GHG Emissions - January 27, 2022
Truist Sets 2050 Net Zero Goal
Truist Financial Corporation announced plans to achieve net zero GHG emissions by 2050, supporting its transition to a low-carbon economy.
The bank will continue to reduce Scope 1 and Scope 2 GHG emissions from its operations, including investing in energy efficiency projects at corporate offices and bank branches.
Truist also will work to measure and report on enhanced Scope 3 categories, which will be accomplished through the following:
- Investing in Low-Carbon Technologies –Truist will significantly increase its investment in available and emerging low-carbon technologies and systems.
- Calculating a Financed Emissions Baseline – The company will calculate the financed emissions from its loans and investments utilizing the methodology from the Partnership for Carbon Accounting Financials (PCAF). These calculations will be integrated into underlying processes to improve the completeness and quality of the data to achieve higher precision estimates.
- Setting Interim Targets – Using improved baseline calculations, the company will identify levers and dependencies as part of developing interim targets.
Truist will share its progress in its upcoming CSR and ESG Report and in the second issuance of its Task Force for Climate-Related Financial Disclosures (TCFD) Report.
"Truist continues to take important and broad action on climate change. We are reducing our own carbon emissions, investing in renewables, energy efficiency, and sustainable projects, and we are partnering with our clients across all industry sectors to help drive innovation and support their transition plans," said Truist CEO Bill Rogers in a statement. "These steps toward achieving net zero are a clear manifestation of our purpose – to inspire and build better lives and communities – and are important to our clients and the economy."