A Sustainable Future Depends On Collaboration

This week, the next generation of philanthropists, impact investors and social innovators are sharing their ideas on tackling large-scale problems — together. I’m excited to join them at the NEXUS Global Summit in New York City, and explore why partnerships are the key to addressing our global challenges -- from climate change and affordable housing to clean water.

I’ve always known that the key to getting something done is collaboration. At Bank of America, we understand that we have the ability and the responsibility to bring together stakeholders from across sectors and industries to address some of the world’s most pressing issues. These major challenges require not only a vast amount of capital, but more importantly, the alignment of the public, private, and nonprofit sectors working in lockstep. As a global bank, we play a unique role in pulling together partners and deploying the capital that’s critical to the success of solving the globe’s largest challenges.

 Each year, Bank of America works with thousands of organizations to help create a positive impact on the world around us. This isn’t just about philanthropy -- though that’s a part of it -- this is about creating sustainable pathways forward for our clients and global community.

 Here are just 3 ways Bank of America is collaborating with organizations big and small right now to tackle global challenges.

1. Water scarcity is a massive global challenge. Right now, 1 in 10 people around the world lack access to safe water. For hundreds of millions of people, the solution might be as simple as installing an indoor tap. But finding the money to do so can be daunting. This is where market-based solutions can play an important role. In 2017, we partnered with Water.org, which provides access to clean water and sanitation in developing countries, through a $5 million zero-interest loan to WaterEquity’s WaterCredit Investment Fund. This helps provide safe water and/or sanitation services to at least 4.6 million people in South and Southeast Asia. To date, the WaterEquity program has already helped 766,000 people.
2. For decades, women have created trillions of dollars in economic activity and millions of jobs, yet women entrepreneurs still face significant obstacles, including fair access to capital. To help women overcome the obstacles they face as entrepreneurs and business owners, Bank of America partnered with the Tory Burch Foundation to launch the Tory Burch Foundation Capital Program, which provides capital to women-owned businesses to support economic independence and job growth. The program has delivered capital to 1,700 women in 16 states since its launch. And this year, we doubled our commitment to $100 million to continue empowering women small business owners.
3. One of our biggest challenges is one of our most fundamental needs: housing. Today, the U.S. has a shortage of 7.2 million rental homes for people living 30 percent above the poverty line or lower. To create affordable housing for thousands, Bank of America has partnered with public, private, and nonprofit sectors to provide a record $4.7 billion in loans, tax credit equity investments and other real estate development solutions just last year. As part of this investment, Bank of America has provided millions to local housing programs in cities across the country like Los Angeles, San Francisco, Charlotte, NC and Jersey City, NJ.

Overall, it is clear to us that the future depends on the actions we take today and the ways we work together to create real solutions. Bank of America is committed to finding ways to address our global challenges, and through partnerships are creating a responsible future.