State Street Will Achieve Carbon Neutrality in 2020 and Commits to More Absolute Reductions
State Street Corporation [NYSE: STT] today announced that it will achieve carbon neutrality for Scope 1 and Scope 2 emissions in 2020 and has committed to further reducing its carbon emissions on an absolute basis over the next 10 years in accordance with the Science-Based Targets initiative (SBTi).
At the end of 2019, State Street met its 30 percent carbon reduction goal, which was set in 2015, six years ahead of schedule. This year, State Street made significant strides to achieve carbon neutrality through infrastructure retrofitting, purchasing renewable energy certificates (RECs) and carbon offsets, and “greening the grid” by utilizing renewable energy sources wherever possible.
“We are pleased to reach carbon neutrality and will continue to reduce our emissions on an absolute basis to reduce our carbon footprint further as we join the journey toward net zero,” said Ron O’Hanley, chairman and chief executive officer of State Street. “We are committed to addressing climate change risk not only in our own business operations, but we have also joined forces with other stakeholders to help companies and investors identify and manage their own climate change risks, while supporting local and global initiatives aimed at building a more sustainable world.”
State Street‘s continued action on climate change includes:
- As an asset servicing provider, helping clients better understand the carbon profile of their portfolio holdings so they can take action
- As an asset manager, helping asset owners reduce climate risk in their portfolios and embrace the growth opportunities in green innovation, and engage with portfolio companies and boards to understand how they are managing the opportunities and risks of climate change.
- As a responsible corporation focused on the long term, continuing to reduce its own carbon footprint by reducing energy use, greenhouse gases, and water usage and discharge, as well as improving waste recycling.
- As an engaged industry and community partner, working with policymakers, industry initiatives like the Taskforce on Climate Related Financial Disclosures, as well as local stakeholders like the One Waterfront project in Boston to maximize effort and impact on the problem of climate change.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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