Bank of America (BoA) has mobilized and deployed approximately $250bn in sustainable finance activity for 2021, an all-time high and a significant increase over 2020 levels.
As part of Bank of America’s $1.5trn by 2030 sustainable finance goal announced last April, the company has made tremendous progress towards mobilizing and scaling capital deployment to drive environmental and social change in line with the 17 United Nations Sustainable Development Goals.
“Our sustainable finance strategy permeates every aspect of how we deliver for our clients, employees and communities, and we are committed to a more inclusive, net zero society for all. Our sustainable finance focus is long-standing and continues to play a catalytic role in scaling our environmental transition and inclusive social development goals across the globe,” said Paul Donofrio, Vice Chair of Bank of America.
“As a financial institution, we are leveraging the power of our size, expertise and the capital markets to mobilize more investments and financings to address these global challenges and opportunities.”
Bank of America provides lending, capital raising, advisory and investment services, along with other financial and risk management solutions, for clients transitioning to a low-carbon, inclusive economy.
The company continues to expand and innovate its environmental sustainable finance activities and offerings, including increased asset-based financing, advisory and capital raising activities for renewable energy and energy efficiency projects; sustainable transportation with an emphasis on electric vehicles and sustainable fuels; sustainable food and agriculture; clean water and sanitation; and carbon capture and voluntary and compliance carbon offset solutions.
Bank of America also continues to drive inclusive social development, with a focus on affordable housing, healthcare, education, digital and financial inclusion as well as more access to capital for minority and women-led businesses and underserved communities.
“Finance with a purpose is a powerful tool for driving social and environmental change. Through our work with internal stakeholders, external alliances, and other partners, we are making tangible and meaningful progress towards achieving a more sustainable future,” said Karen Fang, Global Head of Sustainable Finance at Bank of America.
“While there is still much more to do, our significant increase in firm wide sustainable activity last year demonstrates our commitment and ability to lead by example. Whether it’s our work in developed or emerging markets, on mature or new technologies, on climate change or social equity, our sustainable finance efforts are always focused on finding new and innovative ways to increase the amount of capital that is flowing to where it is needed the most.”
