Press release
Fifth Third Joins Partnership for Carbon Accounting Financials; Commitment Furthers Bank’s Leadership in Environmental Sustainability
CINCINNATI--(BUSINESS WIRE)-- Fifth Third today announces that it has joined the Partnership for Carbon Accounting Financials (PCAF), the latest in a series
About this update from Fifth Third Bancorp
[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nFifth Third today announces that it has joined the Partnership for Carbon Accounting Financials (PCAF), the latest in a series of steps taken by Fifth Third to understand and measure its own climate impact. Earlier this year, Fifth Third announced that it achieved carbon neutrality for its operations under Scope 1, Scope 2 and business travel under Scope 3 emissions.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210408005575/en/Jamie Leonard, chief financial officer, Fifth Third Bank (Photo: Business Wire)\nPCAF is an industry-led partnership of over 110 financial institutions world-wide that work together to develop and implement a consistent and transparent standard for financial institutions to assess and disclose client greenhouse gas (GHG) emissions associated with loans and investments.\n\n“We understand that our impact to the environment isn’t just what we do with our own operations, but also includes what we finance,” said Jamie Leonard, executive vice president and chief financial officer, Fifth Third Bancorp. “We are excited to take this important step by committing to measure certain client emissions through a common GHG accounting standard.”\n\nLaunched globally in 2019, PCAF is a global partnership to standardize GHG accounting for the financial sector, enabling a harmonized approach to the assessment and disclosure of financed greenhouse gas emissions. Beyond assessing, tracking and reporting financed emissions, a consistent approach to portfolio GHG accounting gives financial institutions the information required to inform actions and strategy, set climate targets, assess climate transition risks and disclose progress. As such, the approach feeds into the work of other climate initiatives, such as the CDP and the Task Force on Climate-related Financial Disclosures (TCFD) framework.\n\n\"PCAF is pleased that Fifth Third Bank has joined over 110 financial institutions globally that are committed to measuring and disclosing the emissions of their portfolios to support meeting the goals of the Paris Climate Agreement,\" said Nicole Labutong, PCAF North America Lead. \"Fifth Third’s drive to keep measuring and reducing its emissions across all scopes will make it a valuable collaborator in PCAF.\"\n\nFifth Third became the f...