Report Details Economic Benefits of Bank of America’s $125 Billion Environmental Business Initiative
September 18 2017 - 8:00AM
Business Wire
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 AmericaAt 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.
2016 ESG Executive Summary
Visit the Bank of America newsroom for more Bank of America
news, and click here to register for news email
alerts.
www.bankofamerica.com
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version on businesswire.com: http://www.businesswire.com/news/home/20170918005146/en/
Reporters May Contact:Kelly Sapp, Bank of America,
1.980.214.3070kelly.e.sapp@bankofamerica.com
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