Climate Change Data

Environmental Metrics

ESG Focus Areas

• Racial equality
• Economic opportunity
• Environmental sustainability

Environmental Achievements

• Financed renewable energy projects avoiding 1,656,529 mtCO2e of GHG emissions, 174,922,265,248 gallons of water withdrawals, and 12,946 mt of air pollutants.

Social Achievements

• Allocated $913 million from a $2 billion Equality Progress Sustainability Bond (EPSB) to affordable housing and socioeconomic advancement initiatives, benefiting Black and Hispanic-Latino communities.
• Provided $425 million in mortgages and $388 million in financing for affordable housing units, resulting in 6,300 units financed and 1,361 mortgages provided, with 95% being first-time homebuyers.
• Invested $34 million in deposits and equity in Black and Hispanic-Latino Minority Depository Institutions (MDIs) that are also Community Development Financial Institutions (CDFIs).
• Invested $16 million in equity in Black and Hispanic-Latino owned or operated funds investing in Black and Hispanic-Latino owned businesses.
• Provided approximately $50 million in loans to medical professionals in predominantly Black and Hispanic-Latino communities, supporting approximately 130 medical practices.
• Expanded the NACA/Bank of America Homeownership Program with a goal to provide $15 billion in mortgages to low-to-moderate-income (LMI) homebuyers through May 2027.

Governance Achievements

• Issued a $2 billion Equality Progress Sustainability Bond (EPSB), the first of its kind in the financial services industry, demonstrating commitment to ESG investing.

Climate Goals & Targets

Environmental Challenges

• Systemic inequities and biases affecting Black and Hispanic-Latino communities.
• Limited access to capital for minority-owned businesses and entrepreneurs.

Mitigation Strategies

• Allocated significant portion of EPSB proceeds to address these challenges through investments in affordable housing, minority-owned businesses, and community development initiatives.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Climate Change
• Human Rights
• Racial Equality
• Sustainable Finance
• Responsible Lending
• Supply Chain Sustainability
• Community Development
• Workforce Diversity and Inclusion

Environmental Achievements

• Set a goal to achieve net zero emissions across operations, supply chain, and financing activities before 2050.
• Announced emission reduction targets related to financing activity by 2030.
• Joined the Partnership for Carbon Accounting Financials (PCAF) to develop a consistent methodology for assessing and disclosing emissions from financing activities.
• Mobilized and deployed $1 trillion towards environmental transition as part of a $1.5 trillion sustainable finance goal by 2030.

Social Achievements

• Serving clients and partners in low- and moderate-income (LMI) communities.
• Providing loans, tax credit equity investments, and real estate development solutions for affordable housing.
• Providing loans and grants to community development financial institutions (CDFIs).
• Developed and expanded wealth management offerings integrating sustainability criteria into investment approaches.
• Commitment to fair, ethical, and responsible business practices, aligned with UN standards.
• Driving efforts to address racial equality and economic opportunity.
• Commitment to equal pay for equal work.

Governance Achievements

• Established the Responsible Growth Committee, reporting to the Corporate Governance, ESG and Sustainability Committee of the Board of Directors.
• Created an internal Climate Risk Framework.
• Review of the ESRP Framework at least every two years.
• Participation in various external standards and initiatives (Equator Principles, GFANZ, Green Bond Principles, NZBA, PCAF, TCFD, UN Guiding Principles, Wolfsberg Principles).

Climate Goals & Targets

Environmental Challenges

• Climate change impacts (extreme weather, sea level rise, etc.).
• Managing climate risk across various risk types.
• Data collection and implementation of PCAF methodology.
• Achieving net-zero emissions by 2050 requiring technological advances, industry roadmaps, supportive public policies, and stakeholder engagement.
• Addressing systemic racism and barriers to equality.
• Managing environmental and social risks in various sectors (energy, agriculture, forestry, etc.).

Mitigation Strategies

• Developed methodologies to assess climate-related risks.
• Developed climate scenario stress test capabilities.
• Set emission reduction targets.
• Engaging with clients, suppliers, investors, and government officials.
• Supporting policies that accelerate investment in climate alignment (e.g., carbon pricing).
• Enhanced due diligence processes for high-risk clients and transactions.
• Established an AI - Enterprise Policy to mitigate risks in every use of AI.
• Developed Forests Practices Policy, including position on Forest Certification and Paper Procurement Policy.
• Requiring certifications (e.g., RSPO) for clients in sensitive sectors (e.g., palm oil).

Supply Chain Management

Responsible Procurement

• Supplier Code of Conduct
• Spending procurement dollars with diverse-owned businesses.

Climate-Related Risks & Opportunities

Physical Risks

• Increased frequency and severity of extreme weather conditions
• Melting glaciers
• Loss of sea ice
• Accelerated sea level rise
• Longer, more intense heat waves and droughts

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Financing low- and no-carbon technologies and business models

Reporting Standards

Frameworks Used: SASB, UNGC, TCFD

UN Sustainable Development Goals

• All 17 UN SDGs

Sustainable finance goal to mobilize and deploy $1.5 trillion by 2030, with $1 trillion for environmental transition and $500 billion for inclusive social development, aligned with the SDGs.

Sustainable Products & Innovation

• Erica®, AI-driven virtual financial assistant