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Fifth Third Achieves 100% Renewable Energy Goal and Expands Solar Initiatives
Slice of Energy Team
September 05, 2024
Key Highlights:
Achieved 100% renewable energy goal in 2019 with the Aulander Holloman solar facility.
Solar panels installed at 20 additional financial centers by 2024.
Reduced grid-based energy usage by 40% as part of sustainability goals.
Received renewable energy certificates (RECs) through virtual power purchase agreements.
Ongoing efforts in energy efficiency and renewable energy integration.
Source (Business Wire)
Notable Quote:
“These goals are the most aggressive operations sustainability goals we’ve had to date. Ultimately, the power purchase agreement has meant that we put more power into the nation’s electricity grid than we use with all our facilities combined. This is a great example of sustainability as a driver for direct business value creation while mitigating our climate impact.”
Our Take:
Fifth Third Bank's commitment to 100% renewable energy marks a significant achievement in operational sustainability, driven by smart business decisions such as virtual power purchase agreements and investment in solar projects. The integration of renewable energy at 24 locations, coupled with internal efforts to reduce energy use, demonstrates a forward-thinking approach that not only mitigates climate impact but also generates tangible financial benefits. This combination of environmental responsibility and business value creation positions Fifth Third as a leader in sustainable practices within the financial sector. The ongoing expansion of solar installations and other energy-efficiency measures will likely help the bank achieve its remaining sustainability goals, reinforcing its standing as an industry innovator.