>> CLIMATE TO FIGHT
FOR CHANGE.
>> THERE'S A ONE US BANK IS
TRYING TO DO ITS PART TO COMBAT
THE CLIMATE CRISIS
AND NOW THE MATED BANK IS THE
FIRST U.S. BANK TO PUBLISH
SCIENCE BASED TARGETS TO REACH
NET
0 GREENHOUSE GAS EMISSIONS AND
WANTS TO DO SO BY 2045 THAT'S 5
YEARS AHEAD OF THE GLOBAL
DEADLINE SET BY THE
U N WELL THE BANK SAYS IT WILL
REACH THIS GOAL TO THE WAITING
GAUGES CUSTOMERS AND HOW IT
SCIENCES PROJECTS AND JOINING
ME NOW IS THE CHIEF
SUSTAINABILITY OFFICER FOR HIM
OUT MADE. THANK IVAN, FRESH
BERG IVAN THANKS SO MUCH FOR
COMING ON THE SHOW WALK ME
THROUGH HERE AND THE GOALS AND
TARGETS THAT YOUR BANK IS
ANNOUNCED.
>> EXPRESSED HIS GREAT TO BE
HERE TODAY THAT WE'RE VERY
EXCITED TO HAVE THESE
TARGETS PUBLISHED. WE HAVE SET
A TARGET OF ABSOLUTE EMISSION
REDUCTIONS TO WHERE WE WILL HIT
0. IN
2045. AND WE'RE GOING TO CUT
ROUGHLY IN HALF OUR EMISSIONS
BY 2030 AND
IT'S IMPORTANT. FOR ALL
INSTITUTIONS A COUNTRY SETTING
TARGETS TO BOTH HAVE INTERMEDIA
TARGETS AS WELL AS LONG-TERM
TARGETS. DOING THAT.
>> CAN I JUMP IN HERE. I THINK
PEOPLE MIGHT BE WONDERING YOU
KNOW YOU'RE NOT LIKE I'M NOT A
BIG
OIL COMPANY. HOW MUCH DOES A
BANK AND MITT HOW IS YOUR BANK
AMALGAMATED BANK EMITTING ITS
OWN IT GREENHOUSE GAS
EMISSIONS.
>> THAT'S GREAT THAT'S A TRICK
QUESTION BECAUSE YOU'RE RIGHT
WE HAVE VERY SMALL EMISSIONS OF
YOU THINK ABOUT OUR OPERATIONAL
EMISSIONS
RIGHT SO THE ENERGY THAT HEATS
OR COOLS OUR BUILDING OR LIGHTS
OR TRAVEL THAT WE DO.
AND OUR BIGGEST SOURCE OF
EMISSIONS IS WHAT'S CALLED
FINANCED EMISSIONS. SO THESE
ARE THE ADMISSIONS THAT RELATE
TO OUR
LENDING AND INVESTMENT
PORTFOLIOS SO ONE
THE THINGS THAT IS NOW SORT OF
TAKEN OVER THIS WORLD IS THAT
THE FINANCIAL COMMUNITY AND
THAT'S ASSET OWNERS ASSET
MANAGERS PICKS ARE NOW REALLY
ACCOUNTABLE FOR THEIR FINANCE
COMMISSION. SO IF WE WENT TO
FOSSIL FUEL COMPANIES OR
COMPANIES OR SOLAR COMPANIES
ARE
WHEN COMPANIES. THE COLLECTIVE
THE MISSIONS OF ALL
OF OUR INVESTMENTS THOSE BECOME
PART OF OUR SCOPE 3 EMISSIONS
AND PREDICTS THAT IS
THE PIPE FAR THE LARGEST PART
OF OUR IMPACT ON THE CLIMATE OK
SO HOW ARE YOU GOING TO GET
THERE.
WELL FIRST WE STARTED
INTERNATIONAL YOU CAN SEE
MODELS THAT WE KIND OF LOOK TO
NORTH AMERICA.
HERE'S THE BUSINESS AS USUAL
SCENARIO. THAT'S GOING TO COME
WE THEN START TO LOOK AT THE
POLICIES IN OUR
SPECIFIC MARKETS. WE HAVE NEW
YORK AND WASHINGTON DC
CALIFORNIA PLACES WHERE
WE HAVE ACTUALLY EVEN MORE
AGGRESSIVE CLIMATE TARGETS SO
THEY'RE GOING TO BE CARBON ICED
BUILDING SECTOR OR
THE MORE QUICKLY THAN THE
COUNTRY AS
A WHOLE AND THEN WE STARTED TO
LOOK AT PARTICULAR ACTIONS.
WE CAN TAKE WITH
OUR CLIENTS TO EVEN GO BEYOND
AND
YOU KNOW HOW TODAY REDUCE
EMISSIONS BY SWITCHING TO CLEAN
ENERGY OR. HOW DO WE CRACK
AND BACK REDUCE THE TALL
ADDITION TO OUR PORTFOLIO
BY INCREASING FURTHER OUR
INVESTMENTS IN THINGS LIKE
SOLAR AND
ENERGY EFFICIENCY.
>> IS THERE A FRAMEWORK THAT
YOUR OWN RESEARCH HAS DONE THAT
CAN SERVE IT BASICALLY AS A
STRATEGY FOR OTHER BANKS OUT
THERE.
>> ABSOLUTELY AND WE LOOKED AT
THIS AND WE'RE REALLY
STARTING IN A 2016 2017 BECAUSE
AS YOU SAID WE'RE YOU KNOW
WE'RE AT SIZE WERE A NATIONAL
DAY BUT WE'RE WE'RE ONE
OF THE BIG 6 AND A QUIBBLE TO
SORT OF A GOOD SIZE REGIONAL
BANK WE WORK AND BE ABLE TO DO
THIS ON OUR
AND SO WE WERE LOOKING FOR
FRAMEWORKS FIRST TO MEASURE OR.
>> HOW HOW.
>> HOW YOU CALCULATE FINANCED
EMISSIONS RIGHT IF YOU CAN'T
MEASURE AND SET A BASELINE
YOU'RE NOT ABLE TO MANAGE.
AND SO WE DID
THAT THROUGH. STANDARD CALLED
THE PARTNERSHIP FOR CARBON
ACCOUNTING FINANCIALS WE'VE
BEEN THE LEADERSHIP OF THAT
GROUP. NOW FOR SEVERAL YEARS
AND IT'S GROWN TO A
170 INSTITUTIONS INCLUDES
BLACKROCK CREDIT UNIONS ALL
USING A SINGLE STAND. TO
MEASURE
FINANCED EMISSIONS. WE THEN
HAVE GOTTEN INVOLVED WITH THE
UNITED
IN FARM PROGRAM THE FINANCIAL
SECTOR IN WORKED WITH OTHER
BANKS TO SET A TARGET SETTING
GUIDELINES SO THE BASIC RULES
OF THE ROAD FOR
HOW THEIR SHOULD BE ABLE TO SET
THESE ARE AND SO WE WE'VE KIND
OF GOTTEN AGREEMENT ACROSS THE
INDUSTRY TO THOSE GUIDELINES
AND THAT'S WHERE THEN BECAME
THE FIRST U.S. BANK TO