Bank of America announces it will mobilize an additional $300 billion in capital by 2030 through its Environmental Business Initiative.
Image: A Bank of America local branch office in Eagan, Minnesota, at sunrise. Photo courtesy of Tony Webster/Wikipedia.org.
This third commitment increases the company’s investment in low-carbon business activities as part of its focus on deploying capital for responsible, sustainable growth. Through lending, investing, capital raising, advisory services and developing financing solutions, this new commitment will drive innovation and help to accelerate the transition to a low-carbon, sustainable economy.
The $300 billion goal brings Bank of America’s total commitment to more than $445 billion since 2007, when the company issued its first Environmental Business Initiative. Bank of America has deployed more than $126 billion over the past 12 years in support of environmental business efforts across the globe.
“The need to mobilize and deploy capital to address climate change has never been more urgent,” said Bank of America Vice Chairman Anne Finucane. “As one of the world’s largest financial institutions, Bank of America has a responsibility and an important role to play in helping to mitigate and build resilience to climate change by using our expertise and resources, as well as our ability to convene partners across sectors, to accelerate the transition from a high-carbon to a low-carbon society.”
Source: Company Press Release.