CINCINNATI—Fifth Third Bancorp (Nasdaq: FITB) today announced it has received a Climate Leadership score of A- from CDP for its efforts and disclosures related to climate change. Fifth Third’s A- score placed Fifth Third in the top quartile of CDP’s Financial Services Activity Group. It also makes Fifth Third the only bank in its peer group to have maintained a leadership band score for three consecutive years.
"Fifth Third is committed to being a leader in environmental sustainability and providing transparent reporting on the Bank’s transition to a low-carbon economy," said Greg D. Carmichael, Fifth Third chairman and CEO. "Our leadership in climate strategy and reporting has again been recognized with a third-consecutive A- score from CDP. With all our stakeholders’ interests in mind, we are intensely focused on combating climate change and leading the transition to a sustainable future."
Ateli Iyalla, managing director of CDP North America, a leading not-for-profit disclosure system, said, "Fifth Third has underscored its commitment to transparency on environmental impact, risks and opportunities. This step is critical not just for the Company’s goals, but also for its investors, customers and employees. CDP greatly values Fifth Third’s contribution to a more sustainable future."
Fifth Third has been recognized as a leader by other ESG data providers, including Sustainalytics, MSCI and S&P Global. In June, Fifth Third’s Sustainalytics ESG risk rating was determined to be low risk. Recently, MSCI improved Fifth Third’s rating to A, and Fifth Third received one of the highest scores among peers in the 2021 S&P Global Corporate Sustainability Assessment.
Fifth Third was the first regional bank to publish a report based on the recommendations of the Task Force on Climate-related Financial Disclosures. Fifth Third plans to publish a second TCFD report in February to provide an update on the progress of our climate strategy, risk management and metrics.
On Nov. 1, Fifth Third Bancorp settled the issuance of its inaugural Green Bond for $500 million. The proceeds will fund green projects that align with the Company’s sustainability priorities, as outlined in the Fifth Third Bancorp Sustainable Bond Framework. With the issuance, Fifth Third became the first U.S. financial institution with less than $250 billion in assets to issue an ESG bond. Fifth Third also named its first climate risk officer in 2021 and joined the Ceres Company Network and the Partnership for Carbon Accounting Financials.
In 2020, Fifth Third became the first regional, commercial bank to achieve carbon neutrality in its operations, including greenhouse gas emissions from Bank-owned facilities and business travel. Fifth Third also set its first sustainable finance goal of $8 billion, to be achieved by 2025 and including lending and financing for renewable energy, which is defined as solar, wind, geothermal, biomass and hydropower. Fifth Third also became the first U.S. commercial bank to join the SASB Alliance and GRI Community and became a TCFD Supporter. More about Fifth Third’s efforts in environmental sustainability can be found in the 2020 Environmental, Social and Governance Report and 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 Sept. 30, 2021, Fifth Third had $208 billion in assets and operated 1,100 full-service banking centers and 2,336 branded ATMs 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 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 Sept. 30, 2021, had $541 billion in assets under care, of which it managed $61 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."