Commercial, Energy Efficiency, GHG Emissions  -  September 25, 2024

Flagstar Bank’s Emissions Drop 34%

Flagstar Bank, N.A., the bank subsidiary of New York Community Bancorp, announced it reduced its Scope 1 and 2 GHG emissions by 34% in 2023. 

This achievement surpasses the company's commitment to a 30% reduction by 2030 compared to a 2019 baseline at its branches and headquarters.

In 2023, the bank increased efforts around energy, water, and waste data collection to report its environmental footprint for its entire operations, which now includes Flagstar in addition to the properties of New York Community Bancorp and the acquired properties from the acquisition of certain assets of Signature Bank. The company reported improving energy efficiency through LED retrofits, HVAC upgrades, energy-saving smart technology, insulation upgrades and remote property monitoring projects. 

Flagstar is currently assessing a new GHG and energy consumption goal as well as additional environmental metric goals to continue its operational sustainability journey.

Details were released in its 2023 Environmental, Social, and Governance (ESG) Report. The report highlights Flagstar's commitment to sustainability and social responsibility, showcasing progress while outlining ongoing efforts to drive meaningful advancements in environmental, social and governance practices.

"We believe that setting ambitious goals and holding ourselves accountable for our environmental, social, and governance efforts is a fundamental aspect of responsible business," said Joseph Otting, Chairman, President, and CEO, in a statement. "I am particularly proud of our team's dedication to positively impacting the communities we serve during this period of continuous company transformation and look forward to seeing what we can accomplish together over the long-term."  

Flagstar's 2023 ESG Report aligns with several key standards and frameworks, including the Global Reporting Initiative Universal Standards, the Task Force on Climate-related Financial Disclosures framework and relevant sector standards from the Sustainability Accounting Standards Board. 

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