National Bank Huntington joins the Partnership for Carbon Accounting Financials
Columbus, Ohio, March 4, 2022 /PRNewswire/ — Huntington National Bank, a wholly owned subsidiary of Huntington Bancshares Incorporated (Nasdaq: HBAN), today announces that it has joined the Partnership for Carbon Accounting Financials (PCAF), demonstrating the increased emphasis that company puts on the environmental, social and governance (ESG) aspects, the main efforts and initiatives related to climate and the environment.
The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With more than 220 financial institutions spread over six continents, the group is growing rapidly in North America, Latin America, Europe, Africa and Asia Pacific.
“Standardized assessment methodologies are key to identifying climate change risks and implementing effective mitigation strategies,” said Global Climate and Risk Director George Gonczar Huntington. “By joining the PCAF, we are helping to establish a consistent framework for setting targets, tracking progress and disclosing our funded emissions through a common GHG accounting standard. We are confident that our improved strategy and the transparency of our reporting will benefit our stakeholders as we integrate climate-related information into Huntington’s decision-making and help key leaders and customers achieve their climate-related goals.”
Huntington continues to make significant progress on its five-year environmental sustainability strategy, including earning an A- in CDP’s climate change rating, which places it in the first quartile of the financial services business group. of the CDP. The score illustrates Huntington’s increased focus on ESG and key climate and environmental efforts and initiatives.
Huntington’s other commitments and accomplishments include:
- Reduced Scope 1 and 2 greenhouse gas emissions in 2020 by 35% compared to the 2017 baseline.
- Established a renewable energy goal of shifting 50% of its electricity consumption to renewable sources by 2035.
- Obtained 382 new ENERGY STAR certifications for our buildings since 2017.
- Provides complete and personalized solutions to innovative companies in the green technology market.
- Committed $40 billion through the five-year community strategic plan that includes programs to address environmental and racial equity challenges and help make customers more financially secure in the future.
- Appointed director of climate risks and director of environmental strategy and sustainable development.
- Establishment of a climate risk governance and reporting structure, including the formation of a climate risk management working group.
“Huntington recognizes that climate change is a serious issue, and we are committed to reducing our carbon footprint and providing guidance to our customers in their transition to a low carbon economy,” said Rebecca Karason, director of environmental strategy and sustainability at Huntington. “We look forward to collaborating with our industry peers to promote transparent reporting and build a more sustainable world.”
Huntington’s approach to environmental sustainability is guided by its Environmental Policy Statement, which outlines the bank’s commitment to protecting the environment, addressing climate change and managing environmental risks.
Huntington’s environmental stewardship efforts align with recognized and respected frameworks and guidance, such as the United Nations Sustainable Development Goals, the agenda of the World Economic Forum and the principles of the Paris Agreement, and the support. The Huntington Climate Risk Policy Statement closely aligns with the TCFD implementation path, as well as the best practices of the US Climate Finance Task Force. Further information is available in Huntington’s Environmental, Social and Governance (ESG) report.
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $174 billion regional bank of holding assets headquartered in Columbus, Ohio. Founded in 1866, National Bank Huntington and its affiliates provide consumers, small and medium-sized businesses, corporations, municipalities and other organizations with a full range of banking, payment, wealth management and risk management. Huntington operates more than 1,000 branches in 12 states, with some companies operating in wide geographic areas. Visit Huntington.com for more information.
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 220 financial institutions have joined the PCAF initiative. PCAF participants are working together to jointly develop the global GHG accounting and reporting standard for the financial sector to measure and report greenhouse gas emissions from their loans and investments. In doing so, PCAF participants are taking an important step to assess climate-related risks, set goals consistent with the Paris Climate Agreement, and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/
SOURCE National Bank Huntington