Commercial, Energy Efficiency, Sourcing Renewables - May 1, 2020
Bank of America discloses update on climate task force
Bank of America announced April 30 that they released their Task Force on Climate-related Financial Disclosures (TFCD) Report to address how the company is evaluating the impact of climate change on business, effectively managing those risks and continuing to enhance their understanding of how to measure and model climate-related risks and their potential significance.
“At Bank of America, our focus on responsible growth enables us to serve clients, deliver attractive returns for our shareholders and address some of society’s greatest challenges. We have long recognized the importance of addressing climate change, partnering closely with clients and dedicating significant intellectual and financial capital to advance low-carbon solutions,” Anne Finucane, vice chairman at Bank of America, said in a statement. “We were an early supporter of the TCFD, are committed to transparency, and stand behind the TCFD’s efforts to develop a consistent mechanism for companies to provide information regarding their climate-related financial risks. We welcome the opportunity to share more comprehensive information regarding our approach to climate-related risks using the TCFD guidance.”
A major part of Bank of America’s climate strategy is investing in clean energy projects. Since 2007, the bank has deployed more than $158 billion to low-carbon, sustainable business activities and has a goal of deploying an additional $300 billion by 2030.
The TFCD report also highlighted the banking giant’s progress toward their own sustainability goals. In 2019, they achieved their 2020 goal of being carbon neutral for Scope 1 and 2 emissions by reducing location-based emissions by 56%, purchasing 100% renewable electricity, and purchased carbon offsets to cover the remaining unavoidable emissions. Other 2020 goals that they are hoping to complete by the end of the year include maintaining LEED certification at 20% of their owned and leased spaces and increasing the number of CDP supply chain responding vendors who report emissions to 90%. The report also attempts to increase the company’s transparency by including a complete breakdown of their total emissions across categories.