Huntington National Bank Joins the Partnership for Carbon Accounting Financials
On March 4, 2022, Huntington National Bank, a subsidiary of Huntington Bancshares (Nasdaq: HBAN), announced its membership with the Partnership for Carbon Accounting Financials (PCAF). This move emphasizes the bank's commitment to Environmental, Social, and Governance (ESG) initiatives, particularly in climate and sustainability efforts. Huntington has successfully reduced Scope 1 and Scope 2 greenhouse gas emissions by 35% since 2017 and aims to source 50% of its electricity from renewable sources by 2035. The bank also pledged $40 billion towards its Strategic Community Plan, which addresses environmental and racial equity challenges.
- Reduced Scope 1 and Scope 2 greenhouse gas emissions by 35% since 2017.
- Aims to shift 50% of electricity usage to renewable sources by 2035.
- Pledged $40 billion for the Strategic Community Plan focused on environmental and racial equity.
- Achieved an A- climate change rating from CDP, placing it in the top quartile of its peer group.
- None.
COLUMBUS, Ohio, March 4, 2022 /PRNewswire/ -- Huntington National Bank, the wholly-owned subsidiary of Huntington Bancshares Incorporated (Nasdaq: HBAN), today announces it has joined the Partnership for Carbon Accounting Financials (PCAF), demonstrating the company's increased focus on Environmental, Social and Governance (ESG), key climate and environmental related efforts and initiatives.
The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With more than 220 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
"Standardized assessment methodologies are critical as we identify risks related to climate change and implement effective mitigation strategies," said George Gonczar Huntington's Climate and Global Risk Director. "By joining PCAF, we are helping to drive a consistent framework to set targets, track progress and disclose our financed emission through a common GHG accounting standard. We're confident our enhanced strategy and reporting transparency will benefit our stakeholders as we integrate climate-related insights into Huntington's decision-making and help key leaders and clients achieve their climate-related objectives."
Huntington continues to make significant progress on its five-year environmental sustainability strategy including achieving an A- in CDP's climate change rating, placing it in the top quartile of CDP's Financial Services Activity Group. The score illustrates Huntington's increased focus on ESG and key climate- and environmental-related efforts and initiatives.
Additional commitments and accomplishments by Huntington include:
- Reduced Scope 1 and Scope 2 greenhouse gas emissions in 2020 by
35% vs. 2017 baseline. - Established a renewable energy goal to shift
50% of its electricity usage to renewable sources by 2035. - Achieved 382 new ENERGY STAR certifications for our buildings since 2017.
- Provided comprehensive, customized solutions for businesses innovating in the green technology market.
- Pledged
$40 Billion through the five-year Strategic Community Plan which includes programs intended to address environmental and racial equity challenges and to help make customers more financially secure in the future. - Announced Climate Risk Director and Environmental Strategy & Sustainability Director.
- Established climate risk governance and reporting structure, including the formation of a Climate Risk Management Working Group.
"Huntington acknowledges that climate change is a serious issue, and we are committed to reducing our carbon footprint and providing guidance to clients as they transition to a low-carbon economy," said Rebecca Karason, Huntington's Environmental Strategy & Sustainability Director. "We look forward to collaborating with our peers across the industry to promote transparent reporting and to build a more sustainable world."
Huntington's approach to environmental sustainability is guided by its Environmental Policy Statement, which outlines the bank's pledge to protect the environment, address climate change, and manage environmental risks.
Huntington's environmental stewardship efforts align with and support well-recognized and respected frameworks and guidance, such as the U.N. Sustainable Development Goals, World Economic Forum agenda, and the principles of the Paris Agreement. Huntington's Climate Risk Policy Statement aligns closely with TCFD's Implementation Path, as well as with the U.S. Climate Finance Working Group's best practices. More information is available in Huntington's Environmental, Social and Governance (ESG) Report.
About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 220 financial institutions have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse gas emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/
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SOURCE Huntington National Bank
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