The Bank of America has met its carbon neutrality goal one year ahead of schedule after a major investment in renewable energy.

The Bank has installed on-site solar capability at many of its facilities, including office locations and financial centres (including ATMs).

It also completed several long-term renewable energy agreements that will add new wind and solar electricity to the grid, and purchased carbon offsets from four non-profit projects across the US, South America, Africa and Asia to promote biodiversity and support local populations.

Bank of America also purchased renewable energy credits (RECs) which are issued when one megawatt-hour (MWh) of electricity is generated and delivered to the grid from a renewable energy source.

Brian Moynihan, chief executive officer of Bank of America, said: “We are delivering responsible growth by focusing on serving our clients, investing in our teammates, supporting the communities where we operate – and by addressing important societal priorities.

“Being carbon neutral is core to our $300 billion, 10-year environmental business initiative that is helping finance the transition to a low-carbon future.”