We will mobilize an additional $300 billion in capital by 2030 through our multi-year Environmental Business Initiative to develop solutions to climate change and other environmental challenges.
Our commitment focuses on low-carbon energy, energy efficiency, and sustainable transportation, in addition to addressing other important areas like water conservation, land use and waste. Since 2007, we have mobilized more than $160 billion in financing to these activities across the globe.
We will provide $1 billion over the next four-years (through 2024) of additional support to programs focused on health, jobs, training/reskilling/upskilling, support to small businesses, and housing to help local communities address economic and racial inequality accelerated by a global pandemic.
Fulfilling this commitment will include resources from across our company, including philanthropy, sustainable finance activities through lending and investing, capital investments with Community Development Financial Institutions and Minority Depository Institutions, and development of financing solutions for small businesses. It will also include enhancements to our own practices in hiring, supplier diversity and other areas.
Through our $5 billion Community Homeownership Commitment, we will help more than 20,000 individuals and families purchase a home through 2025. Bank of America’s Community Homeownership Commitment™ focuses on helping put people on the path to affordable homeownership through a combination of specially-designed products, resources and expertise and includes proprietary home buyer grant programs. The initiative has helped 13,000 individuals and families purchase a home since 2019.
Through Bank of America’s Pathways program, we set a goal of hiring 10,000 individuals from low- and moderate-income neighborhoods into our Consumer and Small Business division. In support of our objective, we established partnerships with 12 non-profit organizations across 40+ local chapters, which provide a source of candidate referrals and professional skills development.
Once they join the company, each new employee receives at least 80 hours of training through The Academy – Bank of America’s award-winning, high-tech, personal training approach that equips employee participants with additional skills and resources they need to succeed, now and in the future.
In October 2020, we surpassed that five-year 10,000 hiring goal well ahead of our expectations, and we plan to expand our commitment for future hires across the company.
Bank of America committed $100 million in capital to connect women small business owners to affordable loans through our investment in the Tory Burch Foundation Capital Program in 2019. Since the program’s launch in 2015, more than 3,400 women entrepreneurs have received $57 million in loans through Community Develompent Financial Institutions to help them grow and refine their businesses.
Bank of America is committing to continue to support our teammates’ wellbeing. During the health crisis, teammates have been reimbursed up to $100 a day for securing their own care child care. Through September 2020, we provided over 1.7 million days of care and over $200 million in child care reimbursements.
At Bank of America, we are committed to continuing to attract, develop and retain military talent. In 2020, we surpassed our five-year goal to hire 10,000 veterans, National Guard and reservists. This hiring goal was set to address the unique challenges military personnel and spouses face in finding employment. We have a number of programs and resources in place to help in the transition to corporate life and grow their careers with us, including benefits, counseling and more, tapping experts inside and outside the company.
In addition, through our $20 million Veteran Entrepreneur Lending Program, we are connecting veteran business owners with affordable capital through participating Community Development Financial Institutions to help grow their businesses. Through June 2020, more than 270 veterans have been connected to $19.8 million in affordable loans.
In 2019, Bank of America achieved carbon neutrality in our operations by reducing Scope 1 and 2 emissions by 56 percent since 2010, and purchasing our electricity from renewable sources. We are committed to maintaining carbon neutrality and will continue to reduce Scope 1 and 2 emissions and purchase 100% of our electricity from renewable sources. We will continue to install on-site solar at our facilities, and have completed long-term renewable agreements to add wind and solar electricity to the grid.
Bank of America has been working with other financial institutions, through our participation in the Partnership for Carbon Accounting Financials (PCAF), to create a methodology for measuring financed emissions. This methodology, known as the Global GHG Accounting and Reporting Standard for the Financial Industry, was released in November 2020. Bank of America will use this Standard to report the bank’s financed emissions by 2023. This is in addition to steps taken in 2020 to demonstrate additional transparency in how we govern and disclose our activities, including the issuance of our first Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) reports.
Bank of America is committing to continue to recognize and reward performance, and to be an industry leader in establishing an internal minimum rate of pay. Our minimum hourly wage for U.S. teammates was raised to $20 in the first quarter of 2020, more than one year earlier than planned.
As part of our commitment to advance racial equality and economic opportunity, we announced a further expansion of the Bank of America Institute for Women’s Entrepreneurship at Cornell. Due to the program’s success we added 30,000 seats – bringing the total enrollment of small business owners to 50,000. In 2021, we will add Spanish language curriculum and hire Spanish-speaking teaching assistants to more effectively support Hispanic-Latino entrepreneurs.
The Bank of America Institute for Women’s Entrepreneurship at Cornell is the only Ivy League program offering a certificate in women’s entrepreneurship, and at no cost to participants. Since its launch in 2018, the Institute has enrolled more than 20,000 individuals, primarily women, of whom 86% identify as women of color. Registration is open to anyone worldwide, regardless of gender, educational background or business stage.
Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.