Commercial, Demand Management, Energy Efficiency, Energy Procurement, GHG Emissions, Commercial, Sourcing Renewables  -  September 19, 2016

BofA aims for 100% renewables, carbon neutrality

Bank of America has announced a new set of environmental goals, including a commitment to powering its operations with 100% renewable energy by 2020. 

The Charlotte,N.C.-based banking giant said in a Sept. 19 news release that its new 2020 goals support its effort to reduce the environmental impacts of its operations. Bank of America said it will work to reduce location-based greenhouse gas emissions by 50%, energy use by 40% and water use by 45% in its operations across the globe by 2020.

Additionally, the company said it aims to achieve carbon neutrality for Scope 1 and 2 emissions, also by 2020. 

In committing to purchasing 100% renewable electricity, Bank of America joined RE100, the global initiative led by The Climate Group in partnership with CDP and part of the We Mean Business Take Action campaign. More than 60 corporations globally have joined RE100, including General Motors Co. most recently. 

In addition to reducing emissions in its own operations, Bank of America for the first time announced quantitative goals to address emissions in its supply chain. The company said it has committed to maintain a 90% response rate to CDP supply chain survey requests and will increase the number of its CDP supply chain responding vendors who report GHG emissions to 90% by 2020.

“Addressing global issues like climate change and the transition to a sustainable and low-carbon future takes collaboration, innovation and investment," Bank of America Vice Chairman Anne Finucane said in a statement. "The expansion of our operational goals to 2020, achieving carbon neutrality, and the purchase of 100% renewable electricity build on our existing environmental commitment and responsible growth strategy."

The bank's new commitments build on its 2015 operations goals and the deployment of a $125 billion environmental business initiative. 

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