF Member
Wells Fargo Asset Management. (Oct 2021)
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60 COMPANIES’ 2030 SUSTAINABLE AVIATION FUEL (SAF) TARGET —
60 companies in the WEF’s
Clean Skies for Tomorrow Coalition, which aims to accelerate global deployment of SAF, committed to “accelerating the supply and use of SAF technologies to reach 10% of global jet aviation fuel supply by 2030.” Signatories of the
2030 Ambition Statement
include CEF members
Bank of America, Boeing, Honeywell,
and
McKinsey & Co. (Oct 2021)
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A group of 7 private companies collectively committed
over $1 billion as the new “anchor partners” for Breakthrough Energy’s
Catalyst program (introduced in July), a
public-private sector partnership
to accelerate the commercial viability of climate technologies, with an initial
focus on 4 areas: green hydrogen, direct air capture, long-duration energy storage, and sustainable aviation fuel (SAF). The companies—including CEF members
Bank of America, BlackRock, General Motors,
and Microsoft,
as well as
American Airlines, ArcelorMittal SA, and
Boston Consulting Group—launched a
Request for Information and, as “anchor partners,” will invest in early-commercial demonstration projects and provide insights on investment and offtake strategies. (Sept 2021)
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Taskforce on Scaling Voluntary Carbon Markets (TSVCM) — The taskforce has formed an
independent Board of Directors to govern voluntary carbon markets, with
22 members
representing 12 countries (40% in the Global South); the NGO, academic, corporate, and financial sectors; Indigenous people; and local communities.
The Board will be supported by TSVCM’s founding sponsors, an Executive Secretariat, an Expert Panel, a Senior Advisory Council, and a
Member
consultation group of 250 organizations (including CEF members
Bank of America, BlackRock, BloombergNEF, Bloomberg Philanthropies, Boeing, Chevron, Delta, Google, JPMorgan Chase & Co., Microsoft, Morgan Stanley, Siemens,
and Unilever). (Sept 2021)
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TPG —
Announced a
first close of $5.4 billion for the TPG Rise Climate Fund, the largest climate-focused fund in the world. Over
20 global companies—including CEF members
3M, ADM,
Alphabet, Apple,
Bank of America, Boeing, Dow, GE, General Motors, Honeywell,
and
TD Bank Group—participated in the close and will form a
Rise Climate Coalition. The fund will take a broad sector approach, focusing on growth equity to value-added infrastructure to
driving solutions for 5 climate sub-sectors. (Aug 2021)
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Taskforce on Scaling Voluntary Carbon Markets
— The private sector-led initiative
published a new roadmap with next steps for creating a high-integrity, scaled, voluntary market for carbon credit trading. The taskforce—whose members include
Bank of America, BlackRock, Bloomberg NEF,
and Siemens—will recruit an independent body to govern the market. (July 2021)
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The Case for Negative Emissions: A Call for Immediate Action (Coalition for Negative Emissions, McKinsey & Co.) — Warns that the world will not meet the 1.5°C Paris Agreement target unless it delivers 1 gigaton of negative emissions globally by 2025. It also highlights 3 negative-emissions solutions—BECCS, DACS, and NCS—proven to provide at least 1 gigaton of negative emissions each. The coalition includes 20 companies, NGOs, trade associations, and investors, including Bank of America, Natural Capital Partners, and Enviva, that will give key stakeholders a platform to advance and deploy negative-emissions solutions. (July 2021)
RE100
— The RE100 companies, which are committed to 100% renewable electricity, now have an electricity demand greater than that of the U.K. or Italy and are on track to save CO2 emissions equal to burning over 118 million tons of coal per year. RE100 members include
CEF Members:
3M, Apple, Bank of America, Bloomberg, Dell Technologies, Ecolab, Facebook, General Motors, Google, Hewlett Packard Enterprise, HP Inc., Johnson & Johnson, JPMorgan Chase & Co., Mastercard, McKinsey & Co., Microsoft, Morgan Stanley, PepsiCo, Procter & Gamble, Siemens AG, TD Bank Group, Trane Technologies, Unilever,
and Visa.
