Energy Efficiency, GHG Emissions, Sourcing Renewables - June 30, 2022
Fifth Third Sets $100B ESG Target
Fifth Third announced a new $100 billion environmental and social finance target to be achieved through 2030.
The new target is an expansion of the bank’s original $8 billion sustainable finance goal, which was set in 2020. That goal was focused on renewable energy and was recently achieved nearly three years ahead of schedule.
The bank’s new target has an expanded scope to include additional environmental eligibility criteria as well as social eligibility criteria to better reflect Fifth Third’s overall ESG priorities.
“We have a purpose-driven culture at Fifth Third,” said Tim Spence, president of Fifth Third Bancorp and incoming CEO, said in a statement. “Everything we do, including setting ambitious finance targets and pushing to make progress in our ESG 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.”
Fifth Third achieved its $8 billion sustainable finance goal ahead of schedule and achieved four of five of its original 2017 operational sustainability goals. The bank expanded them, including to continue purchasing 100% renewable power, reducing location-based GHG emissions by 75%, reducing energy use by 40%, reducing potable water use by 50%, diverting 75% of waste from going to landfills and reducing paper use by 75% and purchasing remaining paper from certified sources.
The bank named its first chief sustainability officer and first climate risk officer.
Details were provided in its 2021 Environmental, Social and Governance Report.
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