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Truist's 2021 ESG and CSR Report Highlights Progress, Community Care Across Financial Inclusion, DEI, and Climate Priorities

Published 06-10-22

Submitted by Truist

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CHARLOTTE, N.C., June 10, 2022 /CSRwire/ - Truist Financial Corporation (NYSE: TFC) today released its 2021 ESG and CSR Report, highlighting the company's steadfast commitment to enhancing environmental, social, and governance (ESG) and corporate social responsibility (CSR) efforts for all Truist stakeholders.

"Our latest ESG and CSR Report reflects Truist's purpose to inspire and build better lives and communities and our commitment to caring for our stakeholders and our planet at a time when purpose and care are needed more than ever," said Chairman and CEO Bill Rogers. "We welcome the high expectations for Truist and the financial services industry to lead in ESG matters, and we're pleased to share how we're delivering on these priorities."

The company's third annual report shares Truist's achievements and progress on its goals over the past year, new efforts underway to care for our communities and planet, and opportunities for continued progress, including:

Advancing a lower-carbon economy:  

  • In 2021, Truist supported $15.3 billion of investment grade ESG-themed bond issuance and facilitated renewable energy development with direct capital commitments exceeding $856 million. 
  • Truist enhanced its climate disclosure publishing its first Task Force on Climate-Related Financial Disclosures (TCFD) Report. The company also joined the Partnership for Carbon Accounting Financials (PCAF).
  • Truist set a goal of net-zero greenhouse gas emissions by 2050. 
  • The company added new teammates to enhance ESG and CSR expertise and to help clients make informed decisions on the risks and opportunities related to climate change.

Promoting financial inclusion across our communities:

  • To make banking more accessible and inclusive for all, the company announced two new checking accounts available this summer with no overdraft fees. Truist One Banking will feature a $100 negative balance buffer. A second checking account, designed to bring more individuals into mainstream banking, will be offered as well. In addition, an innovative line of credit that does not rely on credit scores will be available later this year.
  • Truist achieved its lending and investment commitments for its $60 billion Community Benefits Plan ahead of schedule and is on track to open at least fifteen new low- and moderate-income and/or majority minority branches by the end of 2022.
  • Truist committed $100 million in investment capital to the Sterling Capital Diverse Multi-Manager Active ETF to support its initial launch and to demonstrate Truist's support of increasing opportunities for diverse-owned asset managers.

Growing our commitment to diversity, equity, and inclusion (DEI):
   - The company reached its goal of increasing ethnically diverse representation in senior leadership roles to at least 15% a year early, reinforcing Truist's ongoing commitment to diversity, equity, and inclusion.
   - To support economic mobility and educational equity, Truist committed $8 million to the Mayor's Racial Equity Initiative in Charlotte, North Carolina and granted $3 million to the Thurgood Marshall College Fund to provide scholarships for students at Historically Black Colleges and Universities (HBCUs).
   - Truist ensures a diverse board of directors, with 43% of members either racially, ethnically, or gender diverse.

To read the full report, visit Truist's 2021 ESG and CSR Report. Detailed disclosure indices aligned to leading frameworks SASB, GRI, and WEF can be found accompanying the report.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $544 billion as of March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.

SOURCE Truist Financial Corporation

For further information: Suzanne Vincent, Media@truist.com

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Truist

Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank. Truist Bank, Member FDIC. Learn more at Truist.com.

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