Bank of America says it mobilized and deployed $250 billion in sustainable finance capital in 2021.
The figure represents a high for the bank and comes after it announced its $1.5 trillion by 2030 sustainable finance goal last April. Highlights of Bank of America’s 2021 sustainable finance activities include:
Environmental Transition
• Set a goal to deploy $1.5 trillion in sustainable finance by 2030 to deliver environmental transition and inclusive social development
• Set a goal to achieve net zero greenhouse gas emissions in financing activities, operations and supply chain before 2050
• Underwrote $47.1 billion in ESG-themed bonds on behalf of more than 182 clients in 2021
• Continued to be a renewable energy investor since 2015 with a portfolio of approximately $12 billion, as of year-end 2021
Inclusive Social Development
• Issued a second $2 billion Equality Progress Sustainability Bond
• Tripled the Bank of America Community Homeownership Commitment® to $15 billion through 2025
• Provided a record $6.6 billion in loans, tax credit equity investments and other real estate development solutions through Community Development Banking to finance affordable housing and economic development
• Originated over $400 million in loans and investments to Community Development Financial Institutions
• Committed more than $450 million, including more than $300 million to over 100 equity funds, to provide capital to diverse entrepreneurs and small business owners and $25 million to 21 Historically Black Colleges and Universities and Hispanic-serving institutions
Paul Donofrio, Vice Chair of Bank of America says, “Our sustainable finance strategy permeates every aspect of how we deliver for our clients, employees and communities, and we are committed to a more inclusive, net zero society for all. Our sustainable finance focus is long-standing and continues to play a catalytic role in scaling our environmental transition and inclusive social development goals across the globe. As a financial institution, we are leveraging the power of our size, expertise and the capital markets to mobilize more investments and financings to address these global challenges and opportunities.”