Bank Of America

InfluenceMap Score
C-
Performance Band
62%
Organisation Score
48%
Relationship Score
Sector:
Financials
Head​quarters:
Charlotte, United States
Official Web Site:
Wikipedia:

Bank of America appears to have had limited engagement on sustainable finance policy, except for regulated corporate ESG disclosure, which it has supported with some exceptions.

Bank of America has advocated for action to achieve zero-carbon economies before 2050 and stated its support for the Paris Agreement’s goal to keep global temperature rise to well below 2C. Bank of America has emphasized its ability as a global financial institution to “mobilize and deploy capital to address climate change,” but has also advocated for continued funding for oil and gas companies. In its 2022 Approach to Zero report, Bank of America appeared to support some regulatory action on sustainable finance. In earlier reports Bank of America has mentioned engaging with governments and regulators on sustainable finance policy, but its positions on specific regulations are unclear.

In a 2021 response to the SEC's request for public input on climate change disclosures Bank of America appeared to support an ESG disclosure framework with some notable exceptions. In response to the same request, the World Economic Forum, on behalf of its corporate partners including Bank of America, submitted comments that appeared supportive of U.S. climate-related financial disclosures informed by global standards. After the SEC released its proposed climate disclosure rule in March 2022, Bank of America supported the proposal, calling it “constructive and headed in the right direction,” while cautioning against immediate Scope 3 disclosure requirements. However, in its comment letter to the SEC in June 2022, Bank of America outlined major exceptions to its support for the disclosure rule, objecting to several aspects of the proposal including the financial statement metrics and some qualitative risk disclosure requirements.

In 2022 Bank of America announced that it had joined the Risk Management Association’s Climate Risk Consortium, and the Consortium was engaging with regulators and policymakers on climate-related risk management and prudential regulations for banks, but details of this engagement are unclear.

Bank of America has listed policies it is tracking but with little further detail on desired outcomes and limited detail on engagement activities. It has listed trade association memberships but has no details of their policy positions or actions taken to address misalignment other than to “encourage more urgent action on climate change.”

QUERIES
DATA SOURCES
NSNSNSNSNSNSNS
12NSNS10NS
1NSNSNSNSNSNS
1NSNS-11NSNS
NSNSNSNSNSNSNS
NSNSNSNS1NSNS
NSNSNSNSNSNSNS
NS0NSNSNSNSNS
0NANANANANANA
-1NANANANANANA
Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
40%
 
40%
 
48%
 
48%
 
58%
 
58%
 
53%
 
53%
 
70%
 
70%
 
37%
 
37%
 
11%
 
11%
 
39%
 
39%
 
41%
 
41%
 
56%
 
56%
 
53%
 
53%
 
46%
 
46%
 
42%
 
42%

How to Read our Relationship Score Map

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.