Bank of America (BofA) announced today that all of its plastic credit and debit card products will be made from at least 80% recycled plastic beginning in 2023, becoming the first U.S. bank to make this commitment across its entire debit and credit card portfolio.
The bank issues 54 million cards every year and estimates that the new effort will result in the reduction of more than 235 tons of single-use plastics, in addition to reductions of greenhouse gas (GHG) emissions, energy, and water usage.
BofA’s new commitment adds to the bank’s existing environmental sustainability goals, which include targets set last year to achieve net zero GHG emissions in its financing activities, operations and supply chain by 2050, along with goals to purchase 100% zero carbon electricity, reduce energy use and potable water use by 55% by 2030, among others. The bank has also pledged to achieve $1.5 trillion in sustainable finance mobilization and deployment by 2030.
Mary Hines Droesch, Head of Consumer and Small Business Products at Bank of America, said:
“Shifting to a recycled card product is another step toward a more sustainable solution which will help foster a circular economy. We are committed to incorporating sustainability throughout our business.”