Banking on Sustainability: Bank of America's Green Initiatives for a Better Future.



The private sector is considered the driving force of economic growth. It played a significant role in developing technology in vital fields such as healthcare, energy and transportation, extending life expectancy and enabling over a billion people to overcome extreme poverty.



Bank of America began to support the environment by integrating environmental considerations into our global business strategy, creating sustainable operations, managing risks, governing people’s activities, and collaborating with partners. They plan to spend $1 trillion by 2030 to enhance the environment and create a sustainable economy. They also aim to achieve $1.5 trillion for sustainability finance to implement the United Nation’s Sustainable Development Goals. They will focus on sustainable transportation, low-carbon energy, and energy efficiency. They also focus on conserving water, reducing waste, and managing land use (Sustainable finance: Supporting the Sustainable Development Goals).



They are making their business eco-friendly by becoming carbon-neutral and getting all their electricity from renewable sources as planned one year earlier—regular programs and incentives for encouraging employees to care for the environment. Customer-centric value and responsible growth are the mantras of their services. Through this, they continue to learn and adapt to market conditions. While making decisions, clients, shareholders, as well as employees are given importance. Their core belief is that they can only succeed by helping their customers, companies, communities, and employees reach their vision (PCAF: The standard to measure & disclose greenhouse gas emissions).








References

 

Dina Hestad (no date) The evolution of private sector action in sustainable development, International Institute for Sustainable Development. Available at: https://www.iisd.org/articles/deep-dive/evolution-private-sector-action-sustainable-development (Accessed: February 28, 2023).

 

PCAF: The standard to measure & disclose greenhouse gas emissions (no date) Bank of America. Available at: https://about.bankofamerica.com/en/making-an-impact/pcaf (Accessed: February 28, 2023).

 

Sustainable finance: Supporting the Sustainable Development Goals (no date) Bank of America. Available at: https://about.bankofamerica.com/en/making-an-impact/sustainable-finance#:~:text=Since%202007%2C%20we%20have%20mobilized,fuel%20cell%20technologies%20and%20more. (Accessed: February 28, 2023). 

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