(July 2021)
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Hydrogen Taskforce — A new collaboration of HRH The Prince of Wales’ Sustainable Markets Initiative to accelerate the demand for and supply of clean hydrogen through corporate and sectoral public commitments, policy advocacy, and verifiable projects. Chaired by Shell’s Chief Executive Ben van Beurden, the Taskforce includes representatives from Anglo American, Bank of America, bp, Cummins, Fortescue Metals Group, Hydrogen Council, ITM Power, Linde, Macquarie, Shell, Siemens Energy, Toyota Motor Europe, and 8 Rivers Capital. (May 2021)
Increased its target for equity investment in minority-focused funds from $200 million to $350 million after successfully committing over $250 million to 90 minority-focused funds in the U.S. in under a year. The target is part of its larger goal to invest $1.25 billion in racial equality and economic opportunities through 2026. (May 2021)
Second Chance Business Coalition — A cross-sector coalition of 29 large US employers committed to expanding second chance hiring and advancement practices for people with criminal records. Co-chaired by JPMorgan Chase CEO Jamie Dimon and Eaton CEO Craig Arnold, members include Bank of America, Cisco, GM, JPMorgan & Chase, Mastercard, McDonald’s, Microsoft, P&G, PepsiCo, and Visa. (May 2021)
Hundreds of executives, nonprofits, and companies—including Amazon, Apple, Bank of America, BlackRock, Cisco, Dell Technologies, Facebook, Ford, General Motors, Google, JetBlue, Johnson & Johnson, Mastercard, and McKinsey & Co.—signed a public statement opposing “any discriminatory legislation.” The statement, titled “We Stand for Democracy,” was featured in advertisements in the New York Times and The Washington Post. (April 2021)
Member companies of the Partnership for Renewable Energy Finance (PREF)—including Amazon, Bank of America, BlackRock, Google, JPMorgan, Morgan Stanley, and Wells Fargo—sent a letter to Texas officials opposing 3 energy-related bills, fearing they will upend the economics of wind and solar power in the state. (April 2021)
Announced goal to deploy $1 trillion by 2030 to accelerate the transition to a low-carbon, sustainable economy through its Environmental Business Initiative. The new commitment increases its initial goal of $300 billion announced in 2019. It anchors its broader $1.5 trillion sustainable finance target to support global environmental transitions and social inclusive development objectives consistent with the UN SDGs. (April 2021)
Companies across the country—including Apple, BlackRock, Bank of America, Cisco, Facebook, JPMorgan Chase, Microsoft, and UPS—denounced the state of Georgia’s new law overhauling state election procedures over concerns it will restrict voter access and disproportionately disenfranchise people of color. Dozens of Black executives have called on companies to stand up for racial justice by fighting a wave of similar restrictive voting bills being advanced by Republicans in at least 43 states. (April 2021)
Prince Charles’s Sustainable Markets Initiative announced the executive members of its Financial Services Task Force (FSTF), which prior to COP26 aims to: (1) produce credible pathway for how banks can achieve net-zero emissions; (2) accelerate private investment flows into sustainable infrastructure projects; and (3) help develop “a deep and liquid global market for high-quality carbon credits.” Chaired by HSBC Group Chief Executive Noel Quinn, the FSTF includes the top executives from Bank of America, Barclays Plc, BNP Paribas, Citi, Coutts, Credit Suisse, Lloyds, Macquarie, NatWest Group and Standard Chartered Bank. (February 2021)
Bank of America committed to achieving net-zero GHG emissions in its financing activities, operations, and supply chain before 2050. It announced interim steps towards the 2050 goal, including (February 2021):
- Helping clients accelerate their own transition to net-zero
- Establishing interim science-based targets for high-emitting portfolios
- Helping to create the Global GHG Accounting and Reporting Standard for the Financial Industry, and disclosing financed emissions no later than 2023
- New 2030 operational and supply chain goals to maintain carbon neutrality for its operations (achieved in 2019), reduce energy use by 55%, and ensure 70% of global vendors set GHG emissions reduction or renewable energy targets
Over 60 companies committed to the Stakeholder Capitalism Metrics, an ESG reporting and disclosure framework developed by the WEF and its International Business Council that consists of 21 core and 34 expanded metrics. Companies pledging to implement this reporting framework include Bank of America, Dell Technologies, Dow, Ecolab, Fidelity International, HP, Mastercard, McKinsey & Co., Siemens, and Unilever. (January 2021)
The Taskforce on Scaling Voluntary Carbon Markets sponsored by the Institute of International Finance established core carbon market principles and released a roadmap of 20 comprehensive actions to scale the carbon offset market. The taskforce includes governments, NGOs, and businesses, including Bank of America, BlackRock, BloombergNEF, Boeing, Siemens, and Unilever. (January 2021)
The World Economic Forum
launched Partnering for Racial Justice in Business Initiative, a new coalition to build more equitable and just workplaces. Three steps required to join the initiative include: 1)
Racial and ethnic equity must be placed
on the board’s agenda; 2) Companies must
make at least one commitment towards racial and ethnic justice in their organizations; 3) Companies must put a
long-term strategy in place towards
becoming an anti-racist organization. Founding members include
Bank of America, BlackRock, Bloomberg, Cisco Systems, Facebook, Google, HP, Johnson & Johnson, Kaiser Permanente, Mastercard, McKinsey & Company, Microsoft, PepsiCo, Procter & Gamble, Unilever,
and UPS.
