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Bank of America becomes carbon neutral earlier than expected

Source: Bank of America. (www.bankofamerica.com). License: All Rights Reserved.

January 21 (Renewables Now) - Bank of America Corp (NYSE:BAC) on Tuesday said it has become carbon neutral a year earlier than expected, by cutting carbon dioxide (CO2) emissions, buying 100% renewable power and purchasing carbon offsets.

The claim is yet to be verified by a third party.

The bank said that it has cut emissions by over 50% in its facilities since 2010. It met its 100% renewable power target by installing solar panels at many of its facilities, completing a number of long-term renewable agreements to add wind and solar power to the grid and also buying renewable energy credits. The company also bought carbon offsets from non-profit projects in deprived areas across the US, South America, Africa and Asia.

“Being carbon neutral is core to our USD-300-billion (EUR 270bn), 10-year environmental business initiative that is helping finance the transition to a low-carbon future,” CEO Brian Moynihan said.

(USD 1.0 = EUR 0.900)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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