Bank of America (BOA) shows the world how to take action without procrastination or complications getting in the way. BOA recently announced that it has already met its carbon neutrality goal one year ahead of schedule, pending a third-party verification.
How Did They Accomplish Their Goal?
- By reducing Scope 2 and 1 emissions from its facilities.
- Purchasing 100% renewable electricity.
- Buying carbon offsets for its remaining emissions, which are unavoidable.
Brian Moynihan, Bank of America’s CEO, said:
We are delivering responsible growth by focusing on serving our clients, investing in our teammates, supporting the communities where we operate, and by addressing important societal priorities. Being carbon neutral is core to our $300 billion, 10-year environmental business initiative that is helping finance the transition to a low-carbon future.
BOA’s long-term commitment to decrease the environmental impact of its operations has pushed the company to accomplish the following activities:
- Purchased Renewable Energy Credits (RECs) to offset its carbon output.
- Completed a series of long-term renewable agreements that will boost solar and wind electricity to the US grid.
- Since 2010, the company reduced emissions by more than 50% in its facilities.
- Met its 100% renewable energy goal by installing on-site solar solutions at many of its sites, including in its offices and financial centers, and on ATMs.
- BOA purchased a limited amount of carbon offsets from four non-profit projects located around the world in impoverished areas, including South America, U.S., Asia, and Africa. The non-profits help drive reforestation and preserve biodiversity while furthering the economic movement for the local populations.
About Bank Of America
BOA is guided by a purpose to help make financial lives better, through the power of every connection. The company delivers on this through growth with a focus on its environmental, social, and governance (ESG) leadership. ESG reflects how the BOA helps fuel the global economy, build credibility and trust, while representing a company that people want to invest in, work for, and do business with.
