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)