Report Details Economic Benefits of Bank of America’s $125 Billion Environmental Business Initiative
Demonstrates How Its Environmental Finance Efforts Support Nearly 40,000 Jobs Annually, Economic Output of $29.9 Billion and Contributions of $14.8 Billion to GDP
Today, Bank of America released “Banking on a Low-Carbon Economy: The Economic Impacts of Bank of America’s $125 Billion Environmental Business Initiative .” The report, based on analysis conducted by consulting firm EY, examines the economic impacts of a $12.6 billion subset of the company’s $125 billion environmental business commitment, focused on projects within the United States financed between 2013 and 2016. The results demonstrate that Bank of America’s commitment is having positive impacts on the economy and the environment.
Over the four-year period examined, the analysis found Bank of America’s financing:
- Supported an annual average of 39,728 jobs, nearly half of which pay significantly higher than the U.S. average compensation and resulted in $9.6 billion in labor income.
- Realized a cumulative $29.9 billion economic output.
- Contributed a cumulative $14.8 billion to GDP.
- Funded projects that have helped prevent 2,376,100 metric tons of greenhouse gas emissions in 2016 alone – the equivalent of taking more than half a million cars off the road for one year.
“We know that committing capital to a clean energy future creates jobs and business opportunities,” said Anne Finucane, vice chairman, Bank of America. “This analysis validates once again that our focus on responsible, sustainable growth is helping the economy while addressing important societal issues.”
The report findings follow up on a 2014 EY analysis that provided a comprehensive look at the environmental benefits of Bank of America’s $125 billion commitment, the results of which were published in “Financing for a sustainable future: Estimating the environmental benefits of Bank of America’s Environmental Business Initiative.”
“Bank of America has shown leadership with its long-term commitment to environmental finance,” said Michael Liebreich, chairman of the Advisory Board, Bloomberg New Energy Finance. “It has now demonstrated convincingly that addressing climate change can be an economic opportunity for society – one that pays dividends in terms of well-paid jobs, fast-growing industries and a lower-risk economy.”
In 2015, Bank of America increased the company’s second environmental business initiative from $50 billion to $125 billion in low-carbon business by 2025 through lending, investing, capital raising, advisory services and developing financing solutions for clients around the world. This followed the company’s first environmental business initiative for $20 billion, established in 2007, and achieved four years ahead of schedule. Since 2007, Bank of America has provided approximately $70 billion in financing for low-carbon and sustainable business activities.
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 at @BofA_News.
Reporters May Contact:
Kelly Sapp, Bank of America, 1.980.214.3070