PROVIDENCE – Citizens Financial Group Inc. is continuing to highlight commitment to environmental sustainability, recently unveiling its inaugural climate report.
The November 2022 report aligns with recommendations from the company’s Task Force on Climate-related Financial Disclosures, and aims to chart a path for consistent reporting on climate-related information.
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“In releasing our first TCFD report, we are showing how we are operationalizing our commitment to building a more sustainable future,” Beth Johnson, Citizens’ chief experience officer and head of ESG, said in a statement. “While this represents another step in our overall journey, we have established a strong foundation and look forward to progressing the important work that lies ahead.”
Much of the 20-page report centers around policies and programs already underway at the company, such as the greenhouse gas emission reduction targets announced in 2021, a power purchase agreement with a Kansas wind farm signed earlier this year, and a carbon offset deposit account (also unveiled in 2022) that allows corporate clients to offset emissions through credits on their deposits.
The report also outlines the company’s structure and strategy for identifying, sharing and combating climate-related financial risk across governance, strategy, risk management, and metrics and targets.
Moving forward, the company pledged to continue to “explore and develop products and solutions” for clients, to fill gaps in its own data collection and reporting of emissions and other climate data, and to integrate new sites into its greenhouse gas emissions inventory.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
