Commercial, Energy Efficiency, GHG Emissions, Solar, Sourcing Renewables, Wind - January 21, 2020
Bank of America meets carbon neutrality goals early
Bank of America has achieved its carbon neutrality goal a year ahead of schedule through the reduction of Scope 1 and 2 emissions, purchasing 100% renewable electricity and buying carbon offsets for the remaining emissions.
The banking institution had set a goal to reduce emissions by more than 50% since its 2010 levels. It also achieved its 100% renewable electricity goal through the installation of on-site solar projects at many of its offices, financial centers and ATMs and completing multiple long-term wind and solar agreements.
“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,” Brian Moynihan, CEO of Bank of America, said in a statement. “Being carbon neutral is core to our $300 billion, 10-year environmental business initiative that is helping finance the transition to a low-carbon future.”
Additionally, Bank of America purchased a limited amount of carbon offsets from four nonprofit projects located in impoverished areas across the U.S., South America, Africa, and Asia to help preserve biodiversity, drive reforestation and stimulate the local economies.