Bank of America committed to carbon neutrality and 100 percent renewable electricity by 2020, among other environmental goals announced today.
These include reducing location-based greenhouse gas emissions by 50 percent, energy use by 40 percent, and water use by 45 percent in its global operations by 2020. The company also pledged to reduce waste to landfill by 35 percent, compared to a 2011 baseline.
In addition, Bank of America has joined RE100, a global collaborative initiative of businesses committed to 100 percent renewable electricity.
From 2010 to 2015, the company reduced its greenhouse gas emissions by 37 percent, primarily through implementing energy efficiency projects, consolidating space and leveraging a less carbon-intensive grid. To achieve carbon neutrality, the bank will continue to scale its energy efficiency and conservation efforts, purchase 100 percent renewable electricity, and buy carbon offsets.
Bank of America recently purchased Texas-based wind power for its Texas data centers. This represents nearly half of statewide electricity purchases and will contribute 5 percentage points toward the 2020 carbon neutral goal. The company is also implementing a variety of energy efficiency programs, such as lighting upgrades planned for 900 financial centers in 2016.
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 has committed to maintain a 90 percent 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 percent by 2020.
Last week General Motors also joined RE100 and pledged to generate or source all of its electrical power with renewable energy by 2050.
Bank of America’s announcement comes as Climate Week 2016 begins in New York City, with international business and government leaders meeting to discuss the transition to a low-carbon economy — what is means for countries and corporations, and how to achieve zero-emission value chains and communities.