Pledge by Bank of America
Partnerships and Financial Innovation to Support Climate Action and Tree Equity
$1 trillion Environmental Business Initiative to deliver sustainable finance commitment for environmental transition by 2030Supporting actions: Avoided Deforestation, Forest Product Markets and Innovation, Workforce Development, Conservation Finance,
Our $1 Trillion Environment Business Initiative is developing solutions to climate change and driving an environmental transition.
As one of the world’s largest financial institutions, Bank of America recognizes the role we play in accelerating the transition to a low-carbon, sustainable economy – and our $300 billion commitment to mobilize capital and develop solutions to climate change is focused on doing just that. We are using partnerships and financial innovation to protect, restore, conserve and expand critical healthy forest ecosystems. For years we’ve worked with partners like American Forests, Arbor Day Foundation, The Nature Conservancy and American Forests Foundation to transform communities by planting trees, especially in low-income, moderate-income and underserved communities. We’re proud to extend this partnership and support 1t.org’s efforts to conserve, restore and grow 1 trillion trees by 2030. As a partner of the 1t.org initiative, we will help develop the voluntary carbon offset market which can lead to more tree planting and restoration projects.
1t.org US pledge Bank of America is committed to $1.5 trillion in sustainable finance capital deployment by 2030. Karen Fang , Bank of America’s Global Head of Sustainable Finance and 1t.org US Stakeholder Council Member, shares how Bank of America’s support is getting us closer to our shared goal of conserving, restoring and growing 1 trillion trees by 2030.
American Forests
Arbor Day Foundation
American Forests Foundation
We plan to focus our near term work with various leading nonprofit forest organizations, the United States Department of Agriculture, carbon offset verification and certification agencies, and large corporations to catalyze action on carbon offset purchase and financing. Our goal is to bring much needed upfront capital into various reforestation and restoration projects as soon as possible.
We track outcomes connected to any purchased carbon offsets. Support for conservation activities through the Bank of America Charitable Foundation includes annual reporting from grantees to track outcomes.
We track our impact on Urban Tree Planting through reporting by our grantees, including American Forests and National Arbor Day Foundation.
Bank of America is actively engaged with clients to finance lending, capital market activities, and trading in voluntary carbon markets.
We will work with partners, including American Forests, Arbor Day Foundation, The Nature Conservancy and American Forest Foundation and their local planting partners on strategies that support ecologically appropriate and climate informed forestry, long-term stewardship and community engagement to benefit all stakeholders.
We partner with organizations dedicate to these principles for carbon offset projects and related efforts to grow, preserve and restore trees.
We follow international carbon standards including Climate Action Reserve and Verified Carbon Standard. In addition to these standards, we also look to verify environmental and social co-benefits using the Climate Community & Biodiversity standard.
Gold Standard and other credible carbon verification and certification agency accreditation for carbon offsets.