Sustainable Company Awards 2022

Net zero progression of the year, Americas: Bank of America

Bank of America achieved carbon neutrality in its operations one year early than targeted, in 2019.

It built on this with a goal to achieve net zero emissions in financing activities and supply chain before 2050.

This year, it announced 2030 targets for financing activities related to auto manufacturing, energy and power generation.

These were:

  • Auto manufacturing: Reduce carbon intensity by 44% grams of carbon dioxide-equivalent emissions (gCO2e) per km across Scope 1, Scope 2 and end use Scope 3;
  • Energy: Reduce carbon intensity by 42% gCO2e/megajoule (MJ) across Scope 1 and Scope 2 emissions, and by 29% gCO2/MJ for end use Scope 3; and
  • Power generation: Reduce carbon intensity by 70% kgCO2/megawatt hour for Scope 1 emissions.

Bank of America has set a goal of deploying $1 trillion towards the transition to a low-carbon economy. Since 2007, it has mobilised more than $350 billion for climate-supporting client business activities, including more than $150 billion in 2021.

The bank is building an internal technology system to collect and house client emissions data, estimate client emissions where not available, calculate client physical unit emissions intensity, and quantify its absolute financed emissions. The data will enable the bank to track its progress towards its net-zero goals.