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Citizens Financial Group has released its inaugural Climate Report, aligning with TCFD recommendations. The report details the bank's approach to managing climate risks and opportunities. Citizens aims to cut its Scope 1 and 2 greenhouse gas emissions by 30% by 2025 and 50% by 2035, based on 2016 levels. A virtual power purchase agreement supports renewable energy, furthering its commitment to sustainability.
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Released inaugural Climate Report aligning with TCFD recommendations.
Target to reduce Scope 1 and 2 greenhouse gas emissions by 30% by 2025 and 50% by 2035.
Entered a virtual power purchase agreement to support renewable energy initiatives.
Introduced Green Deposits and Carbon Offset Deposit Account for customers.
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Report details the latest in Citizens’ commitment to a more sustainable future
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens today released its inaugural Climate Report, which aligns with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This report details efforts underway at Citizens to address both the risks and opportunities related to climate change. The TCFD was established by the Financial Stability Board to develop consistent reporting recommendations that enable companies to disclose climate-related information to stakeholders in four areas: governance, strategy, risk management, and metrics and targets.
“In releasing our first TCFD report, we are showing how we are operationalizing our commitment to building a more sustainable future,” said Beth Johnson, Chief Experience Officer and Head of ESG at Citizens. “While this represents another step in our overall journey, we have established a strong foundation and look forward to progressing the important work that lies ahead.”
In 2021, Citizens set targets to reduce its Scope 1 and 2 greenhouse gas emissions 30% by 2025 and 50% by 2035, based on a 2016 baseline. Recognizing the importance of transitioning to renewable energy, the company earlier this year entered into a virtual power purchase agreement with Orsted, supporting the construction of the Sunflower Wind Project, which will match 100% of Citizens’ power consumption across its entire operational footprint with renewable energy credits.
The bank is focused on playing a critical role in accelerating the transition to a lower carbon economy. Its climate strategy includes a commitment to reducing its own operational impact on the environment, understanding and managing the risks and opportunities presented by climate change and resulting regulatory and market changes, and helping customers plan for and manage climate change impact.
In 2021, Citizens introduced Green Deposits for commercial clients, allowing customers to direct balances to support companies and projects expected to create a positive environmental impact. In 2022, the company launched a new Carbon Offset Deposit Account, which provides clients a simple way to acquire high quality carbon offsets using credit earned on their deposits. Acquired offsets enable clients to integrate sustainability into their own strategies and products.
Most recently, Citizens named a new head of Climate Risk Management to implement the climate risk strategy outlined in the TCFD report and to oversee development of the infrastructure needed across the company’s Risk function to successfully identify, measure, and manage climate risk.
To learn more about Citizens’ environmental, social and governance efforts, please read our annual Corporate Responsibility Report, Creating a Brighter Tomorrow, which highlights enterprise-wide initiatives that advance the bank’s commitment to responsible citizenship.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $224.7 billion in assets as of September 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 3,400 ATMs and approximately 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.
