Bank of America Increases Environmental Business Initiative Target to $1 Trillion by 2030
Bank of America today 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 Chairman, Anne Finucane, who leads the company’s environmental, social and governance (ESG), sustainable finance, and public policy efforts. “We will meet our commitment by working with clients to provide lending, capital raising, advisory and investment services, and to develop financial solutions and drive innovation to ensure the transition to a sustainable economy.”
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Bank of America’s broader $1.5 trillion sustainable finance target is consistent with the United Nations Sustainable Development Goals (UN SDGs), and will spur transformative change nationally and around the world. Beyond the $1 trillion climate-related finance, the balance of the sustainable finance goal is focused on social inclusive development, scaling capital to advance community development, affordable housing, healthcare, and education, in addition to racial and gender equality.
“We stand alongside our clients in helping drive the transition in sustainable lending, investing, and markets activity,” said Chief Operating Officer Tom Montag, who co-chairs Bank of America’s Sustainable Markets Committee with Finucane. “Bank of America will continue to mobilize players across the entire financial system to increase the flow of capital.”
Environmental Business Initiative
Today’s announcement increases Bank of America’s 2019 commitment of $300 billion to low-carbon, sustainable business initiatives, to $1 trillion by 2030 as part of its Environmental Business Initiative. This commitment advances an environmental transition across sectors to solutions in energy efficiency, renewable energy, sustainable transportation, resource efficiency, sustainable water and agriculture as well as improved forestry and pollution control measures. Since launching the Environmental Business Initiative in 2007, Bank of America has deployed more than $200 billion to low-carbon, sustainable business activities, including expanding its asset-based lending, tax equity investment and capital raising activities across current and emerging clean energy and power, transportation and other industry sectors important for environmental transition. Today’s news follows the company’s recent announcement to achieve Net Zero before 2050.