Fifth Third Sets Target of $100bn in Environmental and Social Impact
Fifth Third Bancorp
Fifth Third established a new $100 billion environmental and social finance target for 2030, building on its progress in guiding the transition to a more sustainable and inclusive future for all.
The new target is an extension of the bank's 2020 goal of $8 billion for sustainable finance. This objective, which is centred on renewable energy, was recently met, approximately three years ahead of schedule.
Governed by the Fifth Third Environmental and Social Finance Framework, the new target's scope has been enlarged to incorporate additional environmental and social qualifying criteria to more accurately reflect Fifth Third's overall ESG goals.
Tim Spence, president of Fifth Third Bancorp and incoming CEO effective July 5, said:
"We have a purpose-driven culture at Fifth Third. Everything we do, including setting ambitious finance targets and pushing to make progress in our ESG areas of focus, is derived from our resolve to improve the lives of our customers and the well-being of our communities. As a financial institution, we have a distinct and crucial role to play in the transition to a sustainable future. We are intent on delivering long-term value for all we serve and on building healthy, inclusive economies for everyone’s benefit."
Fifth Third has released its 2021 Environmental, Social, and Governance (ESG) Report, which offers updates and progress on the Bank's ESG strategy and priorities, for all stakeholders, including customers, employees, communities, investors, and regulators.
Its investor relations page also features prominent ESG standards and framework indexes, such as the Global Reporting Initiative, SASB Standards, and Stakeholder Capitalism Metrics.
Source: Fifth Third Bank