Energy Efficiency, GHG Emissions, Finance, Sourcing Renewables - June 15, 2016
Bank of America deployed $14.5B in renewable energy, efficiency projects in 2015
Bank of America Corp. reported that it provided $14.5 billion in financing for renewable energy, energy efficiency and other sustainable projects in 2015, and continues to reduce greenhouse gas emissions within its own operations.
Examples of Bank of America's renewable energy financing in 2015 include its deal with Lincoln Clean Energy and Starwood Energy Group, in which the bank advised on the sale of two 230-MW wind farms, according to its recently released 2015 "Environmental, Social, And Governance Report."
Looking forward, the company has increased its second environmental business initiative from $50 billion to $125 billion by 2025 as part of the White House's "Business Act on Climate Change" initiative. According to the report, that includes supporting low-carbon and sustainable business through lending, investing, capital raising, advisory services and developing financing solutions for its clients.
Beyond its financing activities,. A key target area for reduction has been its data centers, which account for 25% of its total greenhouse gas emissions.
"[O]ur goal is to significantly increase the efficiency of our overall data center footprint," the company said in the report. "Since 2010, we’ve exited more than 30 data centers, consolidating our computing operations into significantly fewer buildings and reducing our energy usage in this area."
Additionally on carbon, Bank of America noted that in response to shareholder requests, it has also enhanced disclosures relating to climate change, including greenhouse gas emissions from its own operations and its U.S. utility portfolio. The firm said it also published a new coal policy, "which helps ensure that we play a continued role in promoting the responsible use of coal and other energy sources, while balancing the risks and opportunities to our shareholders and the communities we serve."