CHARLOTTE, N.C.--(BUSINESS WIRE)--The U.S. Environmental Protection Agency (EPA) has recognized Bank of America for exceptional leadership in response to climate change. The announcement was made today at the EPA 2015 Climate Change Leadership Awards.
The bank received the award for Organizational Leadership, which recognizes companies for their commitment to reduce greenhouse gas (GHG) emissions while demonstrating leadership in their business strategies to reduce carbon pollution. This is the first time that a financial institution has received the prestigious EPA award in this category.
The EPA, in collaboration with The Climate Registry (The Registry), the Center for Climate and Energy Solutions (C2ES), and the Association of Climate Change Officers (ACCO), presented the award today at the annual Climate Leadership Conference in Washington, D.C., now in its fourth year.
“We continue to focus on finding innovative ways to invest in clean energy in every part of our business, ranging from creating investment and financing opportunities to public-private partnerships and reducing our own operational impacts,” said Purna Saggurti, chairman of Global Corporate and Investment Banking at Bank of America Merrill Lynch, who accepted the award. “It’s an honor to be recognized by these organizations, which share our commitment to addressing the critical challenges that we face as a result of a changing climate.”
In its recognition, the EPA noted the bank’s accomplishments, including:
- Supporting a lower-carbon economy through a $70 billion commitment to financing energy efficiency projects, renewable energy, and other low-carbon initiatives.
- Leading the industry in green bond issuance to fund energy efficiency and renewable energies globally, while working extensively with financial institutions and environmental groups to establish Green Bond Principles.
- Creating a Catalytic Finance Initiative to broaden institutional investment into green energy while reducing risk.
- Setting a companywide GHG reduction goal of 15 percent from 2010 levels, while educating employees and vendors on their role to reduce energy consumption.
Although this marks the first time that a financial services institution received the EPA’s Organizational Leadership Award, it represents the second time Bank of America received an EPA Climate Leadership Award; in 2013, the bank was recognized with an “Excellence in Greenhouse Gas Management” award for setting its greenhouse gas reduction goal.
“I am proud to recognize Bank of America and all of our Climate Leadership Award winners for their actions to reduce the harmful carbon pollution that’s fueling climate change,” said EPA Administrator Gina McCarthy. “Our winners are providing the leadership, commitment, and solutions needed to cut greenhouse gas emissions and meet the challenge of a changing climate head on.”
In addition to the EPA award, Bank of America also has been recognized by the CDP S&P 500 Climate Change Leadership Indices and Dow Jones Sustainability North America Index. Read more about the bank’s environmental sustainability recognition.
Bank of America’s $70 billion multi-year environmental business
Since 2007, Bank of America has dedicated $39 billion to low-carbon and other environmental business activities. In June 2012, Bank of America announced a 10-year, $50 billion environmental business goal to advance lower-carbon economic solutions through lending, equipment finance, capital markets and advisory activities, carbon finance and investment advice and solutions for clients around the world. The $50 billion commitment followed an initial $20 billion multi-year environmental business commitment announced in 2007 that the company achieved four years ahead of schedule.
Read more about Bank of America’s commitment to the environment.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 48 million consumer and small business relationships with approximately 4,800 retail banking offices and approximately 15,800 ATMs and award-winning online banking with 31 million active users and approximately 17 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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