Target, U.S. Bank Join Ceres Company Network

Aug 31, 2017 9:40 AM ET
Press Release

August 31, 2017 /3BL Media/ - The sustainability nonprofit organization Ceres announced today that Target (NYSE: TGT) and U.S. Bank (NYSE: USB) have joined the Ceres Company Network. The Ceres board of directors approved the two new memberships in July.

As new members of the Ceres Company Network, Target and U.S. Bank join more than 50 companies, including dozens of Fortune 500 firms, committed to achieving sustainability goals and improving resiliency in their operations and supply chains. Through the network, the members will gain unique access to investors and other stakeholders interested in engaging on opportunities embedded in the low-carbon economy transition.

“We have long been committed to setting and achieving goals around our sustainable business practices. Reducing our environmental footprint is just the right thing to do,” said Brian Cornell, Chairman and CEO, Target. “Joining the Ceres Company Network strengthens our efforts in this area and we look forward to their partnership as we work to build a greener business and enact positive change.”

Both companies have already taken steps to strengthen their environmental and social performance.

In 2016 and 2017, Target worked to identify key areas throughout its operations where it could improve its practices, including responsible sourcing, chemical management and packaging. The retailer also pledged to power up 350 stores and distribution centers with solar energy in 2016 and committed to 500 solar installations by 2020.

That same year, U.S. Bank invested $1.5 billion in renewable energy projects - including financing the largest community solar project in the nation, providing access to solar for those who do not have an appropriate roof, do not own their own home or business, residents in multi-unit buildings and low-income housing residents. It also enhanced its Environmental Responsibility Policy and committed to reduce its own greenhouse gas emissions 40 percent by 2029 and 60 percent by 2044.

"We are proud to join the Ceres Company Network because it reflects our enterprise-wide commitment to sustainable and environmentally responsible business practices,” said Andy Cecere, President and CEO of U.S. Bank. “As a trusted financial institution, we are proud of the steady progress we are making and continue to look for additional ways to make a positive impact on the environment around us.”

Target and U.S. Bank are both headquartered in Minneapolis, Minnesota; Target is the fourth largest employer in the state and employs 323,000 team members worldwide, while U.S. Bank ranks 13th with nearly 12,000 employees.

“U.S. Bank and Target are demonstrating continued value creation for their shareholders through the integration of  sustainability goals into their business strategies,” said Mindy Lubber, President and CEO of Ceres. “Target’s recent and forthcoming commitments to address key environmental and social impacts across its value chain and U.S. Bank’s focus on clean energy financing demonstrate each of their focus on the business value of sustainability.

To join the Ceres Company Network, members must have executive-level, public-facing sustainability commitments. Learn more: https://www.ceres.org/networks/ceres-company-network.

About Ceres

Ceres is a sustainability nonprofit organization working with the most influential investors and companies to build leadership and drive solutions throughout the economy. For more information, visit www.ceres.org and follow @CeresNews.

About Target

Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,816 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

About U.S. Bank

Minneapolis-based U.S. Bancorp (NYSE: USB), with $464 billion in assets as of June 30, 2017, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,088 banking offices in 25 states and 4,826 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

Karen Rivera
Ceres
+1 (617) 247-0700ext. 106