Commercial, Energy Efficiency, GHG Emissions  -  July 12, 2022

Citizens Financial Updates Emission Progress

Citizens Financial Group, Inc. announced the bank made progress toward targets to reduce Scope 1 and 2 GHG emissions 30% by 2025 and 50% by 2035.

The company’s emissions reductions to date include LED lighting installations; heating, ventilation and air conditioning upgrades; and building management systems that allow for adjustment of energy consumption given weather changes, occupancy, and regional energy demand. 

Citizens also consolidated its overall physical footprint with energy conservation and is exploring renewable energy as a key component to reduce emissions.

The company also made a commitment to issue its first climate report later this year, which will be aligned to recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) and will describe the company’s climate strategy and associated work in more detail.

Details were provided in its 2021 Corporate Responsibility Report, Creating a Brighter Tomorrow, highlighting the company’s enterprise-wide progress on its environmental, social and governance (ESG) initiatives. 

Citizens announced that it has joined PCAF, an industry collaborative working on a harmonized approach to assess and disclose GHG emissions associated with loans and investments.

“Citizens’ commitment to good corporate citizenship and responsible growth is a guiding factor in every decision we make,” said Bruce Van Saun, Citizens chairman and CEO in a statement. “By committing ourselves to this journey, we create an opportunity to use our reach, innovation, and insights to create a more sustainable and inclusive future.”