Bank Of America

Bank Of America's reported carbon emissions

Bank of America, a US-based financial intermediation services company, has reported significant carbon emissions across Scopes 1, 2, and 3. In 2024, the company's total calculated emissions were approximately 1,274,788,000 kg CO2e. This breaks down to Scope 1 emissions of approximately 65,763,000 kg CO2e, and Scope 2 (market-based) emissions of approximately 16,587,000 kg CO2e. The largest portion of their reported emissions comes from Scope 3, with purchased goods and services at approximately 1,625,076,000 kg CO2e, and downstream transportation and distribution at approximately 1,000,000,000 kg CO2e. For 2023, Bank of America's total calculated emissions were approximately 1,291,809,000 kg CO2e. This included Scope 1 emissions of about 68,050,000 kg CO2e and Scope 2 (market-based) emissions of approximately 17,736,000 kg CO2e. Scope 3 emissions were significant, with purchased goods and services at approximately 1,722,654,000 kg CO2e and downstream transportation and distribution at roughly 1,000,000,000 kg CO2e. Bank of America has established robust climate commitments. The company aims to achieve Net Zero greenhouse gas emissions in its financing activities, operations, and supply chain before 2050. Furthermore, they have committed to reducing their location-based Scope 1 and 2 greenhouse gas emissions by 75% by 2030, using a 2010 baseline. They also target reducing energy use by 55% and potable water use by 55% from the same 2010 baseline. Specific to certain industries, they are working to reduce their Scope 1 and 2 emissions related to clients' iron and steel production by 27% by 2030, derived from the International Energy Agency Net Zero Emissions by 2050 pathway. In the near term, Bank of America aims to reduce its Scope 1 and Scope 2 emissions to near zero by the middle of this decade. Historically, since 2010, the company has reduced its location-based emissions by 61% globally.