(January 2021)
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HRH The Prince of Wales announced a “Terra Carta” (Earth Charter) outlining nearly 100 actions for businesses that form the “basis of a recovery plan to 2030 that puts Nature, People, and Planet at the heart of global value creation.” Released by the Prince’s Sustainable Markets Initiative, the Charter was signed by CEOs from AstraZeneca, Bank of America, Blackrock, BP, Fidelity International, HSBC, State Street, Unilever, among others. (January 2021)
2020
Bank of America will not provide financing for oil and gas exploration activities in the Arctic. (December 2020)
Bank of America issued a $2 billion Equality Progress Sustainability Bond to “advance racial equality, economic opportunity and environmental sustainability.” This is the first offering of its kind in the financial services industry. (September 2020)
Bank of America
has
directed $300 million to four key areas
across 91 U.S. markets, as part of its four-year
$1 billion commitment to advance racial equality and economic opportunity. The company has directed
$25 million in support of jobs initiatives in Black and Hispanic/Latino communities,
$25 million in support of community outreach and initiatives,
$50 million in direct equity investments to Minority Depository Institutions, and
$200 million of proprietary equity investments in minority entrepreneurs, businesses, and funds. (September 2020)
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Bank of America joined the Partnership for Carbon Accounting Financials, which is working with financial institutions to “develop a consistent methodology for financed emissions, or the disclosure of GHG emissions in loans and investments made by firms in the financial sector.” (August 2020)
Bank of America signed 10 new agreements to purchase 200MW of solar electricity for its operations in North Carolina, Texas, and South Carolina. The firm will purchase the solar electricity through agreements with Duke Energy, NRG Energy, 3Degrees, NativeEnergy, and Birdseye Renewable Energy. (July 2020)
Bank of America expanded its partnership with the Arbor Day Foundation through a second $250,000 grant aimed at expanding green infrastructure and boosting climate resiliency in low- and moderate-income communities. The funding will support green infrastructure projects in four U.S. cities: St. Louis, MO; Durham, N.C.; Cleveland, OH; and Nashville, TN. (June 2020)
Bank of America issued a $1 billion corporate social bond to support the health care industry in the fight against the COVID-19 pandemic. The company claims that it is the first U.S. commercial bank to issue a bond entirely focused on the COVID-19 pandemic. (June 2020)
Committed $100 million to help “increase medical response capacity, address food insecurity, increase access to learning as a result of school closures, and provide support to the world’s most vulnerable populations.” The company also announced a plan to provide assistance to its 66 million Consumer and Small Business clients during the COVID-19 pandemic. (March 2020)
Achieved its carbon neutrality goal a year ahead of schedule. (January 2020)
2019
Bank of America issued a $2 billion corporate green bond to support projects focused on affordable, clean energy in support of the United Nations Sustainable Development Goals. Bank of America is the first U.S. Financial Institution to Issue Five Corporate Green Bonds. (October 2019)
Provided a $1 million grant to The Nature Conservancy to support research aimed at identifying how “reef insurance”— a market-driven, nature-based solution that protects coral reefs and increases coastal resilience to hurricanes and other threats — could be expanded to Florida and Hawaii. (September 2019)
Provided the U.S. Green Building Council with a $500,000 grant to support the LEED certification of 15 U.S. cities and communities. (May 2019)
Bank of America issued a $500 million corporate social bond to help build and preserve affordable housing, including 2,436 units for low-to-moderate income families. The company claims that it is the first social bond by a U.S. bank. (January 2019)