Bank of America Summary

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Company Description
Bank of America is a bank holding company and a financial holding company serving individual consumers, small- and middle-market businesses, large corporations and governments offering banking, investing, asset management and other financial and risk management products and services. Its business segments include Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, Global Wealth & Investment Management with remaining operations recorded in All Other.  The company operates in more than 40 countries and is headquartered in North Carolina. 

CEO: Brian T. Moynihan    Revenues: $85.28 billion (2013)    Employees: 233,201 (2013)

Climate and Energy Targets
Greenhouse Gases: In May 2011, the company set a goal to reduce its absolute greenhouse gas (GHG) emissions by 15 percent from 2011 to 2015, based on its 2010 baseline. This goal spans all of the company's global operations in more than 40 countries and builds on its previous GHG reduction of 18 percent between 2004 and 2009, which had focused on legacy Bank of America operations in the U.S. Today, factoring in the addition of Countrywide and Merrill Lynch, the new target represents an overall global reduction in aggregate GHG emissions of more than 30 percent from the 2004 baseline. This is equal to the emissions of more than 700,000 metric tons CO2-equivalent or said another way, equal to eliminating the GHG emissions from more than 124,000 passenger vehicles.

Energy: 25 percent reduction in energy consumption by 2015 from 2004 – equal to eliminating 1.2 million megawatt hours of annual energy use from our portfolio.

Buildings: By 2015, 20 percent LEED certification within its corporate workplace portfolio.

Water: By 2015, a 20 percent reduction in global water consumption (2010 baseline).

Financial: In June of 2012, Bank of America announced a new 10-year, $50 billion environmental business goal to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions. The company also introduced significant new goals to reduce the environmental impact of its own operations. The new goal, effective Jan. 1, 2013, follows the completion of the company’s 10-year, $20 billion environmental business initiative – a program that ended more than four years ahead of schedule.

The new environmental business initiative will consist primarily of lending, equipment finance, capital markets and advisory activity, carbon finance, and advice and investment solutions for clients. The areas of focus include:

  • Energy efficiency – in residential, commercial, and public properties, as well as supporting the full supply chain that drives energy efficiency.

  • Renewable energy and energy infrastructure – including wind, solar, hydro, biomass and waste-to-energy solutions and their upstream and downstream supply chains, as well as smart grid, large-scale energy storage and other important infrastructures.

  • Transportation – including certain lower carbon forms of transport such as electric and hybrid electric vehicles, batteries/fuel cells and sustainable bio-fuels, as well as developing local and regional charging infrastructure to support the growth of new hybrid vehicle technologies.

  • Water and waste – focusing on innovative new technologies and infrastructure development, including water purification and waste disposal and recycling.

Did You Know?
Bank of America is engaged in a wide range of low-carbon projects. Below are links to a couple of highlights.

Employee Engagement: Bank of America partners with the C2ES Make an Impact program to engage company employees through My Environment. This program drives positive environmental change by engaging employees in environmental initiative and programs, providing opportunities to participate in educational and volunteer events while learning how to lessen their environmental impact.

Building Business Resilience: Bank of America has provided a generous grant to C2ES for the Building Business Resilience to Climate Change research project. This initiative explores the extent to which companies consider their vulnerabilities to a changing climate, and how those considerations may be incorporated into business planning and decision-making. The initiative includes a look at both business risks and opportunities, and will profile early actions that companies can take to build resilience to climate impacts. The outcome of the research will frame the key drivers for action; provide a framework that companies can use to begin to assess risks, opportunities, and prioritize actions; and describe the business decisions needed to undertake adaptation planning.
 

Relevant Links

Bank of America Corporate Website

Bank of America Environmental Sustainability Website