Bank Of America Sustainability Profile
Bank of America Corporation, commonly referred to as Bank of America, is a leading financial institution headquartered in the United States. Established in 1904, the bank has evolved into a global powerhouse, primarily serving clients across North America, Europe, and Asia. Operating within the banking and financial services industry, Bank of America offers a diverse range of products, including personal banking, investment services, and wealth management. Renowned for its innovative digital banking solutions, Bank of America stands out with its user-friendly mobile app and extensive ATM network. The bank has consistently maintained a strong market position, being one of the largest banks in the US by assets. With a commitment to sustainability and community development, Bank of America has achieved numerous accolades, solidifying its reputation as a trusted financial partner.
DitchCarbon Score
How does Bank Of America's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Bank Of America's score of 53 is higher than 71% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Bank Of America's reported carbon emissions
In 2023, Bank of America reported significant carbon emissions from its operations in the US, totalling approximately 63,978,000 kg CO2e for Scope 1 emissions and about 4,842,000 kg CO2e for Scope 2 emissions (market-based). The combined total for Scope 1 and Scope 2 emissions reached about 68,821,000 kg CO2e. The bank has set ambitious targets to reduce its greenhouse gas emissions, committing to a 75% reduction in location-based emissions by 2030, relative to a 2010 baseline. This commitment applies to both Scope 1 and Scope 2 emissions. Since 2010, Bank of America has achieved a 61% reduction in location-based emissions globally, demonstrating progress towards its sustainability goals. Additionally, the bank aims to achieve net zero emissions across its financing activities, operations, and supply chain by 2050, aligning with the International Energy Agency's Net Zero Emissions by 2050 pathway. Bank of America's climate commitments reflect its dedication to addressing climate change and reducing its carbon footprint, with a focus on both operational efficiency and broader environmental impact.
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| 2010 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Scope 1 | 106,870,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 1,644,068,000 | 00,000,000 | 0,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 1,450,834,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 |
How Carbon Intensive is Bank Of America's Industry?
How Carbon Intensive is Bank Of America's Location?
Bank Of America's Scope 3 Categories Breakdown
Bank Of America's Scope 3 emissions, which increased by 7% last year and increased by approximately 146% since 2010, demonstrating supply chain emissions tracking. Nearly all of their carbon footprint comes from suppliers and value chain emissions, representing nearly all emissions under the GHG Protocol, with "Purchased Goods and Services" being the largest emissions source at 48% of Scope 3 emissions.
Top Scope 3 Categories
Bank Of America's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Bank Of America has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
