Bank of America to achieve net-zero before 2050

Bank of America has outlined steps to achieve its goal of net-zero in its financing activities, operations and supply chain before 2050.

“It is critical that we leverage all parts of our business – beyond our direct operations – in order to accelerate the transition to a net-zero global economy,” said Bank of America vice chairman, Anne Finucane. “We recognise that this will be no easy task, but we believe our commitment will help spur the growth of zero carbon energy and power solutions, sustainable transportation and agriculture, and other sector transformations, while generating more climate resilient and equitable opportunities for our future.”

InJuly 2020, Bank of America joined the Partnership for Carbon Accounting Financials (PCAF) as a member of the Global Core Team. In collaboration with 15 other financial institutions, Bank of America participated in the development of the Global GHG Accounting and Reporting Standard for the Financial Industry, providing a consistent methodology to assess and disclose emissions associated with financing activities. Bank of America is committed to disclosing its financed emissions no later than 2023.

Bank of America achieved carbon neutrality in its operations in 2019, and increased the number of vendors that measure and publicly report GHG emissions through the CDP Supply Chain survey. Bank of America has now established the next set of targets for its operations and supply chain to be achieved by 2030, including purchasing 100 per cent zero carbon electricity, reducing energy use by 55 per cent, ensuring 70 per cent of global vendors, by spend, set GHG emissions reduction or renewable energy targets and assessing 90 per cent of global vendors, by spend, for ESG risks as outlined by the company’s Vendor Code of Conduct.

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