Fifth Third Achieves Carbon Neutrality

Rhea-AI Summary

Fifth Third (Nasdaq: FITB) has achieved carbon neutrality for its operations in 2020, including emissions from its facilities and business travel. This milestone was reached through direct carbon footprint reduction, renewable power purchases, and carbon offsets. The bank aims to maintain its commitment to environmental sustainability by aligning with its $8 billion sustainable finance goal and achieving notable reductions in water usage and greenhouse gas emissions. The claim of carbon neutrality is pending third-party verification.

Positive

• First regional U.S. commercial bank to achieve carbon neutrality.
• Achieved 100% renewable power usage.
• Reduction of water usage by 20% and greenhouse gas emissions by 25%.

Negative

• Carbon neutrality claim is pending third-party verification.

Fifth Third (Nasdaq: FITB) today announced that it has achieved carbon neutrality for its operations in 2020, including greenhouse gas emissions from its facilities and business travel. This achievement was accomplished by directly reducing the Company’s corporate carbon footprint, purchasing renewable power and utilizing carbon offsets from a project in its retail footprint for remaining emissions.

Fifth Third Bank has achieved carbon neutrality for its operations in 2020. (Photo: Business Wire)

“Becoming the first regional U.S.-based commercial bank to achieve carbon neutrality demonstrates Fifth Third’s unequivocal commitment to environmental sustainability leadership in the financial services industry,” said Fifth Third Chairman and CEO Greg D. Carmichael. “Achieving and maintaining carbon neutrality ensures that our operations minimize impact to the environment and is beneficial to all of our stakeholders.”

Fifth Third’s carbon neutrality achievement follows the Bank’s five-year $8 billion sustainable finance goal announced in September 2020. Additionally, Fifth Third continues to make significant progress on its five bold sustainability goals, announced in 2017, including having already achieved its goal for 100% renewable power, a 20% reduction in water usage and a 25% reduction in greenhouse gas emissions.

In addition to these goals, Fifth Third notes the following third-party recognition and progress related to environmental sustainability.

• Maintained its A- Climate Leadership Score from CDP in 2020 from 2019.
• Publication of its inaugural Environmental, Social and Governance Report in September 2020.
• Publication of a Task Force on Climate-Related Financial Disclosure (TCFD) index as well as becoming a TCFD supporter, 2020.
• An Environmental Protection Agency Green Power Leadership Award, 2020.
• Establishment of its national renewable energy finance center of excellence in 2018, and the addition of a renewable energy investment banking team in 2019.

Fifth Third aligns its work in environmental sustainability to the United Nations Sustainable Finance Goal No. 13 Climate Action. More information is available in the 2019 ESG Report. Fifth Third expects to publish its 2020 ESG Report in mid-2021.

Fifth Third’s claim to carbon neutrality is pending third-party verification. For additional environmental disclosures, including the Bank’s CDP questionnaire responses, environmental data tables, sustainable finance goal methodology and independent verification and assurance reports, visit the additional disclosures page of Fifth Third’s ESG site.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of September 30, 2020, Fifth Third had $202 billion in assets and operated 1,122 full-service banking centers and 2,414 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005637/en/

FAQ

What does Fifth Third's carbon neutrality mean for its operations?

Fifth Third's carbon neutrality indicates that it has minimized its environmental impact through direct reductions in carbon emissions, renewable energy purchases, and carbon offsets.

When did Fifth Third achieve carbon neutrality?

Fifth Third announced its achievement of carbon neutrality for its 2020 operations.

What are Fifth Third's sustainability goals?

Fifth Third has set a $8 billion sustainable finance goal and aims for significant reductions in water usage and greenhouse gas emissions.

What recognition has Fifth Third received for its sustainability efforts?

Fifth Third received an A- Climate Leadership Score from CDP and an EPA Green Power Leadership Award in 2020.

Is Fifth Third's claim to carbon neutrality verified?

The claim of carbon neutrality by Fifth Third is pending third-party verification.