US Bank Releases Its 2021 Environmental, Social and Governance Report

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U.S. Bank recently released its 2021 Environmental, Social and Governance (ESG) report highlighting the bank’s work across key environmental, social and governance initiatives including the bank’s continued focus on climate and human capital strategies.

The report highlights key accomplishments, including:

  • Consistently named one of the World’s Most Ethical Companies by the Ethisphere Institute
  • Provided $197 million in capital to Black-owned or -Led businesses and organizations as part of U.S. Bank Access Commitment
  • Invested $830 million in Renewable Energy Tax Credit equity
  • Contributed $62 million in corporate donations and U.S. Bank Foundation grants
  • Announced a commitment to achieve NetZero Greenhouse Gas Emissions (GHG) by 2050.

“As a financial services provider, we are committed to serving all of our key stakeholders including our customers, employees and communities,” said Andy Cecere, Chairman, President and CEO of U.S. Bank. “Our ESG efforts reflect our commitment to being a responsible corporate citizen. As ESG continues to evolve we will continue to learn, set ambitious targets, measure our progress and share results.”

U.S. Bank’s approach to ESG focuses on risk and governance; our commitment to diversity, equity and inclusion; our work within the Community Reinvestment Act (CRA); tax credit investing and community lending through the U.S. Bancorp Community Development Corporation; and philanthropic giving and engagement through the U.S. Bank Foundation.

Through these areas of investment, U.S. Bank is committed to making a difference for its employees, customers, shareholders and communities who expect the company to not only make an impact but want it to be more intentional and transparent about its methods.

“At U.S. Bank, ESG is integrated into our business,” said Reba Dominski, head of Corporate Social Responsibility at U.S. Bank. “We see doing business in an environmentally sustainable and socially responsible manner as a driver of innovation, productivity and the creation of both short- and long-term value.”

The 2021 ESG report is divided into three pillars to best outline the work and progress:

  • Lead with Core Values: highlighting U.S. Bank’s governance, risk discipline and information security and cybersecurity programs; talent, diversity and culture and ethical and responsible banking.
  • Enable a Sustainable Future: highlighting U.S. Bank’s commitment to a sustainable future including the company’s climate commitments; client engagement and support and vendor and community partnerships including supplier diversity.
  • Increase Equity, Access and Economic Empowerment: highlighting financial inclusion and well-being for all stakeholders, community engagement and closing the racial wealth gap through U.S. Bank Access Commitment.

The full report is available here.

The report has been informed by the recommendations of the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI).

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