Building on Bank of America’s longstanding support for the Paris Climate Agreement, the company today outlined initial steps to achieve its goal of net zero greenhouse gas (GHG) emissions in its financing activities, operations and supply chain before 2050. Bank of America continues to actively engage with its clients to help accelerate their own transitions to net zero, and it plans to establish interim science based emissions targets for high-emitting portfolios, including energy and power.

“It is critical that we leverage all parts of our business – beyond our direct operations – in order to accelerate the transition to a net zero global economy,” said Bank of America Vice Chairman, Anne Finucane, who leads the company’s environmental, social and governance, sustainable finance, capital deployment, and public policy efforts. “Our commitment will help spur the growth of zero carbon energy and power solutions, sustainable transportation and agriculture, and other sector transformations, while generating more climate resilient and equitable opportunities for our future.”

As part of its transition to net zero emissions, in July 2020, Bank of America joined the Partnership for Carbon Accounting Financials (PCAF) as a member of the Global Core Team. In collaboration with 15 other financial institutions, Bank of America participated in the development of the Global GHG Accounting and Reporting Standard for the Financial Industry, providing a consistent methodology to assess and disclose emissions associated with financing activities. Bank of America is committed to disclosing its financed emissions no later than 2023.

Bank of America achieved carbon neutrality in its operations in 2019, a year ahead of schedule, and increased the number of vendors that measure and publicly report GHG emissions through the CDP Supply Chain survey. Bank of America has now established the next set of targets for its operations and supply chain to be achieved by 2030.

Significantly increasing investment in the low-carbon technologies and activities needed to decarbonize all sectors of the economy will be critical to Bank of America meeting its net zero goals. Since 2007, the company has directed more than $200 billion in capital and has committed to deploy a total of $445 billion by 2030 under its Environmental Business Initiative. The company already expects to exceed this commitment in advance of 2030 based on current financing activity. Under this initiative, the company partners closely with its clients to finance the adoption of low-carbon solutions, including resource-efficient building construction, renewable energy, sustainable transportation such as electric vehicles and charging infrastructure, and resource-efficient agriculture.

Bank of America is also dedicating significant financial, intellectual, philanthropic and catalytic capital to support the advancement of developing technologies, such as carbon finance, sustainable agriculture and biofuels, water infrastructure, clean hydrogen, waste-to-energy, and carbon capture sequestration technologies.