Commercial, Energy Efficiency, GHG Emissions - December 2, 2022
Citizens Releases First Climate Report
Financial institution Citizens addressed the risks and opportunities related to climate change in its inaugural Climate Report.
The goals of the bank align with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
“In releasing our first TCFD report, we are showing how we are operationalizing our commitment to building a more sustainable future,” said Beth Johnson, Chief Experience Officer and Head of ESG at Citizens, in a statement. “While this represents another step in our overall journey, we have established a strong foundation and look forward to progressing the important work that lies ahead.”
In 2021, Citizens set targets to reduce its Scope 1 and 2 GHG emissions 30% by 2025 and 50% by 2035, based on a 2016 baseline.
The company also began transitioning to renewable energy and earlier this year entered into a VPPA with Orsted, supporting the construction of the Sunflower Wind Project, which will match 100% of Citizens’ power consumption across its entire operational footprint with renewable energy credits.
The bank's climate strategy includes a commitment to reducing its own operational impact on the environment, understanding and managing the risks and opportunities presented by climate change and resulting regulatory and market changes, and helping customers plan for and manage climate change impact.
In 2021, Citizens introduced Green Deposits for commercial clients, allowing customers to direct balances to support companies and projects expected to create a positive environmental impact. In 2022, the company launched a new Carbon Offset Deposit Account, which provides clients with a simple way to acquire high-quality carbon offsets using credit earned on their deposits.