Fifth Third announced today a major increase in its sustainable finance target, setting a new goal to achieve $100 billion in environmentalEnvironmental criteria consider how a company performs as a steward of nature. and socialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. finance by 2030. The bank’s initial target, set in 2020, was to reach $8 billion by 2025. Fifth Third reported that it has already reached its 5-year goal, nearly 3 years ahead of schedule.
Today’s announcement also expands the scope of Fifth Third’s goal to include socialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. finance, compared to the prior target which focused on renewable energy projects such as solar and wind farms, geothermal and biomass facilities, or hydropower.
The new goal was announced with the release of the bank’s 2021 ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Report, outlining the company’s progress on its ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. and sustainable finance initiatives. Some of the highlights from the report include Fifth Third’s achievement of several of its sustainability goals including purchasing 100% renewable power, cutting location-based GHG emissions by 75%, reducing energy use and potable water use by 40% and 50% respectively, diverting 75% of waste from going to landfills, and reducing paper use by 75%.
The bank also announced that it has delivered $1.3 billion or 46% of its investment commitment of $2.8 billion announced in 2020, as part of its Executive Diversity Leadership Council’s Accelerating Racial Equality, Equity and Inclusion initiative.
Tim Spence, President and incoming CEO of Fifth Third, said:
“We have a purpose-driven culture at Fifth Third. Everything we do, including setting ambitious finance targets and pushing to make progress in our ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. areas of focus, is derived from our resolve to improve the lives of our customers and the well-being of our communities. As a financial institution, we have a distinct and crucial role to play in the transition to a sustainable future. We are intent on delivering long-term value for all we serve and to building healthy, inclusive economies for everyone’s benefit.”
The post Fifth Third Sets $100 Billion Sustainable Finance Goal appeared first on ESG Today.