Financial services company Fifth Third Bancorp announced today a new target to achieve $8 billion in sustainable finance by 2025. The goal would include lending commitments and financing for projects such as solar and wind farms, geothermal and biomass facilities, or hydropower projects.
Fifth Third Bank Chairman, President & CEO Greg D. Carmichael, said:
“By setting this $8 billion sustainable finance goal, we are expanding our commitment to partner with clients to make a real difference for our planet. We are proud to be part of the solution to address climate change through our financing of quality renewable energy projects and other climate solutions.”
Fifth Third has provided approximately $4 billion in renewable energy lending and capital raising services since 2012, enabling the completion of more than 3.5 GW of renewable energy projects across more than 50 clients. In 2018, the bank established its national renewable energy finance center of excellence, significantly expanding its sustainability practice, and the company added a renewable investment banking team to the practice in 2019. Fifth Third currently has approximately 25 full-time employees dedicated to sustainable financing and advisory activities.