Commercial, GHG Emissions, Sourcing Renewables - January 19, 2021
Fifth Third Bank achieves carbon neutrality for 2020 operations
Fifth Third Bank announced on Jan. 19 that it reached carbon neutrality for its operations in 2020, including greenhouse gas emissions from its facilities and business travel. This achievement was accomplished by directly reducing the company’s corporate carbon footprint, purchasing renewable power and using carbon offsets from a project in its retail footprint for remaining emissions.
“Becoming the first regional U.S.-based commercial bank to achieve carbon neutrality demonstrates Fifth Third’s unequivocal commitment to environmental sustainability leadership in the financial services industry,” Fifth Third chairman and CEO Greg D. Carmichael said in a statement. “Achieving and maintaining carbon neutrality ensures that our operations minimize impact to the environment and is beneficial to all of our stakeholders.”
Fifth Third’s carbon neutrality achievement follows the bank’s five-year $8 billion sustainable finance goal announced in September 2020. Additionally, Fifth Third continues to make significant progress on its five bold sustainability goals, announced in 2017, including having already achieved its goal for 100% renewable power, a 20% reduction in water usage and a 25% reduction in greenhouse gas emissions.
In addition to these goals, Fifth Third notes the following third-party recognition and progress related to environmental sustainability.
- Maintained its A-Climate Leadership Score in 2020 from 2019.
- Publication of its inaugural Environmental, Social and Governance Report in September 2020.
- Publication of a Task Force on Climate-Related Financial Disclosure (TCFD) index as well as becoming a TCFD supporter, 2020.
- An Environmental Protection Agency Green Power Leadership Award, 2020.
- Establishment of its national renewable energy finance center of excellence in 2018, and the addition of a renewable energy investment banking team in 2019.