Fifth Third Bancorp Sustainability Profile
Fifth Third Bancorp, often referred to simply as Fifth Third, is a prominent financial services company headquartered in the United States. Established in 1858, the bank has evolved into a key player in the banking industry, primarily serving the Midwest and Southeast regions. With a diverse portfolio that includes commercial banking, consumer banking, and wealth management, Fifth Third is known for its innovative financial solutions tailored to meet the needs of both individuals and businesses. The bank's core offerings, such as personal loans, mortgages, and investment services, are distinguished by a commitment to customer service and technological advancement. Fifth Third Bancorp has achieved notable milestones, including its recognition as one of the largest banks in the U.S. by assets, reflecting its strong market position and dedication to growth.
DitchCarbon Score
How does Fifth Third Bancorp's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Fifth Third Bancorp's score of 23 is lower than 72% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Fifth Third Bancorp's reported carbon emissions
In 2021, Fifth Third Bancorp reported total carbon emissions of approximately 19,588,000 kg CO2e. This figure includes 12,479,000 kg CO2e from Scope 1 emissions, which are direct emissions from owned or controlled sources, and 7,109,000 kg CO2e from Scope 3 emissions, primarily attributed to business travel. Notably, the bank did not report any Scope 2 emissions based on a market-based approach, although location-based emissions were recorded at 64,927,000 kg CO2e. Comparatively, in 2020, Fifth Third Bancorp's total emissions were about 16,947,000 kg CO2e, with Scope 1 emissions at 12,995,000 kg CO2e and Scope 3 emissions from business travel at 3,952,000 kg CO2e. This indicates a slight increase in total emissions from 2020 to 2021. Fifth Third Bancorp has not established specific reduction targets or initiatives, such as those aligned with the Science Based Targets initiative (SBTi). The absence of documented reduction targets suggests a need for further commitment to climate action within the financial services sector. The bank's emissions data is not cascaded from any parent organisation, indicating that these figures are independently reported. Overall, Fifth Third Bancorp's emissions profile highlights the importance of addressing both direct and indirect emissions, particularly in the context of business travel, as part of a broader strategy to mitigate climate impact.
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| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Scope 1 | 12,116,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 58,315,000 | 00,000,000 | 0,000,000 | - | - |
| Scope 3 | 10,249,000 | 00,000,000 | 00,000,000 | 0,000,000 | 0,000,000 |
How Carbon Intensive is Fifth Third Bancorp's Industry?
How Carbon Intensive is Fifth Third Bancorp's Location?
Fifth Third Bancorp's Scope 3 Categories Breakdown
Fifth Third Bancorp's Scope 3 emissions, which increased by 80% last year and decreased by approximately 31% since 2017, demonstrating supply chain emissions tracking. A significant portion of their carbon footprint comes from suppliers and value chain emissions, with Scope 3 emissions accounting for 36% of total emissions under the GHG Protocol, with "Business Travel" representing nearly all of their reported Scope 3 footprint.
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Fifth Third Bancorp's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Fifth Third Bancorp has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
