Commercial, Finance - September 23, 2020
Fifth Third seeks to reach $8 billion in sustainable financing by 2025
Fifth Third Bancorp announced Sept. 23 their new target of achieving $8 billion in sustainable financing by 2025.
The financial services company plans for these investments to include lending commitments and financing for renewable energy projects like solar, wind, geothermal, biomass and hydropower. Previous such projects include the roughly $110 million construction-to-term facility for Silicon Ranch Corporation in 2019, which allowed for the operation of a solar farm that now provides Facebook’s Newton Data Center with 100% renewable energy.
“By setting this $8 billion sustainable finance goal, we are expanding our commitment to partner with clients to make a real difference for our planet,” Greg D. Carmichael, Fifth Third Bank Chairman, President & CEO, said in a statement. “We are proud to be part of the solution to address climate change through our financing of quality renewable energy projects and other climate solutions.”
The company previously achieved 100% renewable power sourcing through a single solar project, reduced emissions 25% in 2017 and last year received an EPA Green Power Leadership Award. It is estimated that approximately $4 billion in renewable energy lending have been provided by Fifth Third since 2012, leading to the completion of more than 3.5 GW of renewable energy projects. The company established their national renewable energy finance center in 2018 and thus increased the attention that was given to financing these projects.