Take Accountability: Caring for the Planet
"In June 2017, Fifth Third committed to being an environmental sustainability leader by setting five bold goals, including achieving 100 percent renewable power by 2022. Just six months later, we signed a long-term power purchase agreement that will enable us to achieve our 100 percent goal four years ahead of schedule. That’s bold leadership that will benefit the environment and communities we serve."
Director, Environmental Sustainability, Vice President
BY THE NUMBERS
We made significant progress* toward the goals we made public in 2017, and are pleased to report on that progress relative to our 2014 baseline year.
19% reduction in energy use
29% reduction in greenhouse gas emissions
10% decline in water consumption
30% renewable energy purchased in the form of renewable energy credits (RECs)
100% renewable energy contract signed
In 2017, Fifth Third signed a contract
to achieve 100% solar power.
That’s about 194,000 megawatt hours of clean energy per year.
That's the same as:
We also made tremendous progress toward achieving our 100 percent green power goal. In December, we signed a virtual power purchase agreement with SunEnergy1 to purchase power from a new solar facility that they will build and operate in Hertford County, North Carolina. This agreement made us the first Fortune 500 Company and first bank to announce a new project that will allow us to achieve 100 percent renewable power. The project is expected to be complete in 2018, which will allow us to meet our bold goal four years earlier than anticipated.
Renewable Energy Finance
In addition to purchasing renewable power, we are proud to finance new renewable energy projects. In October 2017, Fifth Third financing helped bring the NC92 utility solar power project to commercial operation, generating more than 92 MW of clean energy for thousands of residences across Cumberland County, North Carolina.
This project is part of a broader relationship between Fifth Third and DEPCOM Power, an Arizona-based utility solar power development, engineering, construction, operations and maintenance firm. Fifth Third has provided DEPCOM with a working capital revolver, a construction revolver, and letters of credit to support the development and construction of projects in multiple states across the U.S.
“The utility-solar power industry is changing the American energy grid, generating clean, affordable energy. It’s forward- thinking investment companies like Fifth Third Bank that are helping power the utility solar power technology evolution and supporting the future for an energy independent America.”
Chief Executive Officer, DEPCOM Power
OurWorkplace creates happier, more productive employees while helping Fifth Third become a more environmentally sustainable company.
We began OurWorkplace as a pilot in Detroit in 2015 and it continues to improve as we renovate offices nation-wide. OurWorkplace renovations are people-centric workplaces with a variety of formal and informal collaborative team areas. Options include workbenches, couches, presentation zones, cafes, huddle and focus rooms, as well as traditional offices.
By providing employees with many workspaces, people will move around during the day and choose the environment that best supports a given task. This creates 200 different work points in an area that previously provided about 80 traditional desks and offices.
OurWorkplace’s effective space planning and efficient LED lighting also consumes less energy. Additional benefits include enhanced recycling infrastructure, sit-stand and treadmill desks, dual monitors to reduce printing, filtered water and reusable glasses and mugs.
Environmental Risk Governance
Disclosure and transparency help our Company and our stakeholders better understand, prepare for and manage climate change-related risks and opportunities. For this reason, we continue to participate in the annual Carbon Disclosure Project (CDP) reporting process that covers our emissions and our approach to managing the risks and opportunities related to climate change.
For the fifth year in a row, we had our Scope 1, Scope 2 and some components of our Scope 3 greenhouse gas emissions independently verified to ensure the integrity of our data collection process and calculations. Based on our 2016 emissions and management approach, we received a CDP score of “C.”
In 2017 we enhanced our approach to managing climate-related risks and opportunities by launching a new Corporate Responsibility & Reputation Committee which has a broad scope, including climate change. The committee includes representatives from multiple lines of business and corporate functions and reports to the Enterprise Risk Management Committee. In turn, that group reports to the Risk and Compliance Committee of the Board of Directors.
In 2017, we also convened an internal working group to review the work of the Task Force on Climate-related Financial Disclosures and provide recommendations. Topics the working group will explore in 2018 include increasing the transparency of our governance process for environmental risks, leveraging existing practices and procedures to enhance our environmental risk management framework, and reviewing our portfolio for exposure to carbon-intensive and renewable sectors.
“We hope this report has defined, articulated and communicated our commitment to good corporate citizenship. We invite all of our customers, communities, employees and shareholders to hold us accountable and to continue engaging with us in our mission to improve lives and the well-being of our communities. We are striving everyday to keep our customers at the center of everything we do and to do well by doing good.”
Greg D. Carmichael
Chairman, President & CEO, Fifth Third Bancorp
2017 Corporate Responsibility Report
If you'd like to see the full Corporate Social Responsibility Report, you're in the right place.
Within the report, you'll find more detailed information on the key topics above.