Fifth Third Bank Sustainability Profile
Fifth Third Bank, officially known as Fifth Third Bancorp, is a prominent financial institution headquartered in the United States, specifically in Cincinnati, Ohio. Established in 1858, the bank has evolved into a key player in the banking industry, serving customers across the Midwest and Southeast regions. Fifth Third Bank offers a diverse range of services, including personal banking, commercial banking, and wealth management, distinguished by its commitment to customer service and innovative financial solutions. The bank has achieved notable milestones, such as being one of the first to introduce mobile banking services, enhancing accessibility for its clients. With a strong market position, Fifth Third Bank is recognised for its robust financial performance and community involvement, making it a trusted choice for individuals and businesses seeking comprehensive banking solutions.
DitchCarbon Score
How does Fifth Third Bank'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 Bank's score of 63 is higher than 79% 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 Bank's reported carbon emissions
In 2023, Fifth Third Bank reported total carbon emissions of approximately 285,000,000 kg CO2e, with significant contributions from Scope 1, 2, and 3 emissions. Specifically, Scope 1 emissions were about 9,859,000 kg CO2e, while Scope 2 emissions reached approximately 60,284,000 kg CO2e. The majority of emissions stemmed from Scope 3, totalling around 276,936,000 kg CO2e, which includes categories such as purchased goods and services (about 181,497,000 kg CO2e) and business travel (approximately 35,343,000 kg CO2e). Fifth Third Bank has made notable strides in reducing its emissions, achieving a 54% reduction in Scope 1 and 2 emissions since 2014, with a target to reach this reduction by 2023. The bank aims for a 25% reduction in Scope 1 and 2 emissions from 2014 levels by 2025. Additionally, it has committed to achieving net zero emissions across all scopes by 2050. The emissions data is cascaded from its parent organization, Fifth Third Bank, National Association, which oversees the bank's sustainability initiatives. The bank's commitment to sustainability is further evidenced by its goal to reduce location-based greenhouse gas emissions by 75% from 2014 levels by 2030.
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| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|
| Scope 1 | 12,116,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 0,000,000 |
| Scope 2 | 58,315,000 | 00,000,000 | 0,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 10,249,000 | 00,000,000 | 00,000,000 | 00,000,000 | 000,000,000 | 000,000,000 | 000,000,000 |
How Carbon Intensive is Fifth Third Bank's Industry?
How Carbon Intensive is Fifth Third Bank's Location?
Fifth Third Bank's Scope 3 Categories Breakdown
Fifth Third Bank's Scope 3 emissions, which decreased by 3% last year and increased significantly since 2017, demonstrating supply chain emissions tracking. The vast majority of their carbon footprint comes from suppliers and value chain emissions, representing the vast majority of total emissions under the GHG Protocol, with "Purchased Goods and Services" being the largest emissions source at 66% of Scope 3 emissions.
Top Scope 3 Categories
Fifth Third Bank'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 Bank has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
