Bank of America

HQ: US

NZBA withdrawn 2025

Fossil-fuel financing committed in 2024

$46.0B

NZBA pledge vs reality

Pledge signedPledged
2021
NZBA withdrawalChange
Withdrawn in 2025
Fossil-fuel share of energy financing (2024)Ratio today
6%

Founding NZBA member (April 2021). Withdrew on 31 December 2024, alongside other US peers. Fossil financing rose from $42.8B at pledge signing to $46.0B in 2024 (+7.5% over the pledge period; +38.22% from 2023 to 2024 alone). World's #2 fossil expansion financier in 2024 at $23.5B.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $27.6B
    Medium — ~60% of 2024 fossil book scaled from BOCC 2024 BofA sub-sector mix.

  • Fossil fuel expansion financing (2024)

    Other
    $23.5B
    High — BOCC 2025 names BofA as #2 expansion financier 2024 (p.4). Subset of total.

  • LNG infrastructure financing (2024)

    LNG
    $8.3B
    Medium — ~18% of 2024 fossil book.

  • Pipelines and midstream (2024)

    Pipeline
    $4.6B
    Medium

  • Coal mining and coal power (2024)

    Coal
    $0.9B
    Medium — ~2% of 2024 fossil book; reflects BofA coal restriction policy.

  • Tar sands, Arctic and other unconventional (2024)

    Other
    $4.6B
    Medium

Fossil Fool

Foolishness score6

Show derivation
  1. World's #2 fossil expansion financier 2024 ($23.5B)Value: 0.95Weight: 0.3[1]
  2. Withdrew from NZBA December 2024Value: 0.85Weight: 0.25[3]
  3. +38.22% one-year financing increase 2023 to 2024Value: 0.38Weight: 0.25[1]
  4. Cumulative fossil financing 2021-2024 = $158.9BValue: 0.85Weight: 0.2[1]

Formula: BofA scores high on absolute scale, expansion finance leadership, and pledge abandonment after a four-year ramp.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; Reuters NZBA exit coverage 31 Dec 2024.

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Citi, BofA Join Goldman Sachs and Wells Fargo in Exiting Net Zero Banking Group — ESG Today (accessed 05 May 2026)
  4. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks — ESG Today (accessed 05 May 2026)
  5. Bank of America Investor Relations — Bank of America Corporation (accessed 05 May 2026)