The Bank of America has committed £1.2 million to the University of Oxford for research into greenhouse gas removal from the atmosphere.
Oxford’s Smith School of Enterprise and the Environment will benefit from the funding, which will support three years of research in data and technology.
This is the first investment of its kind for the Bank of America in Europe, as it looks to expand its environmental funding onto the continent.
The Smith School has worked with 20 different global governments to date on their green recovery plans.
On receiving the funding, Director of the Smith School Professor Cameron Hepburn said: “We are hugely grateful for their gift to the University.
“This partnership will enable us to expand Smith School research in sustainable finance and greenhouse gas removal, both of which are critical as we move from an era of climate change debate, to one of action.”
Bank of America’s Bernard Mensah added: “We are delighted to be able to help advance research with the potential to unlock completely new information and ideas that could help financial institutions and their clients attain a sustainable trajectory by 2030.”