Bank of America

"Bank of America has set a net zero target of 2050 for its greenhouse gas (GHG) emissions, covering scopes 1, 2, and 3. Net Zero Tracker
This target was finalized in 2020 after the company achieved carbon neutrality in scope 1 and 2 emissions a year early. Net Zero Tracker
An interesting fact about Bank of America's environmental policy is that it allows for traded credits (offsets) from outside its territory or value chain to meet the target, although no specific conditions have been specified. Net Zero Tracker
In addition, you can check out the net-zero commitments and data for …"

Current Score (vs. LY)

54.0 pts (5.0)

Last Update: Dec. 12, 2023

Current Rankings

Global: #56

S&P100: #38

Financials: #6

96.7%

Transparency

Quality of climate reporting based on public disclosures, completeness and verification of GHG emissions

37.5%

Commitments

Level of ambition through gross absolute emissions reduction and 'net zero' targets

33.3%

Results

Results and actions to deliver on commitments for real

Greenhouse Gas Emissions

Last 3 Years Emissions Data Summary

Y2021Y2020Y2019
Scope 1 57,07653,39062,639
Scope 2 - location-based 601,906657,635728,771
Scope 2 - market-based 13,8867,68517,523
Scope 1-2 - location-based 658,982711,025791,410
Scope 1-2 - market-based 70,962 61,075 80,162
Scope 3 2,936,0153,291,3944,220,547
Total - location-based 3,594,9974,002,4195,011,957
Total - market-based 3,006,977 3,217,683 4,300,709

Note: Data sources detailed here

Y2022 Y2021
Total CO2e estimate (by Net0Tracker) 3,628,4063,006,977
Methodology Previous year intensity (revenue)As reported

Carbon emissions are estimated according to comparable years, intensity and sector benchmarks

Performance vs. Target

Note: Targets without baseline are ignored. In case several targets exist, only the shorter-term target is displayed.


Value Chain (scope 3) Emissions by Category

Emissions Trajectory (Full Scopes)



Please refer to the library for viewing the supporting documentation

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Sector Benchmark

Note: Latest GHG and revenue data (based on tradingview.com) are used to calculate GHG emissions intensity by sector. The color scale of each bubble depends on the GHG intensity (GHG emissions per 1 million USD revenue). Sectors follow the Global Industry Classification Standard (GICS) that organize companies based on their primary business activities. The 11 sectors are : Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Utilities, Real Estate, and Materials.

Bank of America belongs to the sector Financials.

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Reduction and Net Zero Targets

>Note: intensity targets are not represented in the current version - see Methodology

Gross Absolute Emission Reductions

Scope Reduction Objectives Base Year Target Year Comments
S1S2LOC 50.0 2010 2020

Net Absolute Emission Reductions

Scope Reduction Objectives Base Year Target Year Comments
S1S2MKT 100.0 2010 2020
S1S2S3MKT 100.0 2020 2050

Net Zero Future Commitments

Scope Scope 3 Coverage Target Year Comments
S1S2S3LOC FULL 2050

Net Zero Policy

The company has a net zero policy : every year, carbon emissions will be balanced with carbon offsets, on OTHER scope emissions.


Science-based Targets (SBTI)

There is no Science-Based target recorded in our database. Email us to report missing information Email

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Offsets

Last update for Bank of America by zerotracker.net: Sept. 23, 2022
Planning to use external offset credits Yes
Separate targets for emission reductions and removals No
Conditions on use of offset credits
  • No conditions specified
Plans for carbon dioxide removal (CDR) Not Specified

Data source from zerotracker.net - For more information, see methodology

Score Summary

Ref Principle Score
(points) 		Max
(points) 		Delta
(points)
1 At least 2 years of GHG emissions for scope 1 and 2 are publicly-available and externally-verified 10.0 10.0 0.0
2 Scope 3 emissions are fully reported and externally-verified 10.0 10.0 0.0
3 CDP score demonstrates the level of transparent disclosures 9.0 10.0 0.0
Transparency 29.0 30.0 0.0
4 Net Zero Commitments by 2050 include an intermediate target and cover all the emissions 10.0 10.0 0.0
5 Net Zero targets demonstrate a high-level of emergency 5.0 10.0 0.0
6 Emission reduction targets on a forward-looking basis are ambitious 0.0 10.0 0.0
7 Targets are science-based as validated by SBTi 0.0 10.0 0.0
Commitments 15.0 40.0 0.0
8 Results re. operational emissions reduction: on-pace (performance-to-date) and momentum (forward-looking targets) 0.0 10.0 0.0
9 Results re. value chain emissions reduction: on-pace (performance-to-date) and momentum (forward-looking targets) 0.0 10.0 0.0
10 Implied Temperature Rating by MSCi 10.0 10.0 5.0
Results 10.0 30.0 5.0
Total 54.0 100.0 5.0


Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email


Score Details

Criteria Results 2023 Score 2022 Score Vs. 2022 2021 Score
Criteria 1 : Transparency on operational emissions (Scope 1 + 2)
Are S1+S2 figures publicly-disclosed for the last reporting year and the preceding period? yes 5.0 / 5.0 5.0 0.0 5.0
Are S1+S2 figures verified by a 3rd-party for the last reporting year? yes 5.0/ 5.0 5.0 0.0 5.0
Criteria 2 : Transparency on value chain emissions (Scope 3)
Are the 15 categories fully or partly disclosed? full 5.0 / 5.0 5.0 0.0 5.0
Are S3 figures fully or partly verified by a 3rd-party for the last reporting year? full 5.0 / 5.0 5.0 0.0 5.0
Criteria 3 : Quality and Frequency of reporting
What is the latest CDP score (no later than the preceding year)? A- 9.0 / 10.0 9.0 0.0 9.0
How many interim reporting were provided between 2 reporting periods (GHG emissions only)?
Criteria 4 : Net Zero Commitments
Does the net 0 target include a statement of a generally-accepted net zero emission target by 2050? yes 3.0 / 3.0 3.0 0.0 3.0
Does the net zero target include an intermediate target by 2030? 2020 3.0 / 3.0 3.0 0.0 3.0
Does the net zero target include all the emissions? yes 4.0 / 4.0 4.0 0.0 4.0
Criteria 5 : Target year for Net Zero Commitments
Target year for achieving net zero emissions for S1+S2? Net Zero Policy 5.0 / 5.0 5.0 0.0 5.0
Target year for achieving net zero emissions for S1+S2+S3 combined? 2050 0.0 / 5.0 0.0 0.0 0.0
Criteria 6 : Reduction objectives
What is the forward-looking GHG% reduction (without compensation) for scope 1+2?
0.0 / 5.0 0.0 0.0 0.0
What is the forward-looking GHG% reduction (without compensation) for scope 1+2+3?
No target found
 0.0 / 5.0 0.0 0.0 0.0
Criteria 7 : Science-Based Targets
What type of science-based target (as validated by SBTi) did the company commit to? NC 0.0 / 10.0 0.0 0.0 0.0
Criteria 8 : Results based on scope 1 - 2
Performance to date: cumulative% reduction vs. target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Momentum: last year % reduction vs. forward-looking target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Criteria 9 : Results based on scope 1 - 2 - 3
Performance to date: cumulative% reduction vs. target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Momentum: last year % reduction vs. forward-looking target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Criteria 10 : Implied Temperature Rise (ITR)
Is the company aligned with global climate targets? ITR: 1.4°C 10.0 / 10.0 5.0 5.0 5.0
Total 54.0 / 100.0 49.0 5.0 49.0


Available Data Sources

Reporting Year 2021 2021 2020 2020 2020 2019 2019 2018
Source Public Yourstake CDP Public Public Public CDP Public
Publication Year 2022 2022 2021 2022 2021 2021 2020 2021
Scope 1 57,076 57,076 53,390 53,390 53,390 62,639 62,639 62,258
Scope 2 - location-based 601,906 601,906 657,635 650,553 657,635 728,771 728,771 789,565
Scope 2 - market-based 13,886 13,886 7,685 7,645 7,685 17,523 17,523 106,406
Scope 1-2 - location-based 658,982 658,982 711,025 703,943 711,025 791,410 791,410 851,823
Scope 1-2 - market-based 70,962 70,962 61,075 61,035 61,075 80,162 80,162 168,664
Scope 3 2,936,015 2,917,193 3,291,394 3,327,204 3,291,395 4,220,547 4,867,841 3,992,931
Total - location-based 3,594,997 3,576,175 4,002,419 4,031,147 4,002,420 5,011,957 5,659,251 4,844,754
Total - market-based 3,006,977 2,988,155 3,217,683 3,388,239 3,352,470 4,300,709 4,786,852 4,161,595

Sources

Please refer to the library for viewing the supporting documentation

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

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