Fifth Third is committed to being an environmental leader in the financial services sector and to leading the transition to a sustainable future. Our commitment is rooted in our desire to build strong communities, to serve our customers well and to be the One Bank people most value and trust. We are driven by our understanding that integrating sustainability into all aspects of our Company creates long-term sustainable value and strengthens the communities we serve.
To advance our commitment and achieve our vision, Fifth Third’s sustainability strategy has three components:
Operational Sustainability. In June 2017, we set five bold sustainability goals to achieve by 2022, including to reduce our energy use and location-based greenhouse gas emissions 25%, to reduce our water consumption and waste generation 20%, and to purchase 100% renewable power. We are proud to have already achieved our greenhouse gas, water and renewable energy goals. In particular, we are extremely proud to be the first Fortune 500 company to purchase 100% solar power. To learn more about our journey to 100% renewable power, see the infographic of the project’s benefits.
Risk Management. As we mature our efforts to understand and manage climate-related risks, we have adopted an Environmental & Social Policy that addresses sectors requiring enhanced due diligence, scenario analysis, and other topics.
Accelerating the Transition to Sustainable Future. Fifth Third began financing renewable energy projects and companies in 2012. Since then, Fifth Third’s renewable energy financing offerings have expanded to include lending, capital raising (debt and equity), and M&A advisory services. To highlight these efforts, Fifth Third announced a Sustainable Finance goal of $8 Billion to be achieved by 2025 and, as of September 2020, we are already more than half way to our goal.
Includes CDP submissions, environmental data, 3rd party verification statements, and more
Transcript available below graphic
Fifth Third’s Progress on its Five Bold Sustainability Goals
Energy: 16 percent reduction toward 25 percent of goal
GHG emissions: 31 percent reduction achieved
Waste: 4 percent reduction toward 20 percent of goal
Water Usage: 22 percent reduction achieved
Renewable Power Purchased: 100 percent achieved.*
*Location based. In 2019, we achieved our greenhouse gas and water use Key Performance Indicators (KPIs) goals, and, at the August 29, 2019 grand opening of the Aulander Holloman Solar Project, Fifth Third became the first Fortune 500 company to purchase 100% solar power on a forward-looking basis. Our 2019 KPIs were assured by a third party; see the Additional Disclosures section of ir.53.com/esg.