Fifth Third Bancorp (Nasdaq:FITB) today announced it has received a Climate Leadership score of A- from the CDP (formerly known as the Climate Disclosure Project) 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200422005685/en/
Scott Hassell, vice president and director of Environmental Sustainability, Fifth Third Bank (Photo: Business Wire)
“We are honored to be recognized as a leader by the CDP,” said Greg D. Carmichael, chairman, president and CEO of Fifth Third Bank. “As Environmental, Social and Governance (ESG) issues like climate change are increasingly a focus to investors and other stakeholders, we will strive to build on this momentum and continue providing enhanced ESG outcomes and disclosures.”
In addition to the CDP score, Fifth Third also published its first Climate-Related Financial Disclosure Report, which outlines some of its work to address the risks and opportunities related to climate change. The online report – which can be found in the Investor Relations section of the company’s website at 53.com – provides information on governance, strategy, risk management, and metrics and targets. Fifth Third introduced the document to provide updated information in a readable format informed by the Task Force on Climate-related Financial Disclosures (TCFD). Its publication fulfills a promise made in the company’s 2018 Corporate Social Responsibility Report.
“Fifth Third is proud to have earned a Leadership score of A- in the CDP’s 2019 Climate Change assessment,” said Fifth Third’s Director of Environmental Sustainability Scott Hassell. “For the last several years, a cross-functional team has been reviewing industry best practices and driving changes around climate-related risk, opportunity, strategy, and disclosure.”
Fifth Third was the first Fortune 500 company to achieve 100% renewable solar power through a single project in the U.S. when it powered up the Aulander Holloman Solar Facility in North Carolina in 2019. Fifth Third has established five bold sustainability goals to be achieved by 2022 and has, to date, achieved its goals for 100% renewable power, a 25% reduction in greenhouse gas emissions, and a 20% reduction in water usage. The company continues to pursue its remaining 2022 goals which are a 25% energy use reduction and a 20% reduction in landfill waste (all relative to a 2014 baseline). More information is expected to be published later this year.
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 March 31, 2020, Fifth Third had $185 billion in assets and operated 1,123 full-service banking centers and 2,464 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 March 31, 2020, had $374 billion in assets under care, of which it managed $42 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.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.