Comerica Builds on Environmental Services Business with Launch of New Dedicated Renewable Energy Solutions Group

Rhea-AI Summary

Comerica Bank has expanded its Environmental Services Department (ESD) by launching a new Renewable Energy Solutions group, led by Matt Breight, to enhance its renewable energy business. This initiative builds on Comerica's experience in financing renewable energy projects, including solar and wind, alongside its established waste and recycling services. As of March 31, 2022, Comerica reported $1.8 billion in green loans, a 52% increase year-over-year. The bank aims to align credit resources and drive growth in green loans while maintaining its commitment to sustainability.

Positive

• Established a new Renewable Energy Solutions group to enhance its renewable energy business.
• Reported $1.8 billion in green loans as of March 31, 2022, a 52% increase from the previous year.
• Increased organizational alignment and consistency in credit resources within the renewable sector.
• Recognized on Newsweek's 2022 list of America's Most Responsible Companies for the third consecutive year.

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• None.

DALLAS, May 5, 2022 /PRNewswire/ -- Comerica Bank announced today the expansion of its Environmental Services Department (ESD) with the introduction of a new group dedicated to growing and supporting Comerica's renewable energy business. Matt Breight, Senior Vice President and ESD Group Manager, has been appointed to lead Renewable Energy Solutions. He reports to Joe Ursuy, Senior Vice President, Director of Environmental Services.

Since the department's origination in 2006, Comerica's ESD has seen significant achievements in the renewable energy space. In recent years, its historical experience in financing landfill gas and biomass has naturally evolved into financing independent renewable energy generators for other forms of renewables, including those involved in the solar, wind and anaerobic digestion industries.

"Over the past decade we've developed deep industry expertise within ESD supporting companies that produce renewable energy from certain sources like landfill gas. While waste and recycling remain ESD's steadfast foundation, we feel it makes sense to target the broader renewable sector with our proven relationship banking model, combined with a strong leader in Matt. We will continue to invest in both our waste and recycling business along with our new renewable energy group. Our clients should expect the same best in class, white glove service they've received in the past," says Ursuy. "In addition, we continue to support and collaborate with associations and nonprofits like The Coalition for Renewable Natural Gas and the Environmental Research and Education Foundation to advance sustainability and improve industry practices."

By consolidating related efforts from across the organization under one umbrella, the Renewable Energy Solutions group also allows Comerica to better align credit resources, including underwriting and approval, drive greater organizational consistency, and benefit its broader sustainability objectives by driving green loan growth and improving the accuracy of data related to the bank's renewable efforts.

"Comerica, a long-time member of the Coalition for Renewable Natural Gas, has a proven track record when it comes to ethics, commitment to and expertise in working with renewable energy businesses," says Johannes Escudero, Founder & CEO of the Coalition for Renewable Natural Gas. "I am excited to see this increased investment in the renewable energy industry, as I envision it will further help support our goal of ensuring present and future generations will have access to domestic, renewable, clean fuel and energy."

In addition to its membership in the Coalition for Renewable Natural Gas, Comerica is also a member of the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.

Comerica Bank is committed to protecting and preserving the environment to help communities and the planet thrive.

• In 2020, Comerica established an ESG Council, whose purpose is to deliver strategy and programs to maintain Comerica's ESG Leadership among peers and within the financial industry.
• Last year, Comerica established its new Office of Corporate Responsibility, underscoring its dedication to protecting and preserving the environment; diversity, equity and inclusion; and serving and strengthening our communities.
• Comerica announced, via its first quarter 2022 earnings, $1.8 billion in green loans and commitments (as of 3/31/22), up 52% over 3/31/21.
• Comerica was named to the Newsweek's 2022 list of America's Most Responsible Companies, marking its third consecutive year on the list.

Breight has been with Comerica since 1998. Prior to 2013, when he assumed his most recent role as Senior Vice President, Group Manager – Environmental Services, he served as a Relationship Manager within the Small Business, Middle Market, and Environmental Services departments. As Group Manager, his specialized team worked with growing companies across the U.S. and Canada that collect, transport, treat, recycle, process and dispose of various types of waste including Solid, Recyclables, E-Waste, Hazardous, Liquid, and Landfill Gas. Breight holds a Bachelor of Business Administration degree from Western Michigan University.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $89.2 billion as of March 31, 2022.

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SOURCE Comerica Incorporated

FAQ

What is Comerica's new Renewable Energy Solutions group?

Comerica's new Renewable Energy Solutions group aims to enhance its renewable energy business and is part of the Environmental Services Department.

Who is leading the Renewable Energy Solutions group at Comerica?

The Renewable Energy Solutions group is led by Matt Breight, who has been with Comerica since 1998.

What was Comerica's reported green loans amount as of March 31, 2022?

Comerica reported $1.8 billion in green loans and commitments as of March 31, 2022.

How much did Comerica's green loans increase by year-over-year?

Comerica's green loans increased by 52% compared to the previous year.

What recognition has Comerica received for its environmental efforts?

Comerica was named to Newsweek's 2022 list of America's Most Responsible Companies.