New Report Demonstrates Economic Benefits of Bank of America’s $125 Billion Environmental Business Initiative
Supported an Annual Average of 76,043 Jobs, Contributed a Cumulative $35.6 Billion to GDP, and Realized a Cumulative $70.4 Billion in Economic Output
Today, Bank of America released “.” The report, based on analysis conducted by consulting firm EY, examines the impacts of a $29.4 billion subset of the company’s $125 billion environmental business commitment. The capital deployed within the analyzed subset included renewable energy, transportation and water infrastructure projects financed from 2013 to 2017 in the United States. The results demonstrate how Bank of America’s environmental business commitment is positively impacting the economy and the environment.
Supported an annual average of 76,043 jobs, with all project types supporting a higher average compensation than the U.S. annual average of $51,750.EY’s analysis of the five-year period found that Bank of America’s $29.4 billion in financing:
- Contributed a cumulative $35.6 billion to GDP.
- Realized a cumulative $70.4 billion in economic output.
- Helped prevent 1,858,200 metric tons of greenhouse gas emissions in 2017 alone – the equivalent of taking almost 400,000 cars off the road for a year.
Bank of America’s $125 billion by 2025 environmental business initiative is the company’s second commitment. Its first environmental business initiative, established in 2007 at $20 billion, was met four years ahead of schedule. Since 2007, Bank of America has deployed more than $96 billion in financing for low-carbon, sustainable business activities.
The work in this area supports the company’s focus on responsible growth and the importance of deploying capital, intellectual and financial, to build a more sustainable, low-carbon global economy. EY’s analysis demonstrates this point and serves as a powerful reminder of the greater opportunities ahead.
The report findings follow two previous EY reports sponsored by the bank: 2017’s “Banking on a Low-Carbon Economy: The Economic Impacts of Bank of America’s $125 Billion Environmental Business Initiative” and the 2014 EY analysis “Financing for a sustainable future: Estimating the environmental benefits of Bank of America’s Environmental Business Initiative,” which provided a comprehensive look at the environmental benefits of Bank of America’s $125 billion commitment.
Visit www.bankofamerica.com/environment to learn more.
Bank of America
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. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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