B of A

“Act responsibly” is a corporate value that Bank of America loves to tout, so we’re wondering why on Earth it’s still funding the expansion of fossil fuels. 

The Banking on Climate Chaos report found that Bank of America was among the top fossil fuel financers between 2016 and 2021, lending and underwriting $232 billion to the fossil fuel industry. So if you’re banking with BOA or Merrill Lynch, there’s a chance your money is going to a who’s who list of climate destroyers. 

While B of A did recently announce new greenhouse gas emissions reduction goals, it has only set intensity rather than absolute reduction goals. Absolute targets aim to reduce emissions by a set amount, like 20 percent, whereas, intensity targets only set them relative to something else, like revenue. This means Bank of America’s plan to address “one of the world’s most pressing issues,” as it calls climate change, can actually allow for an increase in absolute carbon emissions and an expansion of its fossil fuel investments. 

As if that weren’t enough, Bank of America has relationships with major anti-environmental lobbying groups, including the U.S. Chamber of Commerce and Business Roundtable, which have long fought good climate policies. 

While Bank of America did receive an A- for its climate and water submissions to the CDP (formerly the Carbon Disclosure Project), it got a D from As You Sow’s Road to Net Zero report, for its financed emissions as well as its emissions reduction goals not being aligned with the Paris Agreement. If Bank of America truly wants to “act responsibly,” it needs to dramatically step up its approach.