{"id":473613,"date":"2021-04-08T09:03:23","date_gmt":"2021-04-08T13:03:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=473613"},"modified":"2021-04-08T09:03:23","modified_gmt":"2021-04-08T13:03:23","slug":"bank-of-america-increases-environmental-business-initiative-target-to-1-trillion-by-2030","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-america-increases-environmental-business-initiative-target-to-1-trillion-by-2030\/","title":{"rendered":"Bank of America Increases Environmental Business Initiative Target to $1 Trillion by 2030"},"content":{"rendered":"

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Bank of America Increases Environmental Business Initiative Target to $1 Trillion by 2030 <\/b><\/p>\n

Significant Increase from $300 Billion Target by 2030 set in 2019<\/i><\/p>\n

Company Also Sets Broader SDG-Focused Sustainable Finance Target of $1.5 Trillion by 2030 <\/i><\/p>\n

CHARLOTTE, N.C.–(BUSINESS WIRE<\/a>)–
\nBank of America today announced a goal of deploying and mobilizing $1 trillion by 2030 in its Environmental Business Initiative in order to accelerate the transition to a low-carbon, sustainable economy. This commitment will anchor a broader $1.5 trillion sustainable finance goal by both environmental transition and social inclusive development purposes, spanning business activities across the globe.\n<\/p>\n

\n\u201cThe private sector is well-positioned to ensure that the capital needed \u2013 at the scale it is needed \u2013 can drive the transition to a low-carbon, sustainable economy,\u201d said Bank of America Vice Chairman, Anne Finucane, who leads the company\u2019s environmental, social and governance (ESG), sustainable finance, and public policy efforts. \u201cWe will meet our commitment by working with clients to provide lending, capital raising, advisory and investment services, and to develop financial solutions and drive innovation to ensure the transition to a sustainable economy.\u201d\n<\/p>\n

\nBank of America\u2019s broader $1.5 trillion sustainable finance target is consistent with the United Nations Sustainable Development Goals (UN SDGs), and will spur transformative change nationally and around the world. Beyond the $1 trillion climate-related finance, the balance of the sustainable finance goal is focused on social inclusive development, scaling capital to advance community development, affordable housing, healthcare, and education, in addition to racial and gender equality.\n<\/p>\n

\n\u201cWe stand alongside our clients in helping drive the transition in sustainable lending, investing, and markets activity,\u201d said Chief Operating Officer Tom Montag, who co-chairs Bank of America\u2019s Sustainable Markets Committee with Finucane. \u201cBank of America will continue to mobilize players across the entire financial system to increase the flow of capital.\u201d\n<\/p>\n

Environmental Business Initiative
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<\/b>Today\u2019s announcement increases Bank of America\u2019s 2019 commitment of $300 billion to low-carbon, sustainable business initiatives<\/a>, to $1 trillion by 2030 as part of its Environmental Business Initiative<\/a>. This commitment advances an environmental transition across sectors to solutions in energy efficiency, renewable energy, sustainable transportation, resource efficiency, sustainable water and agriculture as well as improved forestry and pollution control measures. Since launching the Environmental Business Initiative in 2007, Bank of America has deployed more than $200 billion to low-carbon, sustainable business activities, including expanding its asset-based lending, tax equity investment and capital raising activities across current and emerging clean energy and power, transportation and other industry sectors important for environmental transition. Today\u2019s news follows the company\u2019s recent announcement to achieve Net Zero before 2050<\/a>.\n<\/p>\n

Leading innovation and development in Sustainable Finance
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<\/b>Finucane and Montag co-chair the company\u2019s Sustainable Markets Committee, which collaborates across business lines to deliver innovative financing solutions in support of the United Nations Sustainable Development Goals. The company\u2019s sustainable finance highlights include:\n<\/p>\n

\nA top issuer of Green<\/a>, Social and Sustainability bonds: In 2020, Bank of America issued a $1 billion corporate social bond<\/a> to support those on the front lines of the coronavirus health crisis; and a first-of-its kind $2 billion equality progress sustainability bond<\/a> to help advance racial equality, economic opportunity and environmental sustainability. Since 2013, the company has issued $9.85 billion in eight corporate Green, Social and Sustainability bonds.\n<\/p>\n