We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
The President of Bank of America Central Valley serves on the board of directors for CalChamber (updated June 2022)
Mark A. Riley
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
The President of Bank of America Central Valley serves on the board of directors for CalChamber (updated June 2022)
Mark A. Riley
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of Business Roundtable's Climate Working Group (2020)
Brian T. Moynihan
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of Business Roundtable
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of Business Roundtable's Climate Working Group (2020)
Brian T. Moynihan
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of Business Roundtable
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Managing Director of Bank of America Merrill Lynch served on the 2022 Board of Directors for ACP, however the company is not represented on the 2023 Board of Directors (updated as of February 2023)
Omer Farooq
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Managing Director of Bank of America Merrill Lynch served on the 2022 Board of Directors for ACP, however the company is not represented on the 2023 Board of Directors (updated as of February 2023)
Omer Farooq
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America N.A. is a member of CBI Financial Services Council
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America N.A. is a member of CBI Financial Services Council
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of the US Chamber of Commerce
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America stated that it is of "mixed" alignment with the Chamber on climate change
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of the Brazil-US Business Council, which operates under US Chamber of Commerce
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of the US Chamber of Commerce
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America stated that it is of "mixed" alignment with the Chamber on climate change
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is a member of the Brazil-US Business Council, which operates under US Chamber of Commerce
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is an associate member of JBA. Associate member is scored as 5 (Japan Specific). Deducted 2 because it is a subsidiary.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America is an associate member of JBA. Associate member is scored as 5 (Japan Specific). Deducted 2 because it is a subsidiary.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America may be a member of the Florida Chamber of Commerce. Listed as a Pillar Leadership Partner to the Florida 2030 Project, but unclear if Bank of America is an annual dues-paying member of the group. (FL Chamber website, last checked November 2022)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Bank of America may be a member of the Florida Chamber of Commerce. Listed as a Pillar Leadership Partner to the Florida 2030 Project, but unclear if Bank of America is an annual dues-paying member of the group. (FL Chamber website, last checked November 2022)
not specified
--no extract--
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Open PDF file of Data Source
Climate Lobbying Overview: Bank of America appears to have had moderate engagement on climate policy, with generally positive top-line messaging around climate change.
Top-Line Messaging on Climate Policy: Bank of America has clearly supported the science of the IPCC in its TCFD reports and Environmental and Social Risk Policy frameworks. Bank of America has stated support for the Paris Agreement and efforts to limit global temperature rise to well below 2C. In its 2022 TCFD Report, Bank of America outlines its support for a wide range of policies to respond to climate change with clear reference to the need for more urgent action. Bank of America has signed on to joint letters advocating for congressional and executive action to address climate change.
Engagement on Climate-Related Regulations: In its Environmental and Social Risk Policy frameworks, Bank of America has stated support for a carbon tax. CEO Brian Moynihan reiterated this support in conversation with Senator Cramer of North Dakota in November 2021. An October 2021 research article states support for stricter fuel efficiency standards for aviation, but Moynihan tempered this ambition when he stated support for a “modest” mandate on sustainable aviation fuels in November 2021. Lobbying disclosures show that Bank of America has engaged with policymakers on renewable energy tax credits, but details of this engagement are unclear. An April 2021 press release states support for policies that incentivize investment in renewables.
Positioning on Energy Transition: Bank of America appears generally supportive of the transition of the energy mix, however, CEO Brian Moynihan has stated support for the continued financing of oil and gas companies, a position that is at odds with the need to transition away from GHG emission-intense energy sources. In its 2022 TCFD Report Bank of America states support for policy measures to decarbonize the economy, electrify transport, and transition to low emissions technology. Bank of America has also stated support for policy measures to incentivize the adoption of green hydrogen. In December 2022 comments on the implementation of the Inflation Reduction Act’s clean energy tax incentives Bank of America took a generally neutral stance on the policy but in one comment suggested that energy storage technology need not limit its use of energy from sources other than solar or wind to under 25% to qualify for investment tax credits.
Industry Association Governance: Bank of America has disclosed some of its member associations but has not given details of the climate policy positions of these organizations. Bank of America has omitted disclosure of some non-US associations including the Business Council of Australia and the Japan Association of Corporate Executives. In its 2021 CDP Response, Bank of America states that its position on climate change is of mixed consistency with the US Chamber's, but only gives broad detail of past actions taken to address misalignment.