Bank Of America

Bank Of America's reported carbon emissions

Bank of America, operating in financial intermediation services, except insurance and pension funding services, reported a total of approximately 2.33 billion kg CO2e in emissions for the year 2024. This figure encompasses Scope 1, 2, and 3 emissions. For 2024, Scope 1 emissions were approximately 65.76 million kg CO2e. Scope 2 emissions, using the market-based approach, amounted to approximately 16.59 million kg CO2e, while the location-based Scope 2 emissions were approximately 617.41 million kg CO2e. Scope 3 emissions were substantial, with purchased goods and services contributing approximately 1.63 billion kg CO2e, downstream transportation and distribution approximately 1 billion kg CO2e, and employee commutes approximately 314.71 million kg CO2e. In 2023, Bank of America's total emissions were approximately 2.71 billion kg CO2e. Scope 1 emissions stood at approximately 68.05 million kg CO2e. Scope 2 emissions were approximately 17.74 million kg CO2e (market-based) and 610.01 million kg CO2e (location-based). The largest contributors to Scope 3 emissions in 2023 included purchased goods and services at approximately 1.72 billion kg CO2e and downstream transportation and distribution at approximately 1 billion kg CO2e. Bank of America has set several climate commitments. The company aims to achieve net-zero greenhouse gas (GHG) emissions in its financing activities, operations, and supply chain before 2050. Furthermore, it has committed to reducing its location-based Scope 1 and 2 emissions by 75% by 2030, using a 2010 baseline. This reduction target for Scopes 1 and 2 is also stated as a 75% reduction by 2030 from a 2010 baseline. More immediately, Bank of America aims to reduce its Scope 1 and Scope 2 emissions to near zero by the middle of the current decade (2025). Significant reductions have already been achieved, with a 61% reduction in location-based emissions globally since 2010, as reported for the year 2022. The company is also working towards reducing energy use by 55% and potable water use by 55% from a 2010 baseline.