Regional banking company Comerica announced the launch of a new ESG platform, highlighting the bank’s key ESG commitments and related initiatives.
Curt Farmer, Chairman and Chief Executive Officer, Comerica Bank and Comerica Incorporated, said:
“Comerica’s ESG Platform illustrates what we believe to be the most impactful ESG issues for our company, customers and colleagues, and those in which we feel that we can make a significant difference. We aim to conduct business that meets the needs of today while not compromising the ability of future generations to meet their needs.”
Comerica’s ESG commitments are organized by five main categories across capital, workforce, education, climate and products. The key commitments across these categories include providing access to capital focused on underserved communities, women, minorities and small businesses; providing a diverse, equitable and inclusive workforce; investing in and providing financial education for underserved communities; addressing climate change, and; enhancing ESG-related products and service solutions.
Initiatives included in Comerica’s ESG programs include a $5 billion commitment to small businesses between 2021-2023, tying senior leader compensation to progress on diversity, participation in the Partnership for Carbon Accounting Financials (PCAF), and financing green loans.
The new platform was announced with the release of Comerica’s annual Corporate Responsibility Report, highlighting ESG progress and achievements over the year, including the financing of $1.2 billion in green loans and commitments, providing over 30,000 hours of volunteer time to nonprofits, reaching 46% women or ethnic/racial minority representation of executive officers, and providing $3.9 billion in funding for paycheck protection loans in response to COVID-19.
Scott Beckerman, Director of Corporate Sustainability, Comerica Bank, said:
“Transparency is critical as we deliver on goals that protect and preserve the environment and enhance the human and social capital of our communities.”