Bank of America has announced its plans to achieve net zero greenhouse gas emissions before 2050. The banking giant revealed its plans are built on its longstanding support for the Paris Climate Agreement and is continuing to actively engage with its clients to help accelerate their own transitions to net zero, as well as planning to establish interim science-based emissions targeting for high-emitting portfolios, including energy and power.
Bank of America also stated it released its broader 2030 operational and supply chain goals as part of its commitment to environmental sustainability. While sharing more details about the plans, Bank of America Vice Chairman, Anne Finucane, who is currently leading the financial group’s environmental, social, and governance, sustainable finance, capital deployment, and public policy efforts, explained:
“We recognize that this will be no easy task, but we believe 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.”
Bank of American further shared that 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. The company added:
“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.”