Water.org has received a $3 million grant from Bank of America to expand access to safe water and sanitation for people in need in Asia, Africa and Latin America. The funding will support Water.org’s efforts to use financial solutions to empower people living in poverty gain access to safe water and sanitation. This helps people attain the basic resources they need to build resilience to climate change for the future.
“Bank of America has a long-standing commitment to the environment and finding solutions to some of our most pressing water issues. This funding represents an evolution in our partnership with Bank of America. As an unrestricted grant, it increases our capacity to help build more climate-resilient communities in some of the world’s most vulnerable areas; it also expresses the mutual trust that has emerged from a long and successful partnership,” said Lina Bonova, Chief Revenue Officer at Water.org.
Bank of America has provided more than $8 million to Water.org since 2011. These efforts help to advance the United Nations Sustainable Development Goal number six — clean water and sanitation for all. Bank of America’s past grant funding to Water.org has supported the expansion of the organization’s microfinance practice, called WaterCredit. The program removes barriers to access through small, affordable loans to people to help establish essential systems like water connections and toilets. This market-driven solution is a critical element to help reduce water-related illnesses in rural and peri-urban areas.
“Water.org is leading the way on water access, which is one of the most pressing issues of our time as climate change continues to have an increased impact on the world’s most impoverished communities,” said Alex Liftman, Global Environmental executive at Bank of America. “This funding will help to scale viable solutions, which then can create economic opportunities, improve health and water access in rural locations, and provide clean, safe water where it is needed.”
Founded by Gary White and Matt Damon in 2009, Water.org pioneers market-driven financial solutions for the global water crisis, breaking down the barriers between people living in poverty and access to safe water and sanitation.
Bank of America’s long-standing support of environmental and social causes spans its global footprint and includes the following:
- Since 2019, Bank of America has provided more than $60 million in grant funding for environmental initiatives. In 2021 alone, the company provided more than $20 million to environmentally focused nonprofits around the world.
- Bank of America is committed to net zero before 2050. The company met its carbon neutrality goal in 2019, a year ahead of schedule. It was the first U.S. bank to announce a Scope 1 & 2 greenhouse gas emissions reduction goal with the Environmental Protection Agency Climate Leaders program in 2006.
- The bank has committed $1 trillion in sustainable finance by 2030 to support clients in their environmental transition. Since 2007, the company has provided more than $350 billion to low-carbon business activities to support clients.
- Bank of America provides environmentally focused benefits and supports employees through My Environment® employee network, which has more than 25,000 employee participants.