Bank of America Sustainable Finance Plan Hits $250B

Bank of America deployed $250 billion in sustainable finance activities last year, a record for the bank, according to its latest annual report.

The bank set a sustainable finance goal of $1.5 trillion by 2030 last April, and has mobilized capital towards activities aligned with the United Nations’ Sustainable Development Goals.

In a media statement, Karen Fang, global head of sustainable finance at Bank of America, said: “Finance with a purpose is a powerful tool for driving social and environmental change… 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.”

Fang added that Bank of America was “focused on finding new and innovative ways to increase the amount of capital that is flowing to where it is needed the most”, including areas such as technology, climate change, and social equity.

Vice chair of Bank of America Paul Donofrio added that the company’s sustainable finance work “continues to play a catalytic role in scaling our environmental transition and inclusive social development goals across the globe”.

“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,” he said.

Bank of America’s latest report highlighted its work in setting a 2050 net zero goal for its financing, operations, and supply chain activities, as well as the issuing of a $2 billion Equality Progress Sustainability Bond.