DRIVING SUSTAINABLE
CHANGE TOGETHER

Products of change. News

Bank of America commits to net zero

Tue 16 Feb 2021 | 09:05 am GMT
Michelle Urquhart | Products of Change Writer

Bank of America is committed to green energy. Image by makunin from Pixabay

The company has outlined initial steps to achieve its goal of net zero greenhouse gas (GHG) emissions in its financing activities, operations and supply chain before 2050. As part of its transition to net zero emissions, in July 2020, Bank of America joined the Partnership for Carbon Accounting Financials (PCAF) as a member of the global core team. In collaboration with 15 other financial institutions, Bank of America participated in the development of the Global GHG Accounting and Reporting Standard for the financial industry, providing a consistent methodology to assess and disclose emissions associated with financing activities. Bank of America is committed to disclosing its financed emissions no later than 2023. Bank of America achieved carbon neutrality in its operations in 2019, a year ahead of schedule. It has now established the next set of targets for its operations and supply chain to be achieved by 2030: - Maintain carbon neutrality for operations (Scope 1 and 2). - Purchase 100% zero carbon electricity. - Reduce location-based GHG emissions by 75% (Scope 1 and 2). - Reduce energy use by 55%. - Reduce potable water use by 55%. - Manage facilities responsibly and achieve LEED certification (or comparable) for 40% of building space. - Divert 75% of construction and demolition waste from the landfill. - Dispose 100% of electronic waste using certified responsible vendors. - Ensure 70% of global vendors, by spend, set GHG emissions reduction or renewable energy targets. - Assess 90% of global vendors, by spend, for ESG risks as outlined by the company’s Vendor Code of Conduct. - Continue to reduce paper use and purchase 100% of paper from certified sources. “It is critical that we leverage all parts of our business – beyond our direct operations – in order to accelerate the transition to a net zero global economy,” said Bank of America vice chairman, Anne Finucane, who leads the company’s environmental, social and governance, sustainable finance, capital deployment, and public policy efforts. “We recognise that this will be no easy task, but we believe our commitment will help spur the growth of zero carbon energy and power solutions, sustainable transportation and agriculture, and other sector transformations, while generating more climate resilient and equitable opportunities for our future.”
related articles
Global investment community plays its part in net zero

Net Zero Investment Framework from the Institutional Investors Group on Climate Change (IIGCC) is a blueprint for action that will enable and support investors in reaching net zero goals.

Read More

Fri 12 Mar 2021 | 12:32 pm GMT

FINANCIAL
Sustainable investment is accelerating

BlackRock’s Larry Fink tells businesses that more and more investors are choosing to tilt their investments towards sustainability-focused companies.

Read More

Fri 05 Feb 2021 | 09:21 am GMT

FINANCIAL
Economic Survey 2020-21 Live Updates: FM Sitharaman to table it shortly

The survey, also regarded as the official report card of the union government.

Read More

Fri 29 Jan 2021 | 05:17 am GMT

FINANCIAL
Goldman Sachs invests $156bn in sustainability

David Solomon, Goldman Sachs Chairman and CEO shared on the company’s website an update on its sustainable finance commitment.

Read More

Tue 09 Mar 2021 | 11:28 am GMT

FINANCIAL
Most read stories
Aldi scraps plastic on multipack drinks

Aldi is the first supermarket to stop using plastic shrink-wrapping on its own-label multipack soft drink cans.

Read More

Fri 15 Jan 2021 | 08:13 am GMT

RETAIL
H&M sales fall, but focus remains on recycled materials

The latest full year report for the year ending November 2020 from H&M shows the impact Covid-19 has had, with sales dropping by 18% and gross profit falling by 88%.

Read More

Thu 11 Feb 2021 | 08:25 am GMT

FASHION
Join the chat on the Clubhouse app

Products of Change, Behind the Brands and Aqua & Rock join the Clubhouse revolution with weekly chats on sustainable fashion.

Read More

Thu 11 Feb 2021 | 08:21 am GMT

FASHION
Tesco sets out climate manifesto

Retailer outlines five key areas of focus including cutting absolute emissions from energy and supporting the UK’s transition to electric transport.

Read More

Tue 30 Mar 2021 | 06:12 am GMT

RETAIL
Products of Change joins Business for Nature

Products of Changes has joined with more than 600 businesses to urge governments to adopt policies now to reverse nature loss in this decade

Read More

Fri 15 Jan 2021 | 07:52 am GMT

EDUCATION
B&Q owner links loan to responsible business

Kingfisher has entered into a £550m three-year revolving credit facility linked to ambitious sustainability and community-based targets.

Read More

Wed 02 Jun 2021 | 06:03 pm GMT

FINANCIAL
Kellogg’s commits to better food for people and planet

The British business pledges investment in making its cereals healthier, feeding more people in need and it reducing the carbon footprint of its cereal boxes.

Read More

Thu 27 May 2021 | 07:12 am GMT

FOOD
UK has the opportunity to be a world leader in plastic management

Stuart Foster, CEO of Recoup, a UK charity leading on sustainable plastic use and recycling, will talk at the Sustainability in Licensing Conference on legislation and policy changes around packaging.

Read More

Tue 15 Jun 2021 | 10:19 am GMT

LEGAL