Commercial, Energy Efficiency, GHG Emissions - May 9, 2022
Fifth Third Sets 2030 Targets
Fifth Third Bancorp announced six new operational sustainability targets to be achieved by 2030 including deeper cuts in GHG emissions.
The bank’s new and enhanced operational sustainability targets for 2030 are:
- Purchase 100% renewable power (continuation),
- Reduce location-based GHG emissions by 75% (previously 25%),
- Reduce energy use by 40% (previously 25%),
- Reduce potable water use by 50% (previously 20%),
- Divert 75% of waste from going to landfills (previously 20% waste reduction goal) and
- Reduce paper use by 75% and purchase remaining paper from certified sources.
These targets build upon the Bank’s initial five goals set in 2017, which established the foundation for Fifth Third to reduce the environmental impact in its own operations. The 2017 goals were to purchase 100% renewable power and to reduce its energy use, GHG emissions, water use and waste sent to landfills by 2022.
Since 2014, Fifth Third has reduced its location-based Scope 1 and Scope 2 emissions by more than 50%. Fifth Third has been carbon neutral for these emissions since 2020 with the purchase of 100% renewable power and verified carbon offsets for the remaining emissions.
In addition to announcing these new targets, Fifth Third announces the establishment of a Sustainability Office with the appointment of Mike Faillo as chief sustainability officer. As CSO, Faillo will lead the office and will lead Fifth Third’s comprehensive environmental, social and governance strategy, which includes the bank’s climate strategy and sustainable finance initiatives, as well as social and governance reporting.
“The creation of a sustainability office under the leadership of Mike Faillo demonstrates Fifth Third’s commitment to drive progress toward a sustainable, inclusive and healthy environment for our customers and communities,” said Kala Gibson, executive vice president and chief corporate responsibility officer, in a statement. “We recognize the important role that the financial sector has in making necessary changes to adapt to a changing planet and create more resilient communities.”
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