First Republic announces environmental commitments and carbon neutrality for 2021 operations

Published on: 29 November 2021
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First Republic achieved carbon neutrality for projected Scope 1, Scope 2, and certain operational Scope 3,3 CO2e emissions. First Republic bought 100% renewable energy for 2021. The Bank also formalized its long-standing policy of not lending to the fossil fuel sector.

First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, announced it has achieved carbon neutrality for the full year 20211,2.

First Republic achieved carbon neutrality for projected Scope 1, Scope 2, and certain operational Scope 3,3 CO2e emissions from its facilities and activities, such as business travel and employee commuting. The Bank's operational emissions were measured using the GHG Protocol's Corporate Accounting and Reporting Standard.

On-site solar, green power agreements, renewable energy credits, energy reduction initiatives, and the purchase of carbon offsets from First Republic's markets fully offset the remaining emissions. First Republic bought 100% renewable energy for 2021.

Jim Herbert, First Republic's founder, chairman, and co-CEO, said the bank has always done the right thing for clients, colleagues, and communities. Our commitment includes reducing our carbon footprint and protecting the environment.

First Republic is committed to energy reduction, renewable energy, and carbon offsets to cover its remaining emissions. The Bank plans to buy 100% renewable electricity.

First Republic Bank formalized its long-standing policy of not lending to the fossil fuel sector. The Bank restricted lending to environmentally sensitive sectors.

First Republic's new initiatives complement its ESG programs. These measures include on-site renewable energy generation and consumption, recycling, paperless loan origination, and serving more than 100 environmental nonprofits.

First Republic Bank Co-CEO and President Hafize Gaye Erkan: "Climate change is real." First Republic is committed to operating sustainably.

First Republic developed its environmental strategy with Corporate Citizenship, a 25-year-old consulting firm specializing in sustainable and responsible business.

Source: First Republic news

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