U.S. Bank aims to achieve net-zero greenhouse gas emissions by 2050

U.S. Bank NA is aiming to achieve net-zero greenhouse gas emissions by 2050.

The U.S. Bancorp unit will measure, disclose and commit to zero net greenhouse gas emissions, including financed emissions, by 2050. U.S. Bank plans to disclose additional details, including interim 2030 emissions reduction targets for carbon-intensive portfolios by the end of 2022.

The Minneapolis-based bank has also set a goal to source 100% renewable electricity by 2025, as well as an environmental finance goal of $50 billion by 2030, using a 2020 baseline and establishing an environmental finance framework that provides clarity on tracking against this goal.

Additionally, U.S. Bancorp Community Development Corp. will begin offering debt financing on renewable energy projects starting later this year.

U.S. Bank is also joining RE100, the global corporate renewable energy initiative committed to 100% renewable electricity, and the Partnership for Carbon Accounting Financials, or PCAF. The bank is also aligning disclosures with the Task Force on Climate-related Financial Disclosures recommendations and committing to measure and disclose financed emissions using PCAF standards.

By doing so, the bank is integrating climate considerations into its risk management framework. "It's important that risk management is aligned to support business strategy and activities, while prudently managing our risks over both the short and long-term time horizon," said Jodi Richard, vice chair and chief risk officer for U.S. Bank.

Richard has also appointed a new climate risk executive to lead the strategy and coordination of all the organization's risk management activities related to climate risk.