Citizens Financial Group Releases 2021 Corporate Responsibility Report
Announces it has joined the Partnership for Carbon Accounting Financials (PCAF)
--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today released its 2021 Corporate Responsibility Report, Creating a Brighter Tomorrow, highlighting the company’s enterprise-wide progress on its environmental, social and governance (ESG) initiatives. In conjunction with the release of this year’s report, Citizens announced that it has joined PCAF, an industry collaborative working on a harmonized approach to assess and disclose greenhouse gas (GHG) emissions associated with loans and investments.
“Citizens’ commitment to good corporate citizenship and responsible growth is a guiding factor in every decision we make,” said Bruce Van Saun, Citizens chairman and chief executive officer. “By committing ourselves to this journey, we create an opportunity to use our reach, innovation, and insights to create a more sustainable and inclusive future.”
The report, which again this year aligns with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) frameworks, notes a number of significant milestones related to Citizens’ sustainability efforts. In addition to the PCAF membership, these include progress toward targets to reduce Scope 1 and 2 greenhouse gas (GHG) emissions 30% by 2025 and 50% by 2035, as well as Citizens’ commitment later this year to issue its first climate report, which will be aligned to recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) and will describe the company’s climate strategy and associated work in more detail.
The report also highlights Citizens’ ongoing efforts focused on creating a diverse, equitable and inclusive organization, as well as new offerings that increase transparency and accessibility. It describes the company’s commitment to the communities it serves – through philanthropy, community development loans and investments, mortgage lending in low- to moderate-income communities, loans to small businesses, and colleague volunteerism.