Bank of America
At a Glance
Financial Services and Insurance
Claire Carver worked with Bank of America to develop a Carbon Offset Strategy, which the bank supports carbon offset projects with environmental and social integrity while reaching carbon neutrality.
Bank of America, the 2nd largest banking institution in the U.S., has an ambitious goal of achieving carbon neutrality by 2020. As an industry leader, Bank of America took an innovative, multi-faceted approach to achieve this goal. The bank first reduced operational inefficiencies within facilities, which cut emissions by roughly half. Then, by transitioning to 100% renewable electricity the bank was approximately 95% of the way to carbon neutrality. To address the remaining 5% of carbon emissions the bank enlisted EDF Climate Corps fellow Claire Carver to assist in meeting the proposed 2020 goal.
To meet carbon neutrality by 2020 Carver developed a framework to select the most impactful carbon offsets in order to offset the remaining unavoidable emissions. Taking inspiration from the UN's Sustainable Development Goals, Project Drawdown, and Natural Climate Solutions, Claire formed an objective of supporting global offsets projects that drive innovation while maximizing environmental and social impacts. She conducted market research, spoke with offset experts, and interviewed corporations with offset purchasing experience. The resulting Carbon Offset Strategy brings transparency to the carbon offset selection process. Most importantly, the framework empowers the bank to support compelling offset projects that ensure environmental and social integrity.
The Carbon Offset Strategy will secure Bank of America’s place as the first large commercial bank to become carbon neutral. The groundwork Claire developed will put Bank of America on a path to offset about 100,000 metric tons of CO2e every year. Post-fellowship, Claire will remain involved as the bank implements the strategy and selects the inaugural offset portfolio.