President-elect Joe Biden's choice as his "envoy for climate," John Kerry, has been chair of the Global Advisory Council at Bank of America since late 2017. From 2016 to 2019 the bank was the fourth-largest lender to the fossil-fuel industry, according to an analysis by a group of environmental organizations.
The bank says the council assists with strategy and relationships. When appointed, the former Secretary of State saluted the bank's "remarkable leadership as a corporate citizen" on climate change.
The lending analysis found that Bank of America in 2019 extended $48 billion in loans to the industry, out of $983 billon in loans and leases in total. During 2018-2019, the bank saw the largest absolute increase in fossil fuel financing of any institution, the report said. With other big U.S. banks it dominates financing of fracking, which Biden has said he will eliminate on federal lands.