Bank of America has recently announced the change of their financial goals in funding their Environmental Business Initiative. Now, they are planning to mobilize as much as $1 trillion by 2030 in order to fuel the transition to a sustainable, eco-friendly, and low-carbon economy. This initiative is also a part of a wider one, with the goal of $1.5 trillion for both environmental issues, and the social (with the fight for inclusiveness and equality) ones. It is supposed to be spanning businesses all across the world.
Anne Finucane is the leader of the company’s ESG (environmental, social, and governance), public policy, and sustainable finance efforts, but also is the Vice Chairman of Bank of America. She believes that the private sector is already well-positioned, and ready for the transition into the evolved, low-carbon version. It only needs the capital to implement the changes.
Bank of America presents the approach, where they are having a really in-depth dialogue with their clients in order to obtain the best solutions, and ensure that the transition is really sustainable and is done within all the different layers of the institution’s services.
What the money will be spent on?
Their broad goal of $1.5 trillion is corresponding with the United Nations SDGs (Sustainable Development Goals) and will be the capital to spur the change both in the United States, but also globally. It is focused on the environmental issues, but also the inclusive development, and providing affordable healthcare, education, and housing. The goals also include the fight for gender and racial equality.
Tom Montag, who is Finucane’s co-chairman of the Sustainable Markets Committee, and the Bank of America Chief Operating Officer, believes they have found the right way to spend the money. To read his words, and find a comprehensive look on the topic, go to Disruption Banking piece: https://disruptionbanking.com/2021/04/08/bank-of-america-increases-environmental-business-initiative-target-to-1-trillion-by-2030/.