Supporting Responsible Growth and a Low-Carbon, Sustainable Economy
Today, Bank of America released its Task Force on Climate-related Financial Disclosures (TCFD) Report, reflecting its support for disclosure and transparency of climate-related business risks and its focus on ensuring climate-related risks and opportunities are properly managed within its business. The company’s TCFD Report articulates how it evaluates the impact of climate change on its business, effectively manages those risks, and continues to enhance its understanding of how to measure and model climate-related risks and their potential significance.
“At Bank of America, our focus on responsible growth enables us to serve clients, deliver attractive returns for our shareholders and address some of society’s greatest challenges. We have long recognized the importance of addressing climate change, partnering closely with clients and dedicating significant intellectual and financial capital to advance low-carbon solutions,” said Anne Finucane, vice chairman, Bank of America. “We were an early supporter of the TCFD, are committed to transparency, and stand behind the TCFD’s efforts to develop a consistent mechanism for companies to provide information regarding their climate-related financial risks. We welcome the opportunity to share more comprehensive information regarding our approach to climate-related risks using the TCFD guidance.”
As one of the world’s largest financial institutions, Bank of America has a strong environmental business commitment, having deployed more than $158 billion to low-carbon, sustainable business activities since 2007, with a goal to deploy an additional $300 billion by 2030 to address climate change and demands on natural resources. This financing will also help advance the United Nations Sustainable Development Goals (SDGs) supporting sustainable cities, clean energy and water.
Building on the company’s sustainable finance efforts, Bank of America established a Sustainable Markets Committee, co-chaired by Finucane and Bank of America Chief Operating Officer Tom Montag. Bank of America is also working with the International Business Council (IBC) of World Economic Forum (WEF) and the accounting firms Deloitte, EY, KPMG and PwC to develop a common core set of metrics and recommended disclosures that companies can use to help guide stakeholders in evaluating their progress on advancing SDG priorities. Bank of America CEO Brian Moynihan serves as chair of the IBC. The common core metrics will be used to measure and disclose meaningful and relevant aspects of environmental, social and governance (ESG) performance, including TCFD-aligned reporting on material climate risks and opportunities.
For more than a decade, Bank of America has been reporting on climate-related risks and its own environmental efforts through its annual ESG Report, its CDP submissions, and its Environmental and Social Risk Policy Framework, among other disclosures. Bank of America has been named to the CDP A-List for the ninth year, a leadership index recognizing 179 businesses across the globe for their efforts in addressing climate change.
In December 2015, the Financial Stability Board launched the TCFD with an aim to use financial disclosures as a means to inform investors and other stakeholders about the risks companies face related to climate change and how those risks are being managed.
Learn more about the Bank of America TCFD Report.
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.
Reporters May Contact:
Kelly Sapp, Bank of America