Financial services company Fifth Third announced today the creation of a Sustainability Office, to be led by Mike Faillo, appointed as the bank’s first Chief Sustainability Officer. Along with the new appointment, Fifth Third also established a series of new 2030 sustainability goals.
In his new role, Faillo will lead Fifth Thrid’s ESG strategy, including the bank’s climate strategy and sustainable finance initiatives, as well as social and governance reporting. Faillo will also work with the firm’s lines of business to develop financial solutions, and on driving innovation to support a sustainable economy transition.
Faillo joined Fifth Third in 2015, most recently serving in Investor Relations as the Director of ESG Reporting and Analytics. Since 2019, he has also led the Bank’s ESG strategy and reporting, and chairs its ESG Committee.
Kala Gibson, Executive Vice President and Chief Corporate Responsibility Officer, said:
“The creation of a sustainability office under the leadership of Mike Faillo demonstrates Fifth Third’s commitment to drive progress toward a sustainable, inclusive and healthy environment for our customers and communities. We recognize the important role that the financial sector has in making necessary changes to adapt to a changing planet and create more resilient communities.”
In addition to the appointment, the Bank also outlined several new 2030 sustainability targets, building upon its initial goals set in 2017. The new targets include goals to purchase 100% renewable power, cut location-based GHG emissions by 75%, reduce energy use and potable water use by 40% and 50% respectively, divert 75% of waste from going to landfills, reduce paper use by 75%, and purchase the remaining paper from certified sources.
Today’s announcement also follows a series of other sustainability and climate-focused actions by Fifth Third. In April 2021, the company announced it has joined the Partnership for Carbon Accounting Financials (PCAF). In January 2021, the bank announced that it had reached carbon neutrality in its operations, and in September 2020, it launched a new commitment to achieve $8 billion in sustainable finance by 2025.
“Fifth Third has aggressive plans and targets for leading the transition to a sustainable future and addressing climate change. A key part of our strategy is reducing our own impact on the environment. Our new operational sustainability targets, which we intend to achieve by 2030, build upon the success of our first set of environmental goals announced in 2017 and sets aggressive targets for the future. These targets, along with our other key actions, are essential to our sustainability objectives.”