Financial institution Bank of America on April 8 announced its goal of deploying and mobilising $1-trillion by 2030 in its Environmental Business Initiative to accelerate the transition to a low-carbon, sustainable economy.
This commitment will anchor a broader $1.5-trillion sustainable finance goal by both environmental transition and social inclusive development purposes, spanning business activities across the globe, said Bank of America vice-chairperson Anne Finucane.
Beyond the $1-trillion climate-related finance, the balance of the sustainable finance goal is focused on socially inclusive development, scaling capital to advance community development, affordable housing, healthcare and education, in addition to racial and gender equality.
The bank’s broader $1.5-trillion sustainable finance target is consistent with the United Nations Sustainable Development Goals and will spur transformative change nationally and around the world.
The new commitment advances an environmental transition across sectors to solutions in energy efficiency, renewable energy, sustainable transportation, resource efficiency, sustainable water and agriculture, as well as improved forestry and pollution control measures, the company said.
“The private sector is well-positioned to ensure that the capital needed – at the scale it is needed – can drive the transition to a low-carbon, sustainable economy. We will meet our commitment by working with clients to provide lending, capital raising, advisory and investment services, and to develop financial solutions and drive innovation to ensure the transition to a sustainable economy,” she said.
Finucane leads the company’s environmental, social and governance, sustainable finance and public policy efforts.