Citizens Financial Group Releases 2020 Corporate Responsibility Report

Rhea-AI Summary

Citizens Financial Group (CFG) released its 2020 Corporate Responsibility Report, titled Building Tomorrow Together, showcasing initiatives for responsible citizenship. This report aligns with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) frameworks for the first time. Key highlights include goals to cut Scope 1 and 2 greenhouse gas emissions by 30% by 2025 and 50% by 2035, based on 2016 levels, supporting the Paris Agreement's climate objectives. The report emphasizes Citizens' commitment to sustainable growth and corporate responsibility.

Positive

• Introduced targets to reduce Scope 1 and 2 greenhouse gas emissions by 30% by 2025 and 50% by 2035, aligned with the Paris Agreement.
• The report enhances Citizens' reputation for corporate responsibility and sustainable growth.
• Alignment with GRI and SASB reporting frameworks strengthens transparency and accountability.

Negative

• None.

Citizens Financial Group (CFG) today released its 2020 Corporate Responsibility Report, Building Tomorrow Together, highlighting enterprise-wide initiatives that advance its commitment to responsible citizenship.

The report aligns with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) reporting frameworks for the first time. It also includes the outcome of Citizens’ inaugural materiality assessment, which was conducted in 2020 to identify the bank’s environmental, social and governance (ESG) priorities. In addition, Citizens has adopted targets to reduce its Scope 1 and 2 greenhouse gas (GHG) emissions 30% by 2025 and 50% by 2035, based on its 2016 baseline, to support international goals to limit global temperature rise. These targets align with the Paris Agreement, which aims to limit average global temperature increase to well-below 2° Celsius compared to pre-industrial levels.

“Citizens’ commitment to good corporate citizenship and responsible, sustainable growth is woven into the fabric of our company,” said Bruce Van Saun, Chairman and CEO, Citizens Financial Group. “We recognize that the actions we take now will help shape the future, not only for our business but for all of our stakeholders, as we work together to build a better tomorrow.”

The full report and an infographic with highlights are available at: www.citizensbank.com/corporateresponsibility.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210629005643/en/

FAQ

What are the key targets in CFG's 2020 Corporate Responsibility Report?

CFG targets a 30% reduction in Scope 1 and 2 greenhouse gas emissions by 2025 and a 50% reduction by 2035 based on 2016 levels.

How does CFG's report align with international sustainability standards?

CFG's 2020 report aligns with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) frameworks.

What is the significance of the 2020 Corporate Responsibility Report for CFG shareholders?

The report enhances CFG's reputation for sustainable practices, which may positively influence investor sentiment and long-term company viability.