Fifth Third Bank’s
Environmental
Sustainability Initiative

Fifth Third is committed to environmental leadership 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 our Vision 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 is focused on three strategies:

Reducing our environmental footprint

Managing our client-related risk

Supporting a sustainable transition

Operational Sustainability

Fifth Third is continuing to work hard to reduce the environmental impact from our operations. We are doing this through innovations to achieve our 2022 sustainability goals while continuing to report on our progress.

Fifth Third achieved 100% renewable power in 2019 and carbon neutrality in 2020 for our Scope 1, Scope 2 and Scope 3 Business Travel operations.

Building on this success, we continue to reduce impacts in other areas, including reductions to water, waste and energy usage. We anticipate achieving and/or surpassing each of our bold sustainability goals by Dec. 31, 2022.

Environment Aulander Holloman Solar Panels

Fifth Third’s Progress on its Five Bold Sustainability Goals 

Partnership for Carbon Account Financials In April 2021, Fifth Third joined the Partnership for Carbon Accounting Financials (PCAF), an industry-led partnership of financial institutions worldwide that work together to develop and implement a consistent and transparent standard for financial institutions to assess and disclose GHG emissions associated with loans and investments.

Jamie Leonard

“We understand that our impact to the environment isn’t just what we do with Fifth Third’s operations, but also includes the impacts of our customers’ operations that we finance,” said Jamie Leonard, executive vice president and chief financial officer."

Environmental Risk Management

Effective risk management is critical to Fifth Third’s ongoing success. In 2017, we began to look more closely at how to mature Fifth Third’s integration of climate-related risks—including physical risks and transition risks—into our risk management program.

Physical risks from a changing climate are already present and growing. These risks can be acute (event-driven) or chronic longer-term shifts in the environment. Fifth Third’s climate risk working group identifies climate risks and analyzes the potential impact of climate scenarios. Transitioning to a lower-carbon economy may present additional risks such as energy transition policies, disruptive technological advancements including clean energy development storage, and shifts in consumer preferences.

In 2019, informed by the work of the Task Force on Climate-related Financial Disclosures (TCFD), we published our first TCFD-aligned report around the themes of governance, strategy, risk management, and metrics and targets.

In 2020, we published a new Environmental and Social Policy, updated in 2021, that identifies sectors that pose heightened environmental and social risks.

Transition to a Sustainable Future

Fifth Third is committed to helping our customers and communities in the transition to a low-carbon, sustainable future. We began financing renewable energy in 2012 and over the next six years were able to develop a national renewable energy finance center of excellence.

In 2020, we set our first sustainable finance goal of $8 billion to be achieved by 2025. As of December 31, 2020, we had provided $5.4 billion or 67% of goal. The goal includes lending and financing for solar, wind, geothermal, biomass and hydropower renewable energy.

The Bank also helps our leasing clients to reduce their environmental impact by helping them to invest in new clean technology, participate in credit facilities with “green” or “sustainable” pricing, and underwrite sustainability bonds.

Fifth Third’s Investment Management Group recognizes there is an increasing interest in and focus on investing in companies that promote and achieve sustainability, encourage and measure corporate responsibility, and lead through their positive impact on employees, clients and communities. We provide both active and passive ESG and socially responsible investment strategies. As of Dec. 31, 2020, Fifth Third had $1.5 billion in assets under management in various ESG and other socially responsible investments.

Additional Information:

Fifth Third Bank Investor Relations’ ESG Site
Fifth Third Bancorp 2020 Environmental, Social and Governance Report
Fifth Third Bancorp Environmental and Social Policy
Environmental Data