We care deeply about promoting sustainable business practices while supporting economic growth
At U.S. Bank, we care deeply about promoting sustainable business practices while supporting economic growth – it is one of the reasons we have invested more than $18 billion in environmentally beneficial business opportunities over the past 10 years.
We are committed to operating our company in a more sustainable manner in line with our high ethical standards. Our goal is to reduce operational greenhouse gas (GHG) emissions by 40 percent by 2029 and 60 percent by 2044. As reported in our 2017 CDP submission covering 2015-2016 activity, we have reduced our emissions by nearly six percent against our 2014 baseline. This puts us on pace to meet our target. We have accomplished this reduction through:
in environmentally beneficial businesses over 10 years
Additionally, as part of our environmental goals, we continue to proactively review, monitor and manage environmental risks associated with U.S. Bank customers by continuing to enhance our internal environmental due diligence process.
As part of our commitment to environmental responsibility, we recently joined the Ceres Company Network, a nonprofit whose mission is to integrate sustainability into capital markets. Through our partnership with Ceres, we will engage with more than 50 companies in more than 20 sectors on environmental issues. Additionally, we have worked hard over the past two years to strengthen our environmental governance and work, and that effort has been recognized in our CDP (formerly known as Carbon Disclosure Project) score. We’re proud to have received an A- from CDP in both 2016 and 2017 on our climate change disclosure.
We’re also a national leader in community solar garden development. In 2017, we provided $2.9 billion in environmental loans and investments. Our renewable energy investments helped power more than 460,000 homes and employ more than 27,000 people. The carbon offset of these investments is equal to removing 668,000 passenger vehicles from the road or planting 3.6 million acres of forest**.
At U.S. Bank, we are committed to investing in businesses that are supporting renewable energy efforts and sustainable business practices while supporting job growth. In 2017, we invested $4 million in renewable energy tax credit equity and $3.2 million in New Market Tax Credits equity with Scenic Hill Solar to finance the completion of a solar energy facility in Clarksville, Arkansas. Scenic Hill is just one example of our investment work.
Scenic Hill is just one example of U.S. Bank’s commitment to investing in businesses that support renewable energy efforts.
The 6.5 megawatt project will generate 11.1 million kilowatt-hours of electricity in the first year of operation. The carbon offset of this investment is equal to planting 8,800 acres of forest, 195,000 seedlings grown over 10 years, or eliminating 18 million miles driven by an average passenger car.** This Scenic Hill project created 100 construction jobs in the community and produces enough energy to power 816 homes. It also has served as a starting point for other area businesses to review their sustainable and renewable energy goals.
“This community will benefit from having clean, renewable energy,” said William Halter, CEO of Scenic Hill Solar. “It will not only reduce their utility costs, but also the cost of electricity is fixed during the 28-year duration of the contract – with an option to extend it. In addition to these attributes, the community is proud of this power plant and the support has been strong.”
U.S. Bank has more than 30 employee green teams which lead sustainable volunteer efforts across the company.