U.S. Bank Publishes Task Force on Climate-related Financial Disclosures Report
The U.S. Bank released its 2021 Task Force, showing how far it has come in sharing information about climate change. The report has sections on governance, strategy, risk management, metrics and targets.
Although this is the bank's first TCFD report, it has always been committed to transparency in its environmental initiatives. U.S. Bank has been a participant in the CDP report process since 2008, and it published its second annual ESG report in August 2022. CDP is well-known for corporate environmental reporting and fully supports the TCFD recommendations.
In 2021, U.S. Bank set several environmental goals, such as achieving net zero greenhouse gas (GHG) emissions by 2050, getting 100% of U.S. Bancorp's electricity from renewable sources by 2025, and spending $50 billion on environmental finance by 2030.
"Managing our business in a way that is good for the environment is a big part of our corporate responsibility," said Reba Dominski, U.S. Bank's chief social responsibility officer. “Publishing the 2021 TCFD report demonstrates our commitment to understanding the impact of our operations on global climate change and helping reduce that impact. We continue to decrease our use of natural resources by implementing environmentally responsible business practices, developing products and services that help our customers reduce their carbon footprints, and investing in new products, services, and partnerships. We also continue to improve our understanding of key risks that climate change poses to our company, customers, and communities.”
Source: US Bank