Bank of America: driving sustainable business activities

Business Chief takes a look at the Bank of America’s latest sustainability achievements.

Six years ahead of its scheduled commitments, the Bank of America looks to end 2019 on a high note by meeting its US$125bn goal to deploy capital that drives low carbon and sustainable business practices.

With the increase in demand for sustainable innovations and project support the finance has helped activities relating to energy efficiency, renewable energy, sustainable transportation, water conservation and sustainable land use.

“Through our sustainable finance efforts, we’re driving a clean energy future, while helping our clients accelerate their business activities related to low-carbon and sustainable growth,” said Anne Finucane, vice chairman at Bank of America. “Through this recently met goal and our new $300 billion environmental business commitment, we are further scaling our investment in a low-carbon economy and advancing the United Nations Sustainable Development Goals.”

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Since 2007 to date, Bank of America has directed US$145bn to sustainability efforts and has announced further commitments to mobilise an additional US$300bn by 2030 to accelerate the transition towards a low carbon, sustainable economy.

A closer look at what the Bank of America has been up to:

• Since 2013 the bank has issued US$6.35bn in corporate green bonds

• October 2019 mark the bank being the first financial institute to issue five corporate green bonds 

• Since 2007, the BofA securities (the bank’s subsidiary) has underwritten US$48bn in green bonds for over 100 clients 

The bank’s Environmental Business Initiative forms part of its wider focus on furthering the United Nations Sustainable Development Goals (SDGs). The bank is striving to provide sustainable finance in the hopes that it will help to bridge the financial gap that is needed to address the issues. 

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