Bank of America
At a Glance
Industry
Financial Services and Insurance
Project Type
Goals/Targets
Year
2021
Location
Charlotte, NC
Summary
Nikita Varma worked with Bank of America to analyze decarbonization pathways and key clients in the bank’s loan portfolio in the power and energy sectors.
Goals
Bank of America achieved carbon neutrality in 2019, a year ahead of schedule. Striving forward as an industry leader, Bank of America was one of the pioneering banks to found the Net Zero Banking Alliance in April 2021 and commit to aligning its operational and attributable emissions from its portfolios with pathways to net-zero by 2050 or sooner. This launched the bank’s ambitious net zero strategy and enlisted EDF Climate Corp fellow Nikita Varma to analyze decarbonization pathways aligned with the Bank’s climate strategy.
Solutions
Aligned with its Net Zero by 2050 strategy, the bank is in the process of setting 2030 emissions reduction targets for its high-emitting sectors such as Power and Energy. To assist the bank with target setting, Nikita researched different decarbonization scenarios and undertook a detailed study and analysis of the IEA’s Net Zero by 2050 scenario, creating a comprehensive playbook which included an in-depth analysis of the scenario’s sectoral pathways. To further support the Bank’s sector specific target setting and client engagement effort, Nikita also created a framework for client engagement. Nikita also led research and analysis into key ESG risks and sustainability solutions in the Fast Fashion industry supporting the Bank of America’s long term strategies.
Potential Impact
The analysis of the IEA’s Net Zero 2050 pathway will support Bank of America’s 2030 target—setting and stress testing endeavors. Nikita will stay connected with the bank, as it moves forward with its climate and decarbonization strategy.
Additionally, access to mapping resource regarding EV infrastructure distribution and equity considerations will inform future City vehicle electrification development efforts.