Regions Bank Discloses 2 Significant ESG Information
The 2021 Task Force on Climate-related Financial Disclosures (TCFD) Report and 2021 Annual Review & ESG Report were both made public by Regions Financial Corp. (NYSE:RF) on Thursday. Together, the two disclosures are intended to give Regions Bank stakeholders a thorough picture of the company’s financial performance, as well as its dedication to employee welfare, support for the communities where it operates, customer service, adherence to sound governance principles, and advancement in ongoing environmental sustainability initiatives.
The 2021 Annual Review & ESG Report and 2021 TCFD Report, according to Regions Financial Corp. President and CEO John Turner, “reflect key milestones as we fulfil Regions’ mission to improve the quality of life for our customers, associates, communities, and shareholders.We take great pride in highlighting our achievements and ongoing priorities in the crucial areas of community and customer support, prudent and efficient governance, and environmental sustainability.
These studies also highlight important aspects of our solid corporate culture, such as good risk management, promoting greater diversity, equity, and inclusion, promoting employee wellbeing, improving learning and development, and placing a high priority on business ethics.
The bank’s financial and ESG performance are both included in the 2021 Annual Review & ESG Report, titled “A Strong Foundation.” The 2021 Workforce Demographics (EEO-1) Index, 2021 Global Reporting Initiative (GRI) Index, and Regions’ Sustainability Accounting Standards Board (SASB) disclosure are also included in this most recent version. Previously, these disclosures were made in separate releases; however, thanks to their consolidation and the most recent TCFD release, the majority of Regions’ ESG disclosures are being made at once.
Business: The report gives a summary of Regions’ strong performance in 2021, which includes the purchases of EnerBank, Sabal Capital Partners, LLC, and Clearsight Advisors, Inc. It also discusses Regions’ focus on making banking simpler through investments in technology and digital capabilities.
Planet: The environmental strategy of Regions is described, along with updates on performance regarding Scope 1 and Scope 2 greenhouse gas emissions and how the company measures and assesses Scope 3 portfolio emissions, which are emissions brought on by operations of assets that are not under Regions’ ownership or control. Regions are working hard to find opportunities related to the climate. This involves helping clients migrate to a more sustainable future by offering possibilities for sustainable investing and finance.
People: The study monitors how Regions are doing in terms of their associates, clients, and communities. The dedication of Regions Bank and the Regions Foundation in areas like human rights, supplier diversity, associate participation, community assistance, talent recruitment and development, and diversity, equity, and inclusion are some of the highlights.
Governance: Regions’ values-based governance works to guarantee that all employees, suppliers, and vendors, as well as the company’s board of directors, conduct their business in accordance with the highest ethical standards. The ESG Leadership Council, a cross-functional decision-making group that reports to Regions’ Executive Leadership Team, is among the governance improvements announced in the 2021 report.
Supporting Customers: Regions’ bankers keep providing clients with cutting-edge sustainable finance products to encourage the use of clean energy, such EnerBank’s point-of-sale financing for energy-efficient home repair projects.
Environmental Footprint: The bank already met its 2023 energy use target (in 2021), and it is still keeping an eye on its performance to guarantee that it keeps reducing it. Additionally, progress is being made toward the revised gross Scope 1 and Scope 2 Greenhouse Gas Emissions goal, which calls for a reduction in emissions of 50% by 2030 compared to 2019 baseline levels. This goal was updated in last year’s TCFD Report. To help achieve this aim, regions keep implementing fresh and cutting-edge energy-efficient techniques in both new and existing facilities.
Managing Climate-Related Risks: Regions continues to promote environmental and risk-related activities, including creating new analytical capabilities to improve the bank’s assessment of transitional and physical risks in its portfolio. Enhancements to geospatial analysis are making it possible to analyse sea level rise more precisely, which helps identify potential dangers to Regions’ facilities and those of its clients.