From the Fifth Third Bancorp 2021 ESG Report: Transition to a Sustainable Future
Fifth Third’s approach to sustainability is driven by our Company’s purpose: to improve the lives of our customers and the well-being of our communities. Our business strategy embraces an inclusive, sustainable path forward. We believe that capital can be a force for positive change.
Fifth Third is committed to helping our customers and communities move to a low-carbon, sustainable future and achieve positive social outcomes. We seek to provide our customers with products and services that will help them meet their evolving needs, and we hope to inspire and support our communities to drive toward more sustainable and inclusive solutions. We recognize the financial sector plays an important role in making the changes necessary to adapt to a changing planet and create more resilient communities. In 2022, we achieved our $8 billion sustainable finance target that focused on renewable energy lending and financing.
Drawing from eight years’ experience in renewable lending since our first renewable project financing in 2012, Fifth Third established its first sustainable finance goal in 2020. By 2025, the Bank would lend or finance $8 billion in renewable projects, which we defined as solar, wind, geothermal, biomass and hydropower. We limited the scope of our public commitment to include only lending and facilitation of capital raising because these services contribute most directly to attracting new investments in renewable power.
In 2022, Fifth Third achieved this goal and helped facilitate the completion of more than 600 renewable energy projects across 28 states.
Read more about this achievement and Fifth Third’s new $100 billion environmental and social finance target in the Company’s 2021 Environmental, Social and Governance Report.