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Wall Street’s Trillion-Dollar ESG Club Comes With Huge Tax Perks

Four banks pledge $6 trillion in sustainable finance, and the billions they’ll save in taxes is one of the benefits

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Photographer: 731/Getty Images(2)

Bank of America Corp. sparked a stir in January -- and a little envy -- with just a few lines of disclosure in its fourth-quarter earnings report.

The lender revealed it had slashed its 2020 corporate tax rate to 5.8% from what would have been 21%, thanks to finance work involving environmental, social and governance projects. That didn’t go unnoticed by Bank of America’s competitors.