A new report released by Bank of America shows that the company’s multi-billion commitment to the environment is having a positive impact on the environment and the economy.
The report, entitled Banking on a Low-Carbon Economy: The Economic Impacts of Bank of America’s $125 Billion Environmental Business Initiative, said the company’s environmental business commitment has resulted in $29.9 billion in economic impact.
It also contributed a cumulative $14.8 billion to the GDP. In addition, the investment supported an annual average of 39,728 jobs, nearly half of which pay significantly higher than the U.S. average compensation and resulted in $9.6 billion in labor income.
Further, projects that Bank of America funded through this initiative have helped prevent 2,376,100 metric tons of greenhouse gas emissions in 2016 alone. That is the equivalent of taking more than half a million cars off the road for one year.
“We know that committing capital to a clean energy future creates jobs and business opportunities,” Anne Finucane, Bank of America vice chairman, said. “This analysis validates once again that our focus on responsible, sustainable growth is helping the economy while addressing important societal issues.”
In 2015, Bank of America increased the company’s second environmental business initiative from $50 billion to $125 billion in low-carbon business by 2025 through lending, investing, capital raising, advisory services and developing financing solutions for clients around the world.
This followed the company’s first environmental business initiative for $20 billion, established in 2007, and achieved four years ahead of schedule. Since 2007, Bank of America has provided approximately $70 billion in financing for low-carbon and sustainable business activities.
“Bank of America has shown leadership with its long-term commitment to environmental finance,” Michael Liebreich, chairman of the Advisory Board at Bloomberg New Energy Finance, said. “It has now demonstrated convincingly that addressing climate change can be an economic opportunity for society – one that pays dividends in terms of well-paid jobs, fast-growing industries and a lower-risk economy.”