Bank of America Sets 2030 Sustainable Aviation Fuel (SAF) Goal
February 11, 2022 at 12:00 PM Eastern
Bank of America announced today that it will support the production and use of one billion gallons of Sustainable Aviation Fuel (SAF) by 2030. The company will support these efforts through financing, investment, capital markets and procurement activities. This builds on the company’s Net Zero before 2050 goal. Bank of America is the first global financial institution to set a SAF usage and capital deployment goal.
The company’s 2030 SAF goal is comprised of the following:
To reach this goal, Bank of America will work with aviation fuel suppliers and related ecosystem participants to increase production and support the development of the necessary infrastructure for users to access SAF.
“To achieve net zero, we have to think and do things differently, ensuring new sustainable technologies are top of mind and part of every business’s strategy. Innovative, low-carbon products such as SAF help to catalyze and advance our collective net zero ambitions and builds on Bank of America’s commitment to achieve net zero before 2050 in our operations, supply chain and business activities,” said Alex Liftman, Global Environmental executive at Bank of America. “To drive these technologies to scale, we’re leveraging all of our global expertise and resources – across our operations, buying power, sustainable finance, and partnerships. This initiative demonstrates that commitment.”
Bank of America is partnering with a number of leading organizations to support its SAF efforts, including recent agreements with SkyNRG and American Airlines.
“We’re working to build this market with every tool possible, which includes paying a green premium to support the purchase of SAF,” said Liftman.
In addition to procuring SAF for its operations, Bank of America is deploying and mobilizing capital to scale and grow the SAF market and accelerate sustainable innovation through its $1.5 trillion Sustainable Finance commitment, of which $1 trillion is focused on environmental transition. These efforts demonstrate Bank of America’s commitment to catalyzing innovative technologies such as SAF to accelerate the transition to a low-carbon economy.
“We are focused on tangible and credible solutions to help decarbonize across industry sectors globally. Sustainable aviation is an important area to drive development. Many of the new low-carbon technologies are not economical today. It is critical that we work as quickly as possible with participants across the public and private sectors to accelerate and expand technologies which will help to reduce the green premium, making these low-carbon solutions more competitive and available,” said Karen Fang, Global Head of Sustainable Finance at Bank of America. “The key is to speed up the supply demand flywheel to help scale SAF production.”
Bank of America recognizes that in order for aviation fuel to be truly sustainable, the fuel must substantially reduce greenhouse gas (GHG) emissions while also addressing other downstream environmental and social impacts. Bank of America’s partnerships are helping to accelerate innovation and are enabling new markets, such as a globally recognized Sustainable Aviation Fuel Certificate (SAFc) framework.
‘’As we work towards securing the future of global SAF supplies and the growth of the SAF market, it is inspiring to see corporates like Bank of America step forward with such strong commitments, which pose as an example for their industry. We look forward to working together to build a more sustainable future for aviation,’’ said Theye Veen, Managing Director at SkyNRG.
“American welcomes Bank of America’s commitment to growing the market for sustainable aviation fuel,” said Jill Blickstein, Managing Director of ESG for American Airlines. “Our agreement with Bank of America is a great example of the cross-industry engagement that will be necessary to decarbonize aviation, and it adds to our confidence and optimism about a future in which SAF is more readily available and the environmental impact of air travel reaches net zero.”
Efforts to date reinforcing Bank of America’s focus on sustainable aviation include:
Bank of America’s commitment to the environment is long-standing. In 2006, the company was the first U.S. bank to announce a Scope 1 & 2 greenhouse gas emissions reduction goal with the Environmental Protection Agency Climate Leaders program. In 2007, the company launched its Environmental Business Initiative, now part of its sustainable finance commitment, and in the past 15-years it has deployed and mobilized more than $200 billion to low-carbon, sustainable business activities for clients. In its operations, it achieved carbon neutrality in 2019, a year ahead of schedule, and last year set a Net Zero goal. The company continues to implement leading sustainable and environmentally focused activities across its global operations.
For the latest details, please visit www.bankofamerica.com/environment or its Environmental, Social and Governance (ESG) reporting page.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact.
For more Bank of America news, including dividend announcements and other important information, register for news email alerts.
Kelly Sapp, Bank of America
Phone: 1.980.214.3070
Kelly.E.Sapp@bofa.com
Media Relations, SkyNRG & SkyNRG Americas
mediarelations@skynrg.com
Stacy Day, American Airlines
Phone: 1.202.845.5472
Stacy.Day@aa.com
February 11, 2022 at 12:00 PM Eastern
Bank of America Sets 2030 Sustainable Aviation Fuel (SAF) Goal
Bank of America announced today that it will support the production and use of one billion gallons of Sustainable Aviation Fuel (SAF) by 2030. The company will support these efforts through financing, investment, capital markets and procurement activities. This builds on the company’s Net Zero before 2050 goal. Bank of America is the first global financial institution to set a SAF usage and capital deployment goal.
