Bank of America Announces Carbon Neutrality One Year Ahead of Schedule

Bank of America announced recently that it has met its carbon neutrality goal a year ahead of schedule, pending third-party verification. The goal was accomplished by reducing Scope 1 and 2 emissions from its facilities, purchasing 100% renewable electricity and buying carbon offsets for its remaining unavoidable emissions.

The reduction in emissions resulted primarily from reductions in energy use across Bank of America’s facilities, according to a Bank of America spokesperson. Those were achieved by consolidating space and implementing energy efficiency projects, including lighting and HVAC equipment and controls upgrades, data center equipment and controls upgrades, and decommissioning unneeded equipment.

As part of Bank of America’s long-term commitment to lessen the environmental impact of its operations, the company has completed the following activities

  • Reduced emissions by more than 50% in its facilities since 2010.
  • Met its 100% renewable electricity goal by:
    • Installing on-site solar capability at many of its facilities, including office locations and financial centers, and on ATMs.
    • Completing multiple long-term renewable agreements which will add new wind and solar electricity to the grid.
    • Purchasing Renewable Energy Credits (RECs).
  • Purchased a limited amount of carbon offsets from four nonprofit projects located in impoverished areas across the US, South America, Africa, and Asia, which are helping to preserve biodiversity and drive reforestation, while furthering economic mobility for the local populations.

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