Bank of America Commits $300 Billion by 2030 to Low-Carbon, Sustainable BusinessSource: Business Wire
Third Environmental Commitment Advances Sustainable Energy and Transportation, Climate Resiliency, Clean Water and Sanitation
“The need to mobilize and deploy capital to address climate change has
never been more urgent,” said
This commitment, like the previous two, will not impact corporate expenses.
Leadership in environmental business
Highlights of how the company supports clients through environmental business include:
Bank of Americahas issued $4.35 billionin corporate green bonds. In May 2018, the company issued its fourth and largest green bond for $2.25 billion– becoming the first U.S. financial institution to issue four corporate green bonds.
Bank of America Merrill Lynchhas led green bond underwriting since 2007, according to the Environmental Finance Green Bond Database and Bloomberg New Energy Finance league tables. Since 2007, Bank of America Merrill Lynchhas underwritten $38 billionin green bonds on behalf of 100 clients, supporting more than 220 deals and providing critical funding to environmental projects.
The company has been the
No. 1tax equity investor in the U.S. from 2015 through 2018 according to the Bloomberg New Energy Finance league tables. Since 2007, the Bank of America Merrill Lynch Renewable Energy Financeteam has been responsible for approximately $10.5 billionof renewable energy tax equity financing supporting wind and solar facilities.
By helping clean energy business tap global markets,
Bank of Americais funding important sustainable projects while creating jobs and spurring economic progress. EY took an independent look at a 25 percent subset of its second environmental commitment ( $30 billiondeployed in the U.S. between 2013 and 2017) and found this financing supported an annual average of 76,000 domestic jobs, realized a cumulative $70 billionin economic output, and contributed a cumulative $36 billionto GDP.
Capital deployment for sustainable development
Bank of America’s Environmental Business Initiative is part of the
company’s focus on facilitating the deployment of capital to further
sustainable development. Recognizing there is a significant gap between
the capital that must be applied to global challenges and the amount
that is being deployed today,
This enterprisewide initiative is designed to unlock the necessary
financing and investment to address the broad themes outlined in the
United Nations Sustainable Development Goals (SDGs) including affordable
housing, clean water and sanitation, sustainable energy, education and
health care. In 2018 alone,
Reporters May Contact:
Kelly Sapp, Bank of America, 1.980.214.3070