Bank of America hopes to be carbon neutral by 2020

BANK of America said one of its new environmental goals is to become carbon neutral by 2020.
BANK of America said one of its new environmental goals is to become carbon neutral by 2020.

Bank of America last month announced new environmental goals, among which is an effort to become carbon neutral by 2020.
The giant financial institution, based in Charlotte, N.C., announced it would work to reduce location-based greenhouse gas emissions by 50 percent, energy use by 40 percent and water use by 45 percent in its operations across the globe by 2020.
“Addressing global issues like climate change and the transition to sustainable and low-carbon future takes collaboration, innovation and investment,” said Anne Finucane, vice chairman of Bank of America.
The bank is also looking to purchase 100 percent renewable electricity, having joined RE100, a global initiative led by The Climate Group, according to a press release.
“The expansion of our operational goals to 2020, achieving carbon neutrality, and the purchase of 100 percent renewable electricity build on our existing environmental commitment and responsible growth strategy,” Finucane said. “This demonstrates the measurable actions we are taking to reduce our environmental impacts.”
The bank says it’s reduced its greenhouse gas emissions by 37 percent from 2010 to 2015, primarily through energy-efficiency projects, consolidating space and using a less carbon-intensive grid. To reach carbon neutral, it plans to scale its energy efficiency and conservation efforts, purchase the electricity generated by renewable energy and use carbon offsets, according to the release.
The following is a summary of the bank’s 2010-2020 environmental goals:

  • Achieve carbon neutrality for Scope 1 and 2 emissions
  • Purchase 100 percent of electricity from renewable sources
  • Reduce energy use by 40 percent
  • Reduce location-based GHG emissions by 50 percent
  • Maintain LEED certification in 20 percent of the company’s owned and leased space
  • Reduce water use by 45 percent
  • Reduce waste to landfill by 35 percent (baseline 2011)
  • Dispose 100 percent of e-waste using certified responsible vendors
  • Maintain paper reduction of 30 percent
  • Maintain an average of 10 percent recycling content in paper purchased
  • Purchase 100 percent of paper from certified sources
  • Maintain 90 percent response rate to our CDP supply chain requests
  • Increase the number of our CDP supply chain responding vendors who report GHG emissions to 90 percent

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