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Partnerships and Financial Innovation to Support Climate Action and Tree Equity

Partnerships and Financial Innovation to Support Climate Action and Tree Equity

Pledge by

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

Type
Conserving, Restoring & Growing, Enabling
This pledge will take place from
2020 to 2030
Location
Indonesia, Kenya, Peru and more

Company website

Pledge overview

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

    Supporting actions
    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
    Additional details

    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.

    Conserving

  • Restoring and growing trees and forest landscapes

    Supporting actions
    Urban tree planting
    Planting and maintaining trees within urban areas
    Additional details

    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

    Supporting actions
    Financial innovation
    Activities that create additional financial opportunities and incentives for conservation, restoration and reforestation (e.g. blended financing vehicles, etc.)
    Additional details

    Bank of America is actively engaged with clients to finance lending, capital market activities, and trading in voluntary carbon markets.

    Enabling

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.

Our partners

American Forests, Arbor Day Foundation, American Forests Foundation

Our locations

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.