U.S. Bank today received a place on CDP’s “A List” for tackling climate change, making it one of 53 U.S. companies and one of only six U.S. financial institutions honored for 2020. CDP, a global environmental nonprofit organization, recognized U.S. Bank for its actions to cut emissions, mitigate climate risks and develop the low-carbon economy. U.S. Bank previously received a score of A- for the last four years.
In addition to receiving the ‘A’ from CDP, U.S. Bank also achieved its greenhouse gas (GHG) emissions target to reduce operational greenhouse gas emissions by 40 percent, 10 years ahead of schedule. In 2016, U.S. Bank set two GHG reduction targets based on guidance provided by CDP: 40 percent by 2029 and 60 percent by 2044, using a 2014 baseline. As of the end of 2019, U.S. Bank achieved 41 percent reduction.
“At U.S. Bank, we believe environmental sustainability is integral to the success of our business and important for our future,” said Reba Dominski, executive vice president and chief social responsibility officer for U.S. Bank. “Receiving this highest score from CDP and reaching our GHG reduction target early is a significant recognition of the work we have been doing across the organization and within our businesses to address the effects of climate change.”
CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2020, over 515 investors with over $106 trillion in assets and 150+ major purchasers with $4 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. Over 9,600 companies responded – the highest ever.
“Our team has been working diligently over the past decade to reduce our operational greenhouse gas emissions across our business,” said Andrea Mardock, vice president and environmental programs manager at U.S. Bank. “We accomplished this through our investments in advancing solar energy, partnerships with local utilities to purchase renewable energy, and improving the energy efficiency of our buildings. We are now focused on our longer-term targets and identifying even more ways to create impact and benefits for our communities.”
Much of U.S. Bank’s environmental finance activity happens through U.S. Bancorp Community Development Corporation (USBCDC), the bank’s tax credit and community investment division. USBCDC invests in affordable housing, economic development projects in low- and moderate-income communities, historic renovations and renewable energy.
Through renewable energy tax credits, U.S. Bank invests in projects that help provide clean energy options to our nation’s homes, towns and businesses through wind, solar and other renewable energy projects. These projects are not only good for the environment, but they also create tens of thousands of jobs in local communities around the country. U.S. Bank commits more than $1 billion annually in renewable energy investments, and to date the USBCDC has committed more than $12 billion in solar, energy storage, wind, biomass, and fuel cell technologies.
As part of that commitment, U.S. Bank has financed $10.7 billion in solar, or more than 15% of all solar projects in the United States, over the past 10 years. U.S. Bank’s solar portfolio spans a broad customer base, which diversifies risk within our environmental finance activities.