Bank of America Mobilized and Deployed $250 Billion in Sustainable Finance Capital in 2021
Bank of America announced today that it mobilized and deployed approximately $250 billion in sustainable finance activity for 2021, an all-time high and a significant increase over 2020 levels. As part of Bank of America’s $1.5 trillion by 2030 sustainable finance goal announced last April, the company has made tremendous progress towards mobilizing and scaling capital deployment to drive environmental and social change in line with the 17 United Nations Sustainable Development Goals.
“Our sustainable finance strategy permeates every aspect of how we deliver for our clients, employees and communities, and we are committed to a more inclusive, net zero society for all. Our sustainable finance focus is long-standing and continues to play a catalytic role in scaling our environmental transition and inclusive social development goals across the globe,” said Paul Donofrio, Vice Chair of Bank of America. “As a financial institution, we are leveraging the power of our size, expertise and the capital markets to mobilize more investments and financings to address these global challenges and opportunities.”
Bank of America provides lending, capital raising, advisory and investment services, along with other financial and risk management solutions, for clients transitioning to a low-carbon, inclusive economy. The company continues to expand and innovate its environmental sustainable finance activities and offerings, including increased asset-based financing, advisory and capital raising activities for renewable energy and energy efficiency projects; sustainable transportation with an emphasis on electric vehicles and sustainable fuels; sustainable food and agriculture; clean water and sanitation; and carbon capture and voluntary and compliance carbon offset solutions. Bank of America also continues to drive inclusive social development, with a focus on affordable housing, healthcare, education, digital and financial inclusion as well as more access to capital for minority and women-led businesses and underserved communities.
“Finance with a purpose is a powerful tool for driving social and environmental change. Through our work with internal stakeholders, external alliances, and other partners, we are making tangible and meaningful progress towards achieving a more sustainable future,” said Karen Fang, Global Head of Sustainable Finance at Bank of America. “While there is still much more to do, our significant increase in firm wide sustainable activity last year demonstrates our commitment and ability to lead by example. Whether it’s our work in developed or emerging markets, on mature or new technologies, on climate change or social equity, our sustainable finance efforts are always focused on finding new and innovative ways to increase the amount of capital that is flowing to where it is needed the most.”
Key highlights of 2021 sustainable finance activities, as outlined in Bank of America’s 2021 Annual Report, include:
Furthermore, to better unlock the power of the private sector to more effectively mobilize and catalyze capital, Bank of America joined a number of coalitions in 2021 focused on collaborating to help accelerate the clean energy transition, including the Net Zero Banking Alliance (NZBA), the Glasgow Financial Alliance for Net Zero (GFANZ), Breakthrough Energy Catalyst, the First Movers Coalition, the World Economic Forum (WEF) Clean Skies for Tomorrow Coalition, the Guidehouse Consortium for Clean Hydrogen, and the WEF’s Natural Climate Solutions (NCS) Investment Accelerator.
To see more Sustainable Development Goals-related client stories, visit this Bank of America webpage. For highlights of Bank of America’s ESG efforts, see page 35 of the Bank of America 2021 Annual Report.
At Bank of America (NYSE: BAC), 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. Connect with us on Twitter (@BofA_News).
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Sheryl Lee, Bank of America