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."
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
Leading innovation and development in Sustainable Finance
A top issuer of Green, Social and Sustainability bonds: In 2020, Bank of America issued a $1 billion corporate social bond to support those on the front lines of the coronavirus health crisis; and a first-of-its kind $2 billion equality progress sustainability bond to help advance racial equality, economic opportunity and environmental sustainability. Since 2013, the company has issued $9.85 billion in eight corporate Green, Social and Sustainability bonds.
For recent highlights of the bank's ESG efforts, see page 38 of the Bank of America 2020 Annual Report. Further information can be found in the 2021 Proxy Statement and at www.bankofamerica.com/environment.
Bank of America
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