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The Bank of America (BoA) Corporation announced that it has met its carbon neutrality goal a year ahead of schedule, pending third-party verification.
What Happened?
The goal was accomplished by reducing Scope 1 and 2 emissions from its facilities, purchasing 100 percent renewable electricity and buying carbon offsets for its remaining unavoidable emissions.
In the place of traditional fuel sources, BoA has installed on-site solar solutions for many of its sites, including on its ATMs, in its offices and in its financial centers.
Why It Matters
In addition, BoA signed a series of long-term renewable energy agreements that will boost wind and solar capacity for the US’s grid, along with purchasing Renewable Energy Credits (RECs) to offset its carbon output.
“Being carbon neutral is core to our $300 billion, 10-year environmental business initiative that is helping finance the transition to a low-carbon future,” said Brian Moynihan, CEO of Bank of America, in the firm’s announcement.
A first step but still funding FF projects