Investing in Tomorrow: A Call to Collective Action for a Sustainable Future
Fernando Vicario
CEO of Bank of America Europe DAC and Country Executive for Ireland
In 2023, we have seen significant steps taken in our collective mission to live and work more sustainably. While there is still progress to be made, a broadening consensus is forming.
The most notable example of this was at COP28, where delegates, from more than 190 nations at the Climate Summit, recognised for the first time the need to transition away from fossil fuels. At Bank of America, our research shows that sustainable investments continue to grow in appeal with sustainable investment funds attracting more investor attention than non-sustainable investment funds.
At Bank of America, we are committed to Responsible Growth, delivering long-term value for shareholders and society. A key tenet of that commitment is to accelerate towards a secure and sustainable low-carbon future by mobilising capital, reducing our own operational impact, managing our climate-related risks, and working alongside our clients and partners in this energy transition. We have committed to mobilise and deploy $1.5 trillion in sustainable finance by 2030, with $1 trillion focused on helping our clients transition to a low-carbon future and $500 billion for inclusive social development. While businesses will be cognisant of their responsibilities under current and upcoming environmental and social regulations, we believe there is the opportunity to direct talent, innovation, and our resources at Bank of America to deliver on our purpose to help make financial lives better.
The World Economic Forum reports that nature positive solutions could create $10 trillion in incremental revenue across areas such as food, infrastructure and energy as well as save costs and potentially create millions of new jobs.
There are numerous emerging opportunities for businesses to adopt nature positive models; Bank of America is heavily involved in this space, supporting these innovative models.
This year, we partnered with Irish fund manager VentureWave Capital on its Impact Ireland USA fund. The initiative supports technology for good companies in Ireland in the areas of food, technology, energy and environment, education, health care and sustainable finance, with the aim of delivering sustainability and social benefits as well as financial returns.
Supporting environmentally conscious entrepreneurs is also vital to accelerate the transition to a low-carbon future. Since 2020, we have supported the European programme ClimateLaunchpad, the world’s largest green business ideas competition. Over the past decade, the competition has attracted applications for 15,222 ideas, resulting in the development of 4,487 teams becoming green entrepreneurs, and creating more than 15,000 full-time jobs.
Our journey to a more sustainable future will not be complete without community investment and driving progress around diversity and inclusion in financial services and the private sector. We are proud to partner with Rethink Ireland on the Mná na hÉireann Fund to empower disadvantaged women into educational and/or employment pathways. Since 2019, over 1,000 women have secured sustainable jobs and over 700 have enrolled in accredited education programmes.
Everyone has a part to play in the journey towards a sustainable future and Bank of America will continue to drive the investment, innovation and collaboration needed for the challenges ahead.
