This week, Bank of America, the second largest bank holding company in the United States, announced a 10-year, $50 billion environmental business goal to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions. The company also introduced significant new goals to reduce the environmental impact of its own operations. Bank of America has assets in excess of two trillion dollars.
The new goal, effective Jan. 1, 2013, follows the anticipated completion of the company’s current 10-year, $20 billion environmental business initiative – a program that is more than four years ahead of schedule.
The new initiative will consist primarily of lending, equipment finance, capital markets and advisory activity, carbon finance, and advice and investment solutions for clients. The areas of focus include:
- Energy efficiency – in residential, commercial, and public properties, as well as supporting the full supply chain that drives energy efficiency.
- Renewable energy and energy infrastructure – including wind, solar, hydro, biomass and waste-to-energy solutions and their upstream and downstream supply chains, as well as smart grid, large-scale energy storage and other important infrastructures.
- Transportation – including certain lower carbon forms of transport such as electric and hybrid electric vehicles, batteries/fuel cells and sustainable bio-fuels, as well as developing local and regional charging infrastructure to support the growth of new hybrid vehicle technologies.
- Water and waste – focusing on innovative new technologies and infrastructure development, including water purification and waste disposal and recycling.
The bank also announced a goal to provide $100 million in grants and program-related investments to nonprofit organizations, community development financial institutions and other non-governmental organizations promoting low-carbon and resource conservation solutions.
In internal operations, the Bank also announced the following new environmental goals to be achieved by 2015:
- 25 percent reduction in energy consumption from 2004 – equal to eliminating 1.2 million megawatt hours of annual energy use
- 20 percent reduction in paper consumption (2010 baseline); paper used will:
- Contain 20 percent post-consumer recycled content.
- Be sourced entirely from certified forests.
- 20 percent reduction in global water consumption (2010 baseline).
- 70 percent diversion of global waste from landfill.
- All electronic waste streams to be disposed of using certified, responsible vendors.
More information is available at http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1704140