Fifth Third has announced that it has achieved 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 utilizing 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,” said Fifth Third Chairman and CEO Greg D. Carmichael. “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 from CDP 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.
Fifth Third aligns its work in environmental sustainability to the United Nations Sustainable Finance Goal No. 13 Climate Action. More information is available in the 2019 ESG Report. Fifth Third expects to publish its 2020 ESG Report in mid-2021.
Fifth Third’s claim to carbon neutrality is pending third-party verification. For additional environmental disclosures, including the Bank’s CDP questionnaire responses, environmental data tables, sustainable finance goal methodology and independent verification and assurance reports, visit the additional disclosures page of Fifth Third’s ESG site.