Bank of America Summary

Bank of America Logo

Company Description
Bank of America is a bank holding company and a financial holding company serving individual consumers, small- and middle-market businesses, large corporations and governments offering banking, investing, asset management and other financial and risk management products and services. Its business segments include Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, Global Wealth & Investment Management with remaining operations recorded in All Other. The company operates in more than 40 countries and is headquartered in North Carolina.

Bank of America works with its energy and utility customers to reduce their greenhouse gas emissions. The company is building the Bank of America Tower, which will be the world's most environmentally-sound sky scraper. From 2000-2005, the company reduced paper usage 32 percent even as the bank's customer base grew 24 percent The bank recycles nearly 30,000 tons of paper annually, effectively recycling more paper than it uses for internal operations.

CEO: Brian T. Moynihan; Revenues: $82.68 Billion (2010); Employees: 288,000 (2011).

Statements on Climate Change
"We hold the core belief that we should contribute to the communities in which we work and live and that healthy communities create good business opportunities. We strive to create initiatives that apply business practices to good environmental behavior." -Anne Finucane, Bank of America Global Marketing and Corporate Affairs Executive, Head of the Bank of America's Environmental Council.

Climate Change Targets
In May 2011, the company set a goal [1] to reduce its absolute greenhouse gas (GHG) emissions by 15 percent from 2011 to 2015, based on its 2010 baseline. This goal spans all of the company's global operations in more than 40 countries and builds on its previous GHG reduction of 18 percent between 2004 and 2009, which had focused on legacy Bank of America operations in the U.S. In March 2007, the Company made a 10-year, $20 billion commitment in lending, investments, products and services focused on addressing climate change.

Climate and Energy Strategies

Relevant Links: Bank of America Company Web Site [5], Bank of America 2010 Environmental Report [6], Bank of America's Climate Change Position [7]

short description:

Bank of America [8] is a financial services company, and one of the largest bank holding companies in the United States.

Energy Efficiency Initiatives

Success Stories Summary:

Bank of America has a National Energy Team, led by Corporate Workplace, which was established to reduce energy consumption, promote energy efficiency, implement the bank’s greenhouse gas reduction program and explore alternative energy potential. In 2005, the team achieved a 4.31 percent portfolio-wide electrical energy reduction -- 0.31 percent ahead of its 4 percent goal -- through implementation of efficiency projects, enhanced building operations, and increased employee education and awareness.
In January of 2008, Bank of America opened its Adelanto Banking Center, the first retail bank branch in the U.S. to achieve Leadership in Energy and Environmental Design [9] “Platinum” certification.

Buildings summary:

Bank of America has committed $1.4 billion to achieve Leadership in Energy and Environmental Design (LEED) [9] certification in all new construction of office facilities and banking centers. It has also pledged to invest $100 million in energy conservation measures for use in all company facilities.
The bank is building the most environmentally friendly skyscraper in the country at One Bryant Park in Midtown Manhattan. The Tower will serve as the headquarters for Bank of America’s operations in New York City, and house its global corporate and investment banking, wealth and investment management and consumer and commercial banking businesses. Bank of America aims to reduce energy consumption by at least 50 percent compared to a conventional building.
In January of 2008, Bank of America opened its Adelanto Banking Center, the first retail bank branch in the U.S. to achieve LEED “Platinum” certification.

Cross-Cutting summary:

Bank of America is also reducing energy use by unplugging unused servers at operations centers; shutting down computers automatically; and through the use of advanced data center cooling strategies. Additionally, lighting and HVAC systems have been upgraded.

Internal Operations summary:

Bank of America has set “9x9” Climate Leaders goal – this is an absolute reduction of greenhouse gas (GHG) emissions by 9 percent by 2009. Bank of America will rely heavily on energy efficiency to meet this goal.
Bank of America has a National Energy Team, led by Corporate Workplace, which was established to reduce energy consumption, promote energy efficiency, implement the bank’s GHG reduction program and explore alternative energy potential. In 2005, the team achieved a 4.31 percent portfolio-wide electrical energy reduction -- 0.31 percent ahead of its 4 percent goal -- through implementation of efficiency projects, enhanced building operations, and increased employee education and awareness.
Bank of America’s reduction strategies include: upgrades to energy efficient technology, improving operations through performance metrics, best practices, education, benchmarks, and incentives.
Bank of America is also reducing energy use by unplugging unused servers at operations centers; shutting down computers automatically; and through the use of advanced data center cooling strategies. Additionally, lighting and HVAC systems have been upgraded.

Products & Services summary:

Bank of America offers a “Green Mortgage Program,” which allows homebuyers to receive a reduced interest rate, or $1,000 back for each home-purchase mortgage meeting Energy Star [10] specifications.
Bank of America is working with the Environmental Protection Agency’s SmartWay Transport [11] Program. Bank of America provides Small Business Administration (SBA) loans without requiring collateral and offers flexible terms to small and mid-sized trucking companies to finance fuel efficient technologies.
Bank of America’s loan program is intended to help trucking companies purchase SmartWay Upgrade Kits that include idle-reduction devices, low-rolling resistance tires, aerodynamic equipment and exhaust after-treatment devices.

Supply Chain summary:

Bank of America uses a nationwide, consolidated one-day-a-week delivery schedule for office supplies, which reduces fuel use and provides savings of $1 million annually.

Bank of America Logo Bank of America [8] is a member of the Business Environmental Leadership Council (BELC), the largest U.S.-based association of companies dedicated to business and policy solutions to climate change. Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company serves more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 19.8 million active users.

BELC Abstracts

Residential & Commercial Abstract: