The 2021 report details the bank’s progress on climate-related disclosures.
U.S. Bank recently released its 2021 Task Force on Climate-related Financial Disclosures (TCFD) report highlighting the bank’s advancement in climate-related disclosures. The report includes sections on governance, strategy, risk management, and metrics and targets.
While this is the bank’s first TCFD report, U.S. Bank has been committed to transparency in its environmental activities for many years. U.S. Bank has participated in the CDP report process since 2008, and in August 2022, U.S. Bank published its second annual ESG report. CDP is respected for corporate environmental reporting is fully aligned with the TCFD recommendations.
In 2021, U.S. Bank announced a series of environmental goals including: achieving net zero greenhouse gas (GHG) emissions by 2050, sourcing 100% renewable electricity in U.S. Bancorp operations by 2025 and setting an environmental finance goal of $50 billion by 2030.
“Managing our business in an environmentally sustainable manner is an important component of corporate responsibility,” said Reba Dominski, chief social responsibility officer for U.S. Bank. “Publishing the 2021 TCFD report demonstrates our commitment to understanding the impact of our operations on global climate change and to help reduce that impact. We continue decreasing our use of natural resources, implementing environmentally responsible business practices, developing products and services that help our customers reduce their carbon footprints and investing in new products, services, and partnerships. We also continue to improve our understanding of key risks that climate change poses to our company, customers and communities.”
Visit 2021 TCFD Report (usbank.com) to access the full TCFD report.
In 2015, the Financial Stability Board created the Task Force for Climate-related Financial Disclosures (TCFD) and in 2017 released its final climate related financial disclosure recommendations. These recommendations are structured around four thematic areas that represent core elements of how companies operate: governance, strategy, risk management, and metrics and targets. They are supported by recommended disclosures that allow investors and other stakeholders to better understand how reporting organizations think about and assess climate-related risks and opportunities.
About U.S. Bancorp:
U.S. Bancorp with nearly 70,000 employees and $601 billion in assets as of September 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World’s Most Ethical Companies.
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