Fifth Third Announces Achievement of Carbon Neutrality – ESG Today

Financial services company Fifth Third announced today that it has reached carbon neutrality for its operations in 2020, including greenhouse gas emissions from its facilities and business travel. According to Fifth Third, the milestone was reached through the direct reduction of the Company’s corporate carbon footprint, the purchase of renewable power and the utilization of carbon offsets from a project in its retail footprint for remaining emissions.

The announcement comes less than two years after another environmental sustainability achievement by the bank, reaching its goal of 100% renewable power goal in August 2019 with the opening of the North Carolina-based Aulander Holloman Solar project, making Fifth Third the first Fortune 500 company to purchase 100% solar energy. The bank’s other sustainability goals include targets to reduce energy use and location-based greenhouse gas emissions by 25%, and to reduce water consumption and waste generation by 20%. In September 2020, Fifth Third introduced a new target to achieve $8 billion in sustainable finance by 2025, including lending commitments and financing for projects such as solar and wind farms, geothermal and biomass facilities, or hydropower projects.

Fifth Third Chairman and CEO Greg D. Carmichael said:

“Becoming the first regional U.S.-based commercial bank to achieve carbon neutrality demonstrates Fifth Third’s unequivocal commitment to environmental sustainability leadership in the financial services industry. Achieving and maintaining carbon neutrality ensures that our operations minimize impact to the environment and is beneficial to all of our stakeholders.”