The company’s 2030 SAF goal is comprised of the following:
To reach this goal, Bank of America will work with aviation fuel suppliers and related ecosystem participants to increase production and support the development of the necessary infrastructure for users to access SAF.
“To achieve net zero, we have to think and do things differently, ensuring new sustainable technologies are top of mind and part of every business’s strategy. Innovative, low-carbon products such as SAF help to catalyze and advance our collective net zero ambitions and builds on Bank of America’s commitment to achieve net zero before 2050 in our operations, supply chain and business activities,” said Alex Liftman, Global Environmental executive at Bank of America. “To drive these technologies to scale, we’re leveraging all of our global expertise and resources – across our operations, buying power, sustainable finance, and partnerships. This initiative demonstrates that commitment.”
Bank of America is partnering with a number of leading organizations to support its SAF efforts, including recent agreements with SkyNRG and American Airlines.
“We’re working to build this market with every tool possible, which includes paying a green premium to support the purchase of SAF,” said Liftman.
In addition to procuring SAF for its operations, Bank of America is deploying and mobilizing capital to scale and grow the SAF market and accelerate sustainable innovation through its $1.5 trillion Sustainable Finance commitment, of which $1 trillion is focused on environmental transition. These efforts demonstrate Bank of America’s commitment to catalyzing innovative technologies such as SAF to accelerate the transition to a low-carbon economy.
“We are focused on tangible and credible solutions to help decarbonize across industry sectors globally. Sustainable aviation is an important area to drive development. Many of the new low-carbon technologies are not economical today. It is critical that we work as quickly as possible with participants across the public and private sectors to accelerate and expand technologies which will help to reduce the green premium, making these low-carbon solutions more competitive and available,” said Karen Fang, Global Head of Sustainable Finance at Bank of America. “The key is to speed up the supply demand flywheel to help scale SAF production.”
Bank of America recognizes that in order for aviation fuel to be truly sustainable, the fuel must substantially reduce greenhouse gas (GHG) emissions while also addressing other downstream environmental and social impacts. Bank of America’s partnerships are helping to accelerate innovation and are enabling new markets, such as a globally recognized Sustainable Aviation Fuel Certificate (SAFc) framework.
‘’As we work towards securing the future of global SAF supplies and the growth of the SAF market, it is inspiring to see corporates like Bank of America step forward with such strong commitments, which pose as an example for their industry. We look forward to working together to build a more sustainable future for aviation,’’ said Theye Veen, Managing Director at SkyNRG.
“American welcomes Bank of America’s commitment to growing the market for sustainable aviation fuel,” said Jill Blickstein, Managing Director of ESG for American Airlines. “Our agreement with Bank of America is a great example of the cross-industry engagement that will be necessary to decarbonize aviation, and it adds to our confidence and optimism about a future in which SAF is more readily available and the environmental impact of air travel reaches net zero.”
Efforts to date reinforcing Bank of America’s focus on sustainable aviation include:
Bank of America’s commitment to the environment is long-standing. In 2006, the company was the first U.S. bank to announce a Scope 1 & 2 greenhouse gas emissions reduction goal with the Environmental Protection Agency Climate Leaders program. In 2007, the company launched its Environmental Business Initiative, now part of its sustainable finance commitment, and in the past 15-years it has deployed and mobilized more than $200 billion to low-carbon, sustainable business activities for clients. In its operations, it achieved carbon neutrality in 2019, a year ahead of schedule, and last year set a Net Zero goal. The company continues to implement leading sustainable and environmentally focused activities across its global operations.
For the latest details, please visit www.bankofamerica.com/environment or its Environmental, Social and Governance (ESG) reporting page.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact.
For more Bank of America news, including dividend announcements and other important information, register for news email alerts.
Kelly Sapp, Bank of America
Phone: 1.980.214.3070
Kelly.E.Sapp@bofa.com
Media Relations, SkyNRG & SkyNRG Americas
mediarelations@skynrg.com
Stacy Day, American Airlines
Phone: 1.202.845.5472
Stacy.Day@aa.com
.jpg/_jcr_content/renditions/original){kind=logo}
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Governmental Agency | Are Not a Condition to Any Banking Service or Activity |
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).
"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.
Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.
Bank of America, N.A. Member FDIC. Equal Housing Lender
© 2024 Bank of America Corporation. All rights reserved.
.jpg/_jcr_content/renditions/original){kind=logo}
