Second largest U.S. Bank Set to Reduce Global Warming Pollution
Bank of America Maps New Climate Change, Forest Policies
SAN FRANCISCO -- Bank of America and Rainforest Action Network have collaborated to introduce environmental ethics to the bank's corporate bottom line, and on Monday they jointly announced the fruit of that collaboration.
The second largest U.S. bank has decided to take new steps in the reduction of greenhouse gas emissions, protection of intact forest ecosystems and transparent public reporting to all stakeholders.
In addition to policy enhancements, Bank of America will create an environmental council to ensure that the bank's environmental goals and objectives are met, tracked and reported. The council will be led by Eugene McQuade, president of Bank of America, and will include senior executives from various business lines and support functions. Bank of America executives will meet regularly with Rainforest Action Network and other stakeholders to implement this policy and report on its progress.
"The health of our environment has a very real effect on the health of our local and regional economies, and therefore on the health of our company," said Bank of America CEO Ken Lewis.
"Bank of America's new policies on forest protection, climate change and indigenous rights reflect the type of leadership we need from the global financial sector," said Michael Brune, executive director of Rainforest Action Network.
"By embedding strong environmental principles into its policies and practices, Bank of America is helping the financial sector to live up to the ideals of a democratic economy. We welcome Bank of America into a growing list of companies working to ensure that the natural capital of our global environment and the integrity of local communities are preserved indefinitely."
The bank announced unprecedented targets and timelines to reduce greenhouse gas emissions throughout its activities. Initial reduction goals are based on current best estimates of the Intergovernmental Panel on Climate Change - seven percent by 2008.
Bank of America recognizes its responsibility to address climate change and the role of the service sector in promoting and implementing reductions of greenhouse gas emissions that extends beyond its own operations, including relationships with customers and suppliers.
The enhanced policy increases forest protection to encompass intact tropical, temperate and boreal forest ecosystems and includes a commitment by Bank of America to assist in funding the ongoing mapping of these regions for future protection.
Bank of America will not provide funding for resource extraction from old growth tropical rainforests, and lending proceeds will not go to logging operations in intact forests as defined by World Resources Institute mapping as it is developed.
Provision of lending proceeds in all other old growth forests will be limited to projects and operations that provide independent third party verification of sustainable forestry practices. Recognizing the connection between the health of our planet and our communities, Bank of America has pledged to deny financing for projects in these sensitive forests where indigenous land claims are not settled.
"At Bank of America, we know we have an opportunity and responsibility as leaders to promote sustainable, environmentally sound economic growth in all our communities," Lewis said. "In meeting this responsibility, we are committing to a higher standard of environmental awareness in our business and financing practices, and will encourage others in corporate America to do the same."
The Bank of America's new environmental policy is Rainforest Action Network's second success this year. In January, Citigroup - the world's largest bank - adopted a set of landmark environmental standards after a four year Rainforest Action Network campaign.
