Bank of America Corp. has launched a paper-procurement policy to protect forest ecosystems. The policy seeks to minimize the bank's paper consumption, ensure the sustainability of source forests and protect fragile areas by requiring the bank's suppliers to identify and appropriately manage endangered forests.

The bank developed the policy in partnership with a group of suppliers and environmental organizations.

The bank will continue efforts to reduce paper consumption and maximize recycling. Charlotte-based BofA (NYSE:BAC) reduced the amount of paper used in internal operations by 32% between 2000 and 2004.

In 2004, the bank recycled 28,268 tons of paper.

"We believe our paper reduction and recycling efforts are already best in class, but we are eager to raise the bar," says Greg Taylor, supply-chain management executive. "Efficient use of resources reduces environmental impacts and expenses, driving benefits for both our shareholders and the communities in which we do business."

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Posted on 17th April 2005

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