(Ecofin Agency) - Bank of America has announced plans to mobilize a total of $1 trillion by 2030 to accelerate the transition to a sustainable, low-carbon economy. This new challenge is part of the Bank's broader goal of committing $1.5 trillion to environmental transition, inclusive social development, and sustainable economies worldwide.

The plan aligns with the United Nations Sustainable Development Goals and should stimulate environmental transition across all sectors for more efficient renewable energy and pollution control solutions.

"The private sector is well-positioned to ensure that the necessary capital at the right scale can drive the transition to a sustainable low-carbon economy. We will deliver on our commitment by working with our clients to provide lending, capital raising, advisory, and investment services, and to develop financial solutions and drive innovation," said Anne Finucane, vice president of Bank of America.

With $261.38 billion in the capital, according to the 2019 estimates, and $92.2 billion in 2017 revenue, Bank of America is the largest U.S. bank by deposits and market capitalization.

Gwladys Johnson Akinocho