Fifth Third Publishes 2020 Environmental, Social and Governance Report

Rhea-AI Summary

Fifth Third Bancorp (Nasdaq: FITB) released its 2020 Environmental, Social and Governance Report, outlining its commitment to sustainable value creation for stakeholders. Key highlights include:

• First regional bank in the U.S. to achieve carbon neutrality.
• Secured $5.4 billion in sustainable financing towards an $8 billion goal.
• $41.6 billion in community lending exceeding a $32 billion target.
• Recognized as one of the world's most ethical companies.

The report benchmarks against international frameworks, covering 2020 data and updates through mid-2021.

Positive

• Achieved carbon neutrality for Scope 1, Scope 2, and Scope 3 business travel emissions.
• Secured $5.4 billion in sustainable financing; on track towards $8 billion goal by 2025.
• $41.6 billion in community lending surpassed the $32 billion target.
• Recognized as one of the world's most ethical companies by Ethisphere.

Negative

• None.

Fifth Third Bancorp (Nasdaq: FITB) today published its 2020 Environmental, Social and Governance Report, highlighting its commitment to doing well by doing good. The 2020 report further describes actions taken to generate long-term sustainable value for all Fifth Third stakeholders. It follows Fifth Third’s inaugural report, published in September 2020.

Fifth Third Bancorp has published its 2020 Environmental, Social and Governance Report.

“The 2020 ESG Report is an opportunity to discuss the progress on our ESG efforts and to demonstrate the multiple ways we live our purpose to improve lives and the well-being of our communities,” said Greg D. Carmichael, chairman and CEO, Fifth Third Bancorp. “We continue to expand our voluntary reporting and increase the transparency of our ESG actions and impact as we continually strive to be the Bank that people most value and trust.”

The contents of the ESG Report are benchmarked against established reporting frameworks such as the Global Reporting initiative, Sustainability Accounting Standards Board (now the Value Reporting Foundation), Task Force on Climate-related Financial Disclosures and World Economic Forum’s Stakeholder Capitalism Metrics. The Bank also aligns to 12 United Nations Sustainable Development Goals. The report’s data covers the 2020 calendar year unless otherwise noted, and the narrative includes updates through June 30, 2021, where possible.

The ESG Report includes the following key highlights:

Environmental:

• Becoming the first regional U.S. commercial bank to achieve carbon neutrality for its Scope 1, Scope 2 and Scope 3 business travel emissions.
• Achieving $5.4 billion in sustainable financing against 2025 goal of $8 billion, which was announced in 2020.
• Earning an A- Leadership Band rating from the CDP for the second consecutive year.
• Joining the Partnership for Carbon Accounting Financials and the Ceres Company Network.

Social:

• Delivering $41.6 billion in community lending and investments under the Bank’s five-year Community Commitment, exceeding the $32 billion goal.
• Setting six bold goals to support inclusion and diversity throughout our workforce and suppliers to be achieved by 2025.
• Announcing a $2.8 billion Accelerating Racial Equity, Equality and Inclusion Initiative encompassing the communities we serve, employees and businesses.
• Achieving a 19% year-over-year increase – to $75.4 million in 2020 – in spending with diverse suppliers.
• Facilitating $7.4 billion in Small Business Administration Paycheck Protection Program, or PPP, loans and executing more than 150,000 hardship requests during the COVID-19 pandemic.
• Providing $29.8 million in philanthropy in 2020.
• Expanding employee demographic disclosures, as well as gender and minority pay equity ratios.

Governance:

• Being named again by Ethisphere as one of the world’s most ethical companies, one of only five banks in the world to be so recognized.
• Reporting 40% diversity among the Company’s directors by ethnicity or gender.
• Establishing an ESG Committee accountable to the Nominating and Corporate Governance Committee of the Board of Directors.

Fifth Third’s 2020 ESG Report and all related policies, procedures and programs are available on the Bank’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 March 31, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 March 31, 2021, had $464 billion in assets under care, of which it managed $58 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.

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FAQ

What is the significance of Fifth Third Bancorp's 2020 ESG Report?

The 2020 ESG Report highlights Fifth Third's commitment to sustainability and social responsibility, showcasing their progress in environmental, social, and governance practices.

How much sustainable financing did Fifth Third Bancorp achieve in 2020?

Fifth Third Bancorp achieved $5.4 billion in sustainable financing against their 2025 goal of $8 billion.

What were the community lending achievements noted in the report?

Fifth Third Bancorp delivered $41.6 billion in community lending, exceeding their five-year goal of $32 billion.

How does Fifth Third Bancorp address diversity and inclusion?

The report outlines six bold goals to enhance inclusion and diversity within their workforce and suppliers by 2025.

What recognition did Fifth Third Bancorp receive for its governance practices?

The bank was named one of the world's most ethical companies by Ethisphere, highlighting its strong governance practices.