Bank of America was ranked number three on Fortune’s 2018 “Change the World” list, the magazine’s annual ranking of 57 companies that are creating social benefit through their core business strategy. The company is the top financial services firm on the list and was recognized for its work mobilizing and deploying capital to address global challenges, including environmental sustainability.
Through its second Environmental Business Initiative, Bank of America will deploy $125 billion in capital to low-carbon, sustainable business by 2025 and since 2013, when the goal was established, it has deployed nearly $75 billion toward these efforts. This includes the company’s leadership in green bond underwriting and corporate green bond issuances and tax equity investment in wind and solar. In total, Bank of America has directed more than $96 billion to low-carbon, sustainable business activities since 2007.
Bank of America is also seeing positive economic outcomes from its environmental business initiative. According to EY’s analysis, over the course of four years (2013-2016), our project-related financing in the U.S. supported an annual average of nearly 40,000 jobs, realized a cumulative $30 billion in economic output, and contributed a cumulative $14.8 billion to GDP.
In its profile of the company, Fortune noted, “Most environmental advocates agree that a renewable revolution can’t happen without a big private-sector push. And a behemoth like Bank of America — with its web of relationships and deep pool of expertise — can make a decisive impact in connecting investors with cash-hungry green projects.”
“This is good business,” said Bank of America Vice Chairman Anne Finucane. “We are driving returns for investors and sustainable growth in our business, while finding innovative ways to deploy our capital to address global challenges.”
Read more about Bank of America’s efforts to accelerate the transition to a low-carbon economy.
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. Connect with us on Twitter (@BofA_News).
Reporters May Contact:
Kelly Sapp, Bank of America