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Bank of America Sets Net-Zero Emissions Target Without Key Details To Get There

WASHINGTON - Today, Bank of America announced a new commitment to reach net-zero greenhouse gas emissions in its financing activities, operations and supply chain before 2050, and released an updated environmental policy.

The bank’s announcement included details on reducing its operational emissions by 2030 and pledges to disclose its financed emissions no later than 2023, but fails to provide an interim target for reducing those emissions and how it plans to achieve its 2050 goal.
 
Bank of America is the second major US bank, following Morgan Stanley, committed to reaching net-zero financed emissions by 2050. The updated policy includes Bank of America’s new position on Arctic drilling, which it previewed late last year, along with a strengthening of its policy on coal mining and coal power.
 
Last year, a coalition of more than 60 climate and human rights organizations around the world issued a set of Principles for Paris-Aligned Financial Institutions that details what true climate leadership from banks and other financial institutions would look like to meet the Paris Agreement’s goal of limiting global warming to 1.5°C.
 
In response, Sierra Club financial advocacy campaign manager Ben Cushing released the following statement:
 
“Bank of America’s commitment to reach net-zero emissions before 2050, and its restrictions on financing Arctic drilling and coal operations, are welcome moves and an important sign of progress. However, it’s hard to see how Bank of America will reach its goal without an interim 2030 target for its financing portfolio and a plan to stop financing fossil fuel expansion. A destination without a complete roadmap isn’t going to cut it.”
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The Sierra Club is the oldest and largest grassroots environmental organization in the United States. It was founded on May 28, 1892 in San Francisco, California by the well-known conservationist and preservationist John Muir, who became its first president. The Sierra Club has hundreds of thousands of members in chapters located throughout the US, and is affiliated with Sierra Club Canada.

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