Bank of America, which has a global leasing division, said that it has met its carbon neutrality goal a year ahead of schedule, pending third-party verification.
BoA, which is the biggest bank in the US after JPMorgan Chase, according to S&P Global Market Intelligence, said it reached its goal by reducing emissions from its facilities, purchasing 100 per cent renewable electricity and buying carbon offsets for its remaining unavoidable emissions. BoA was ranked eighth, by total assets, with $2.35trn (£1.8trn) against its international peers in the S&P Global listing.
“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,” said Brian Moynihan, CEO of Bank of America.
“Being carbon neutral is core to our $300bn, a 10-year environmental business initiative that is helping finance the transition to a low-carbon future.”
As part of Bank of America’s long-term commitment to lessen the environmental impact of its operations, the company has said it has reduced emissions by more than 50 per cent in its facilities since 2010.
BoA said it has met its 100 per cent renewable electricity goal by installing on-site solar capability at many of its facilities.
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BoA said it applies environmental, social and governance (ESG) standards throughout the bank’s operations. In a statement the bank said: “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.”