Bank of America
Market-Based Solutions for a Climate-Resilient World
Coral reefs are vitally important marine and coastal ecosystems. Healthy coral reefs can break-up as much as 97% of wave energy. During major storms, they can dramatically reduce flooding in the coastal communities that sit behind reefs. As reefs break these waves, they become damaged, reducing ecological function and coastal protection during subsequent storms. Damaged reefs can be repaired via immediate post-storm actions, but funds are needed to finance the work.
With support from Bank of America and other funders, TNC and its partners developed a first-of-its kind reef insurance policy which is now covering a 160 kilometer stretch of the Mesoamerican reef in Quintana Roo, Mexico. If a storm of a predetermined intensity enters an area around the reef, an insurance payout is triggered, providing immediate funding for first response reef brigades, which then deploy to repair the reef. With support from Bank of America, TNC is now working to scale this model beyond Mexico to other Mesoamerican reef countries, Asia Pacific, Florida, and Hawaii.
Bank of America has also provided funding to TNC’s Blue Bonds debt conversion efforts as well as its Resilient Islands initiative in the Caribbean, which helps vulnerable coastal communities—and the mangroves and reefs that protect them from flooding—remain healthy and resilient in the face of increasingly severe storms.
For decades, Bank of America has helped The Nature Conservancy protect the lands and waters upon which all life depends. Past funding has supported TNC’s efforts to protect endangered forests in the Amazon and in Chile and to address hydropower expansion that threatened major freshwater systems in Asia, Africa, and Latin America, among other vital conservation efforts.
In addition, Bank of America has helped individuals interested in supporting TNC’s work through The Nature Conservancy Cash Rewards credit card. When cardholders make purchases with this credit card, Bank of America makes a contribution to TNC to help achieve our conservation mission.