Citizens Launches Carbon Offset Deposit Accounts for Corporate Clients

Rhea-AI Summary

Citizens has launched a Carbon Offset Deposit Account, allowing corporate clients to acquire carbon offsets via deposit credits. This initiative supports businesses in their transition to a lower carbon economy and complements their existing Green Deposits offering. The program ensures that all carbon offsets are verified and sourced from high-quality projects. Furthermore, complimentary carbon emissions estimates are available to help clients assess their emissions and identify reduction strategies. Citizens underscores its commitment to sustainability and responsible citizenship in its operations.

Positive

• Launch of Carbon Offset Deposit Account enhances sustainability offerings.
• Allows corporate clients to integrate carbon offsets into their strategies easily.
• Complimentary carbon emissions estimates help clients identify reduction opportunities.
• Carbon offsets sourced from high-quality projects ensure credibility.

Negative

• None.

Solution enables businesses to acquire carbon offsets using credit earned on deposits; joins Green Deposits among solutions to help clients meet ESG goals

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens today launched its Carbon Offset Deposit Account solution to provide corporate clients with another tool as they transition to a lower carbon economy. The account provides clients a simple way to acquire carbon offsets using credit earned on their deposits and to integrate sustainability into their strategies and products. It joins Green Deposits as part of Citizens’ portfolio of solutions to help clients achieve environmental, social and governance (ESG) goals.

Reducing greenhouse gas (GHG) emissions is an important tool in combating climate change. Quality carbon offsets allow companies to compensate for emissions that can’t yet be reduced and to make an immediate positive environmental impact while they work on their longer-term emissions reduction strategy. All offsets under Citizens’ Carbon Offset Deposit program are produced from high-quality projects registered with one of the four leading offset registries ensuring offsets are real, additional, permanent and third party verified.

For clients who have not measured their emissions, complimentary carbon emissions estimates will be available upon request to help clients understand the scale of their carbon impacts, identify reduction opportunities and to right-size offsetting options. Citizens works with the client to help identify emissions data sources and to facilitate measurement with their vendors.

“Citizens is committed to helping create a more sustainable and inclusive future, which includes meaningful action on climate change,” said Michael Cummins, executive vice president and head of treasury solutions at Citizens. “This commitment is an important extension of our company’s Credo, which has helped us serve our customers, colleagues, shareholders, and communities with integrity throughout our history. Across the bank, we are hard at work reducing our operational impact on the environment, navigating climate risk and delivering innovative solutions such as Carbon Offset Deposit Accounts, to support our clients as they transition toward a greener future."

To learn more about Citizens’ sustainability efforts, please read the recently released 2021 Corporate Responsibility Report, Creating a Brighter Tomorrow, which highlights enterprise-wide initiatives that advance the bank’s commitment to responsible citizenship. Later this year, Citizens will issue its inaugural climate report, aligned with the recommendations from the Task Force on Climate-Related Financial Disclosures.

To learn more about Citizens’ Carbon Offset Deposit Accounts, visit here.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. 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 full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,200 branches in 14 states and the District of Columbia. 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/20221012005266/en/

Frank Quaratiello

617.543.9810

frank.quaratiello@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

What is the purpose of Citizens' Carbon Offset Deposit Account solution?

The Carbon Offset Deposit Account allows corporate clients to acquire carbon offsets using credits earned on their deposits, aiding in their transition to a lower carbon economy.

How does the Carbon Offset Deposit Account benefit corporate clients?

Clients can easily integrate carbon offsets into their strategies, while also gaining access to complimentary carbon emissions estimates to help identify reduction opportunities.

What quality assurance is provided for the carbon offsets in the program?

All offsets are sourced from high-quality projects registered with leading registries, ensuring they are real, additional, and third-party verified.

Is there a cost for the carbon emissions estimates offered by Citizens?

Citizens provides complimentary carbon emissions estimates to help clients understand their carbon impacts.

How does Citizens demonstrate its commitment to sustainability?

Citizens emphasizes its commitment through initiatives like the Carbon Offset Deposit Account and by issuing sustainability reports.