Bank of America Aims for 15% Emissions Cut by 2015

Bank of America (NYSE: BAC) aims to cut its greenhouse gas emissions 15% below 2010 levels by 2015.

The goal expands on a previous target for cutting U.S. emissions 18% between 2004-2009.

It also incorporates all operations-across 40 countries – and includes Merrill Lynch and Countrywide, which Bank of America acquired during the recent financial industry restructuring.

If BOA meets the new goal, its emissions would be 30% below 2004 levels, about the same as the annual emissions of 124,000 passenger cars (700,000 metric tons of CO2). 

90% of BOA’s emissions come from energy consumption. To operate more efficienty, the bank plans to expand the use of energy management systems; increase computing efficiency; improve HVAC and lighting efficiency; and educate employees on behavioral changes.

Under the company’s Hybrid Vehicle Reimbursement program, eligible U.S.-based employees can receive up to a $3,000 reimbursement toward the purchase of a new hybrid, highway-capable electric or compressed natural gas vehicle.

Initially launched in 2007, more than 3,800 employees have replaced conventionally powered vehicles which, on average, doubled their fuel economy and prevented the release of nearly 4,000 tons of annual CO2 emissions from employee commuting.

Greenbuilding Goal

BOA also announced plans to certify 20% of its workplace real estate under the U.S. Green Building Council’s LEED rating system by 2015. Currently the bank is at 11%, which represents 13.2 million square feet, the bank said.

LEED-certified space will include new construction, core and shell construction, commercial interiors, retail spaces and the operations and maintenance of existing buildings.

BOA competitor TD Bank opened the first net zero emissions branch in Florida earlier this week.

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