Fifth Third (FITB) Joins Forces With Ceres Company Network
Fifth Third Bancorp’s FITB principal subsidiary, Fifth Third Bank, National Association recently announced an alliance with Ceres Company Network. With this move, the company seeks to become part of a network of 60 companies that are focused on attaining sturdy sustainable goals, and offer market-based, just solutions to the biggest challenges on sustainability.
The Ceres Company offers exclusive access for members to its experts, and an ambit of compeers and stakeholders to achieve varied views and counselling in sustainability in this pressing and crucial era. It helps companies handle the world’s most pivotal sustainability needs and thrive in the transition to a fair, net zero emissions future.
The CEO and president of Ceres Company noted, “The banking sector has a pivotal role to play in tackling the world’s biggest sustainability challenges and accelerating the transition to a more sustainable future. We look forward to working with Fifth Third as it integrates stronger sustainability practices into the bank’s strategy and its work with clients.”
The latest alliance with Ceres Company follows Fifth Third’s success of carbon neutrality for its 2020 operations, which had made the bank the first in its rival group to achieve the threshold. This move also follows the bank’s pledge to measure and cut emissions in certain client portfolios, assisted by its joining of the Partnership for Carbon Accounting Financials.
The chairman and CEO of Fifth Third, Greg D. Carmichael, said, “It will be a privilege to work with many of the world’s most sustainable companies as we tackle the problems we face, and, together, work to fully realize the potential we have to positively impact our planet and its people.”
For the past few years, Fifth Third has been undertaking initiatives to incorporate sustainable practices under its purview. It had announced six resolute goals, including a five-year, sustainable finance goal worth $8 billion, in 2020. It has succeeded to attain three of its five goals announced in 2017, which includes using 100% renewable power, receding water use by 20% and also cutting greenhouse gas emissions by 25%. Apart from this, Fifth Third has been able to uphold its A-Climate Leadership Score from CDP in 2020 and launched a national renewable energy finance center of excellence in 2018.
In the past six months, shares of Fifth Third have appreciated 64% compared with the 50.8% gain of the industry it belongs to.
Currently, Fifth Third carries a Zacks Rank #3 (Hold).
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