Bank of America Commits to Carbon Neutrality and 100 Percent Renewable Electricity by 2020
September 19 2016 - 6:00AM
Business Wire
New Operations Goals Strengthen the Company’s
Ongoing Commitment to Reducing Impact on the Environment
Bank of America announces new environmental operations goals to
be met by 2020, including plans to go carbon neutral. This
announcement supports the bank’s continued efforts to reduce the
environmental impacts of its operations. Bank of America will work
to reduce location-based greenhouse gas (GHG) emissions by 50
percent, energy use by 40 percent, and water use by 45 percent in
its operations across the globe by 2020. In addition, Bank of
America has committed to purchasing 100 percent renewable
electricity and has joined RE100, a global initiative led by The
Climate Group in partnership with CDP and part of the We Mean
Business Take Action campaign. These new commitments build on the
success of the company’s 2015 operations goals and the deployment
of its $125 billion environmental business initiative.
“Addressing global issues like climate change and the transition
to a sustainable and low-carbon future takes collaboration,
innovation and investment,” said Anne Finucane, vice chairman, Bank
of America. “The expansion of our operational goals to 2020,
achieving carbon neutrality, and the purchase of 100 percent
renewable electricity build on our existing environmental
commitment and responsible growth strategy. This demonstrates the
measurable actions we are taking to reduce our environmental
impacts.”
From 2010 to 2015, the company reduced its greenhouse gas
emissions by 37 percent, primarily through implementing energy
efficiency projects, consolidating space and leveraging a less
carbon-intensive grid. To achieve carbon neutrality, the bank will
continue to scale its energy efficiency and conservation efforts,
purchase 100 percent renewable electricity, and utilize carbon
offsets.
The company is already engaging in activities through efforts to
modernize its data center footprint to support the carbon
neutrality, energy reduction and water reduction goals.
Additionally, the bank recently purchased Texas-based wind power
for the company’s Texas data centers. This represents nearly half
of statewide electricity purchases and will contribute five
percentage points toward the 2020 carbon neutral goal. The bank is
also implementing a wide variety of energy efficiency programs,
such as lighting upgrades planned for 900 financial centers in
2016.
“It is critical the public and private sector continue to do
their part to help find solutions to this global issue,” said Amy
Davidsen, executive director, U.S., The Climate Group. “Bank of
America continues to demonstrate its commitment to the environment
by joining RE100 with a goal to reach 100 percent renewable
electricity by 2020. One company can make a significant and
positive impact on the environment, but collective action is key,
and we believe Bank of America will inspire more to follow
suit.”
In addition to reducing emissions in its own operations, Bank of
America for the first time announced quantitative goals to address
emissions in its supply chain. The company has committed to
maintain a 90 percent response rate to CDP supply chain survey
requests and will increase the number of its CDP supply chain
responding vendors who report GHG emissions to 90 percent by
2020.
The bank recently joined the U.S. Department of Energy’s
“Workplace Charging Challenge,” through which participating
companies commit to add charging stations for electric vehicles in
their parking facilities, enabling employees to expand low-carbon
commuting options. This complements an existing bank program that
encourages employees to purchase electric vehicles by reimbursing a
portion of the cost for the electric vehicle or charger.
Summary of Bank of America’s 2010‒2020 environmental goals:
- Achieve carbon neutrality for Scope 1
and 2 emissions.
- Purchase 100 percent of electricity
from renewable sources.
- Reduce energy use by 40 percent.
- Reduce location-based GHG emissions by
50 percent.
- Maintain LEED certification in 20
percent of the company’s owned and leased space.
- Reduce water use by 45 percent.
- Reduce waste to landfill by 35 percent
(baseline 2011).
- Dispose 100 percent of e-waste using
certified responsible vendors.
- Maintain paper reduction of 30
percent.
- Maintain an average of 10 percent
recycling content in paper purchased.
- Purchase 100 percent of paper from
certified sources.
- Maintain 90 percent response rate to
our CDP supply chain requests.
- Increase the number of our CDP supply
chain responding vendors who report GHG emissions to 90
percent.
Beyond its environmental operations commitment, Bank of America
is committed to bringing its expertise and innovative thinking to
help meet the challenge of climate change by financing the
transition to a sustainable, low-carbon economy. Since 2007, Bank
of America has provided $53 billion to this effort. Last year, the
bank expanded its environmental business initiative from $50
billion to $125 billion in sustainable and low-carbon business by
2025 to address climate change and demands on natural
resources.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
47 million consumer and small business relationships with
approximately 4,700 retail financial centers, approximately 16,000
ATMs, and award-winning online banking with approximately 33
million active accounts and more than 20 million mobile active
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
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Reporters May Contact:Kelly Sapp, Bank of America,
1.980.386.9514kelly.e.sapp@bankofamerica.com
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