Bank of America is expanding its commitment to the Arbor Day Foundation through a second $250,000 grant to support efforts in four U.S. cities to increase the number of trees planted in low- and moderate-income neighborhoods. Cities will receive the funding from the Community Resiliency Grant program and recipients include local nonprofit organizations and municipal agencies. This grant will support the following cities:
These programs will drive green infrastructure projects, expand tree equity, and increase resiliency in urban communities most vulnerable to the effects of climate change.
“Communities with barriers to resources – including trees and green space – are often those most highly impacted by climate change and natural disasters,” said Dan Lambe, president of the Arbor Day Foundation. “In partnership with Bank of America, we are proud to support local programs that will enhance those communities’ climate resilience through strategic tree planting and community engagement and education.”
Tree coverage has been linked to cooler cities, improved air and water quality, effective stormwater control, and better health outcomes. Research has noted that urban trees also increase property values and reduce residents’ energy costs. These benefits of urban tree canopy are vital for cities increasingly facing the impacts of climate change, including heat waves, coastal flooding, extreme storms, and poor air quality.
The grant program enables the implementation of initiatives utilizing trees and other green infrastructure to build community resilience in cities. Here are more details on how these four U.S. cities will use the grant funding for more sustainable communities:
In 2019, Bank of America provided the first $250,000 grant for this program, which helped support tree planting activities in Tucson, Arizona; Kansas City, Missouri; Providence, Rhode Island; and Norfolk, Virginia. At these events, Bank of America employees worked alongside other community members to support tree plantings and tree giveaways.
“Trees are one of the most cost-effective investments we can make to help tackle climate change and improve community livability,” said Rich Brown, Environmental Program director at Bank of America. “This program addresses the critical need in underserved communities to increase tree canopies to support cooler urban areas and create more sustainable solutions for future generations.”
Bank of America also supports the Arbor Day Foundation’s Time for Trees™ initiative as a member of its Evergreen Alliance. This effort aims to plant 100 million trees and engage 5 million tree planters worldwide by 2022 – the 150th anniversary of Arbor Day. Recently, the Arbor Day Foundation recognized the bank with its Friend of the Forest Award, which recognizes companies and their leaders for their commitment to using trees and forests to achieve corporate sustainability goals and targets.
Bank of America is also leading in sustainable finance. Its Environmental Business Initiative has deployed $158 billion to low-carbon, sustainable business activities since 2007. Over the next 10 years, the bank will direct an additional $300 billion to these efforts and work to advance the United Nations Sustainable Development Goals (SDG).
To accelerate Bank of America’s progress, identify new opportunities and build on the company’s sustainable finance efforts, the company established a Sustainable Markets Committee, co-chaired by Vice Chairman Anne Finucane and Chief Operating Officer Tom Montag. The company is also working with the International Business Council (IBC) of the World Economic Forum 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 Chief Executive Officer 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.
Founded in 1972, the Arbor Day Foundation has grown to become the largest nonprofit membership organization dedicated to planting trees, with more than 1 million members, supporters, and valued partners. During the last 45 years, more than 350 million Arbor Day Foundation trees have been planted in neighborhoods, communities, cities and forests throughout the world. Our vision is to help others understand and use trees as a solution to many of the global issues we face today, including air quality, water quality, climate change, deforestation, poverty and hunger.
As one of the world's largest operating conservation foundations, the Arbor Day Foundation, through its members, partners and programs, educates and engages stakeholders and communities around the globe to involve themselves in its mission of planting, nurturing and celebrating trees. More information is available at arborday.org.
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).
Kelly Sapp, Bank of America
Jen Hallaman, Arbor Day Foundation