PROVIDENCE – Citizens Financial Group Inc. on Tuesday announced a $50 billion sustainable finance target that includes $5 billion in green financing by 2030 and a commitment to a lower-carbon economy.
In its announcement, the parent company for Providence-based Citizens Bank said it will engage corporate clients in high-emitting sectors on climate-related topics, including 100% of its oil and gas clients by the end of 2024 with the goal of achieving carbon neutrality by 2035.
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“Our approach to sustainability is grounded in the Citizens Credo, uniting our values and purpose while creating opportunity to use our reach, innovation, and insights to position those we serve for long-term success,” said Bruce Van Saun, Citizens CEO and chairman, in a statement. “This includes working to ensure that our colleagues are ready to help our clients prepare for and finance their own transitions to a lower-carbon economy.”
As part of its effort, Citizens will finance and facilitate environmental and social initiatives, including affordable housing, support for small businesses and community-development projects. The $5 billion green financing will help facilitate green initiatives that support a lower-carbon future such as renewable energy, clean technologies and green buildings.
“In developing this commitment, we took a methodical, customer and client-centered approach, that includes detailed disclosures and reporting to ensure overall success,” said Beth Johnson, Citizens vice chairman and chief experience officer. “Through our efforts we will continue to maximize impact for our colleagues, clients, customers and other stakeholders.”
The announcement did not say how much of the finance target would be spent in Rhode Island or what state projects or programs could receive funding. Representatives from Citizens Financial Group did not immediately respond to a request for comment.
