Bank of America has announced a goal of deploying $1 trillion by 2030 in its Environmental Business Initiative.
The bank says the plan is in order to accelerate the transition to a low-carbon, sustainable economy and is part of a broader $1.5 trillion sustainable finance goal by both environmental transition and social inclusive development purposes.
Beyond the $1 trillion climate-related finance, the balance of the sustainable finance goal is focused on social inclusive development, scaling capital to advance community development, affordable housing, healthcare, and education, in addition to racial and gender equality.
“We stand alongside our clients in helping drive the transition in sustainable lending, investing, and markets activity,” said Chief Operating Officer Tom Montag, who co-chairs Bank of America’s Sustainable Markets Committee with Finucane. “Bank of America will continue to mobilize players across the entire financial system to increase the flow of capital.”