August 13, 2022

Fifth Third sets environmental and social finance target of $100 billion through 2030

CINCINNATI–(BUSINESS WIRE)–Building on its progress in transitioning to a sustainable and inclusive future for all, Fifth Third today announced a new environmental and social financing goal of $100 billion to be achieved through 2030.

The new goal is an extension of the Bank’s original sustainable finance goal of $8 billion, which was set in 2020. This goal focused on renewable energy and was recently met nearly three years earlier than intended. Governed by the Fifth Third Environmental and Social Finance Framework, the new objective has expanded in scope to include additional environmental eligibility criteria as well as social eligibility criteria to better reflect Fifth Third’s overall ESG priorities.

“We have a goal-oriented culture at Fifth Third,” said Tim Spence, president of Fifth Third Bancorp and new CEO effective July 5. , stems from our desire to improve the lives of our customers and the well-being of our communities. As a financial institution, we have a distinct and crucial role to play in the transition to a sustainable future. We are committed to delivering long-term value to everyone we serve and building healthy and inclusive economies for the benefit of all.

Fifth Third today released its 2021 Environmental, Social and Governance Report, which provides updates and progress on the Bank’s ESG strategy and priorities, for all stakeholders: clients, employees, communities, investors and regulators. Leading ESG standards and framework indices, including the Global Reporting Initiative, SASB standards and Stakeholder Capitalism Metrics, have also been published on our investor relations page.

The Bank’s 2021 ESG Report includes, among other updates, progress reports on actions taken under the five ESG priorities approved by Fifth Third’s Board of Directors:

  • ADDRESSING CLIMATE CHANGE.

We reached our sustainable finance goal of $8 billion ahead of schedule and today announced a new environmental and social finance goal of $100 billion to be reached through 2030. We met four of our five initial operational sustainability goals for 2017 and recently expanded them, including continuing to purchase 100% renewable energy, reducing location-based GHG emissions1 by 75%, reducing energy consumption by 40%, reducing drinking water consumption by 50%, diverting 75% of waste from landfills and reducing paper consumption by 75% and purchasing the remaining paper from certified sources. We acquired Dividend Finance, a national provider of solar and sustainable home improvement loan financing, and added renewable residential financial services to our product line. We have appointed our first Chief Sustainability Officer and our first Chief Climate Risk Officer. Fifth Third maintained its leadership band score of A- from CDP for the third year.

  • PROMOTING INCLUSION AND DIVERSITY.

Just one year into our $2.8 billion Accelerating Racial Equality, Equity and Inclusion initiative, we’ve delivered $1.3 billion, 46% of the plan, and launched the $180 million Fifth Third Empowering Black Futures Neighborhood Program to inject up to $20 million each into nine minority communities within our footprint. We increased Tier 1 and Tier 2 supplier diversity spend by 17% and 254%, respectively, resulting in combined spend of $109 million with diverse suppliers in 2021. We are also making significant progress on our six bold inclusion and diversity goals, including publicly disclosing how the diversity of our workforce aligns with the markets we serve. Fifth Third was named Best Diversity Employer of 2022 by Forbes.

  • RESPECTING OUR COMMITMENT TO EMPLOYEES.

Last year, the Bank invested $2.5 billion in total employee rewards. We paid special COVID-19 bonuses to more than 7,500 employees while providing on-site vaccinations, flexible work arrangements, and additional paid and sick leave and emergency family care. In April of this year, we announced that our minimum wage would increase to $20 an hour.

  • KEEP THE CUSTOMER AT THE CENTER.

We launched the award-winning Fifth Third Momentum® Banking in 2021, which combines the best of fintech innovation with the strength, access and human touch of a traditional bank. Fifth Third Express Banking® has obtained the Bank On certification for safe and affordable accounts. This year, we eliminated all NSF fees, as part of a deliberate, multi-year strategy to reduce punitive fees for consumers. We also offer products and solutions such as Expert AP and Receivables solutions for our commercial customers to maximize efficiency, improve cash flow, manage liquidity and mitigate risk.

  • STRENGTHENING OUR COMMUNITIES.

Fifth Third made $1.3 billion in community development loans and investments last year, $41 million in charitable donations from the Fifth Third Foundation and other entities, and 4.6 million meals to fight against hunger. We supported our communities in Kentucky with a $200,000 grant from the Fifth Third Foundation after tornadoes hit last year and our foundation provided a $100,000 grant to support humanitarian efforts in Ukraine in 2022, while that our employees donated $39,000 of their own money to this cause. Our employees also volunteered nearly 100,000 hours in our communities in 2021. Fifth Third offered its financial empowerment programs to community members at all ages and life stages and supported small enterprises through loans and direct investments as well as strong support from community development financial institutions.

In 2021, Fifth Third was again named by Ethisphere as one of the World’s Most Ethical Companies, our third year of recognition as one of only five banks honored. All Fifth Third stakeholders are encouraged to read the Bank’s full 2021 ESG Report.

About the fifth third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the company had $211 billion in assets and operated 1,079 full-service banking centers and 2,201 Fifth Third-branded ATMs in Ohio, Kentucky, Indiana, Michigan, Florida. Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third offers its customers access to approximately 54,000 free ATMs across the United States. Fifth Third operates four primary businesses: commercial banking, branch banking, consumer lending, and wealth and asset management. Fifth Third is one of the largest fund managers in the Midwest and, as of March 31, 2022, had $549 billion in assets under management, including $61 billion for individuals, corporations and nonprofits. through its trusts and registered companies. Investment advisory firms. Investor information and press releases can be viewed at www.53.com. The common stock of Fifth Third trades on the NASDAQ® Global Select Market under the symbol “FITB”.

1 Fifth Tier Scope 1 and 2 Emissions