Commercial, GHG Emissions - September 8, 2022
Signature Bank to Disclose GHG Data
Signature Bank announced its intent to disclose Scope 1 and Scope 2 GHG emissions (produced from its own operations).
The New York-based national commercial bank, announced it became an official supporter of the Task Force on Climate-Related Financial Disclosures (TCFD).
By joining about 3,400 TCFD supporters, Signature Bank is demonstrating greater transparency through climate risk disclosures which will allow stakeholders to better assess the impact of risks associated with climate change in comparison to Signature Bank’s business model.
In response to shareholders’ call for greater transparency, the bank shared information through the lens of the Sustainability Accounting Standard Board (SASB) framework for the first time in its 2021 Social Impact Report.
“Since our inception 21 years ago, this institution has been focused on ensuring its lending practices and all we do positively impacts the communities we serve. The adoption of our purpose statement, ’Looking Forward. Giving Back.,’ is our way of articulating these core values, including transparency for all stakeholders,” said Scott Shay, Signature Bank Co-founder and Chairman of the Board in a statement. “Given our rapid rate of growth during the past two years, we are making significant headway as evidenced by the TCFD-designed disclosures to better inform our investors, clients and colleagues about the Bank’s dedication to climate-focused initiatives,” he concluded.