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From the Fifth Third Bancorp 2021 ESG Report: Operational Sustainability

From the Fifth Third Bancorp 2021 ESG Report: Operational Sustainability

Published 09-06-22

Submitted by Fifth Third Bancorp

full page from FifthThird 2021 ESG report on Operational Sustainability. Info graphics on reducing usage of water, electricity, waste etc.

Operational sustainability, the reduction of Fifth Third’s environmental and carbon footprint, has been key to our environmental sustainability program since its inception in 2010.

In addressing our own environmental impact, we better prepare our organization for future changes by reducing our exposure and risk to decarbonization, energy market volatility and potential carbon pricing scenarios.

Operational Sustainability Goals

In 2017, Fifth Third set five bold sustainability goals to help prioritize our environmental sustainability efforts. This included targeted goals to reduce our energy use and location based GHG emissions by 25%, to reduce our water consumption and waste sent a landfill by 20%, and to purchase 100% renewable power. To date, we have successfully achieved four of these goals (energy, water, GHG emissions and renewable power).

Although we have not yet achieved our waste reduction goal, we have made great progress in reducing our waste by more than 1 million pounds annually. Further, we are committed to continuing our work in this area, increasingly reducing the amount of material we use and recycling as much as we can.

New 2030 Goals

Building on those five original goals, we were excited in 2022 to announce a new set of goals to be achieved by 2030.* They include bolder commitments that will help guide our continuing efforts and ensure progress in vital areas of operational sustainability.

  • Reduce location-based GHG emissions1 by 75%.
  • Reduce energy use by 40%.
  • Reduce paper use by 75% and purchase remaining paper from certified sources.
  • Reduce potable water use by 50%.
  • Continue purchasing 100% renewable power.
  • Divert 75% of waste from going to landfills.

*GHG emissions, energy, paper and water goals are relative to a 2014 baseline.

1 For Fifth Third’s Scope 1 and 2 emissions.

This text is excerpted from the Fifth Third Bancorp 2021 Environmental, Social and Governance Report, which was published on June 30, 2022. Read the full report.

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Fifth Third Bancorp

Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, Fifth Third had $211 billion in assets and operated 1,117 full-service banking centers and 2,322 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Investor information and press releases can be viewed at Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

Fifth Third’s Purpose is to improve lives and the well-being of its communities by being the One Bank people most value and trust. The Company believes in doing well by doing good and delivering long-term sustainable value to all its stakeholders. Fifth Third is focused on five environmental, social and governance priorities: keeping the customer at the center, demonstrating its commitment to employees, strengthening its communities, promoting inclusion and diversity, and addressing climate change.

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