Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental, Social, and Governance (ESG)

Environmental Achievements

• Reduced electricity consumption by 102,449 kWh and natural gas consumption by 16,751 therms, decreasing total CO2e by 161 metric tons through HVAC replacements.
• Diverted 106,717 lbs of e-waste through a service provider with a zero-landfill policy.

Social Achievements

• Awarded $9.7 million to more than 347 Champions through the Champions in Action program, supporting environmental stewardship and other community initiatives.

Governance Achievements

• Amended the Nominating & Corporate Governance Committee (NCGC) charter to specifically assign responsibility for the oversight and monitoring of ESG matters, including climate-related risks.

Climate Goals & Targets

Environmental Challenges

• Increased indirect (operating) costs due to potential carbon pricing mechanisms.
• Increased direct costs due to rising mean temperatures and increased demand for cooling.
• Increased direct costs due to increased severity and frequency of extreme weather events.

Mitigation Strategies

• Dedicated energy management function with strategies for energy procurement and capital projects to reduce energy consumption.
• HVAC replacement program to proactively replace equipment, reducing energy costs and improving efficiency.
• Robust Business Resilience function and business continuity plans to mitigate risks from severe weather events, including an out-of-region data center.

Supply Chain Management

Supplier Audits: 1%

Responsible Procurement

• Encouraging suppliers to optimize resources and adopt low-carbon technologies.

Climate-Related Risks & Opportunities

Physical Risks

• Increased severity and frequency of extreme weather events
• Rising mean temperatures

Transition Risks

• Carbon pricing mechanisms

Opportunities

• Development and expansion of low-emission goods and services (renewable energy investments)
• Move to more efficient buildings
• Shift in consumer preferences towards online banking and sustainable practices

Reporting Standards

Frameworks Used: Greenhouse Gas Protocol, TCFD (partially)

Certifications: ISO 14064-3

Sustainable Products & Innovation

• Digital online banking platform (reducing paper waste)
• New bank branch prototypes for increased energy efficiency

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Climate Impact
• Workforce of the Future
• Strong Communities

Environmental Achievements

• Announced a $50 billion Sustainable Finance Target, including $5 billion for green initiatives.
• Completed enterprise climate risk assessment.
• Began receiving renewable electricity from the Sunflower Wind Project.
• Aided seven environmental nonprofits through the Champions for Energy Efficiency & Renewable Energy Award.
• Year-over-year cumulative Scope 1 and 2 emissions decreased by 18% in 2023.

Social Achievements

• Provided $6 million in closing cost assistance grants and more than 18,000 mortgages totaling $5.3 billion to boost homeownership in underserved communities.
• Made 6,700 loans totaling $333 million to support small business growth.
• Provided $1.3 billion in total equity and loan commitments to finance the construction or revitalization of more than 5,000 new units of affordable housing.
• Colleagues logged 232,000+ volunteer hours benefiting 3,000+ community organizations.

Governance Achievements

• 12 out of 13 directors are considered independent.
• Citizens' Board named 2023 Top Public Company Board of the Year by the National Association of Corporate Directors New England Chapter.
• Board is 38% gender diverse.

Climate Goals & Targets

Environmental Challenges

• Managing climate-related risks (physical and transition risks)
• Attracting and retaining talent in a competitive market
• Addressing community workforce needs

Mitigation Strategies

• Completed an Enterprise Climate Risk Assessment.
• Developed a client climate questionnaire to assess climate risk exposure.
• Investing in employee development programs and upskilling initiatives.
• Partnering with nonprofits to address community workforce challenges.

Supply Chain Management

Supplier Audits: 38% of vendors engaged by spend in 2023

Responsible Procurement

• Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks

• Severe weather

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: GRI Standards, SASB Commercial Banks sector standard

Third-party Assurance: Stantec (limited assurance of Scope 1 and 2 GHG inventory and additional performance measures reported to CDP)

Sustainable Products & Innovation

• Sustainable Deposits
• Carbon Offset Deposit Account
• Debit and ATM card made from 90% recycled plastic

Awards & Recognition

• 2023 Top Public Company Board of the Year (National Association of Corporate Directors New England Chapter)
• Bloomberg Gender-Equality Index
• Fair360 Top Regional Company
• Best Places to Work for Disability Inclusion
• National Organization on Disability (NOD) Leading Disability Employer Seal
• Human Rights Campaign Foundation’s Corporate Equality Index (100)
• Certified Age-Friendly Employer (CAFÉ)
• Military Friendly® Employer