Partnerships and Financial Innovation to Support Climate Action and Tree Equity
Bank of America
As a partner of the 1t.org initiative, we will help develop the voluntary carbon offset market which can lead to more tree planting and restoration projects
- Conserving, Restoring & Growing, Enabling
- This pledge will take place from
- 2020 to 2030
- Indonesia, Kenya, Peru and more
Our $1 Trillion Environment Business Initiative is developing solutions to climate change and driving an environmental transition.
As one of the world’s largest financial institutions, Bank of America recognizes the role we play in accelerating the transition to a low-carbon, sustainable economy – and our $1 trillion commitment to mobilize capital and develop solutions to climate change is focused on doing just that. We are using partnerships and financial innovation to protect, restore, conserve and expand critical healthy forest ecosystems. For years we’ve worked with partners like American Forests, Arbor Day Foundation, The Nature Conservancy and American Forests Foundation to transform communities by planting trees, especially in low-income, moderate-income and underserved communities. We are also a member of the Task force for Nature-Related Financial Disclosures. We’re proud to extend this partnership and support 1t.org’s efforts to conserve, restore and grow 1 trillion trees by 2030. As a partner of the 1t.org initiative, we will help develop the voluntary carbon offset market which can lead to more tree planting and restoration projects.
Actions in this pledge
Conserving trees and forest landscapes
- Permanent conservation
- Secure a forest through acquisition or legal agreement to avoid planned or unplanned deforestation or degradation, and/or ensure permanent conservation of land
- Conservation support activities
- Support the operating costs and activities of existing conservation areas, including advocacy for conservation policy
We track outcomes connected to any purchased carbon offsets. Support for conservation activities through the Bank of America Charitable Foundation includes annual reporting from grantees to track outcomes.
Restoring and growing trees and forest landscapes
- Urban tree planting
- Planting and maintaining trees within urban areas
We track our impact on Urban Tree Planting through reporting by our grantees, including American Forests and National Arbor Day Foundation.
Restoring & Growing
Enabling activities for trees and forest landscapes
- Financial innovation
- Activities that create additional financial opportunities and incentives for conservation, restoration and reforestation (e.g. blended financing vehicles, etc.)
Bank of America is actively engaged with clients to finance lending, capital market activities, and trading in voluntary carbon markets.
Our ecologically and socially responsible approach
We partner with organizations dedicate to these principles for carbon offset projects and related efforts to grow, preserve and restore trees.
We follow international carbon standards including Climate Action Reserve and Verified Carbon Standard. In addition to these standards, we also look to verify environmental and social co-benefits using the Climate Community & Biodiversity standard.
Our system of accreditation
Gold Standard and other credible carbon verification and certification agency accreditation for carbon offsets.
American Forests, Arbor Day Foundation, American Forests Foundation
We are working at locations across Indonesia, Kenya, Peru, Uganda, and United States of America (USA).
Our implementation progress
Pledge implementation progress reporting is managed in collaboration with IUCN’s Restoration Barometer, and is required annually from the year following pledge publication.
Bank of America pledge implementation progress report 2022
with supporting documentation