Climate Change Data

State Street Corporation

Climate Impact & Sustainability Data (2020, 2022, 2023)

Reporting Period: 2020

Environmental Metrics

Total Carbon Emissions:111,956 tCO2e/year
Scope 1 Emissions:7,420 tCO2e/year
Scope 2 Emissions:67,049 tCO2e/year
Scope 3 Emissions:37,488 tCO2e/year
Renewable Energy Share:100% of Scope 2 power is renewable (through REC purchases)
Total Energy Consumption:815,028 GJ/year
Water Consumption:12.74 million cubic feet/year
Waste Generated:2,026 tons/year
Carbon Intensity:242 tons of CO2 per million dollars of revenue (S&P 500 comparison).

ESG Focus Areas

  • Climate Change
  • Diversity & Inclusion
  • Governance
  • Human Capital
  • Responsible Sourcing
  • Risk Excellence and Compliance
  • ESG Products and Services

Environmental Achievements

  • Achieved carbon neutrality for Scope 1 and 2 emissions in 2020.
  • Reduced greenhouse gas emissions by 12% in 2020 (compared to 2019, potentially influenced by COVID-19).
  • Reduced water usage by 43% in 2020 (compared to 2019, potentially influenced by COVID-19).
  • Achieved a 74% recycling rate in 2020.

Social Achievements

  • Launched 10 Actions Against Racism and Inequality.
  • Supported the launch of the New Commonwealth Racial Equity and Social Justice Fund.
  • Increased employee pride in working for State Street by almost 20% since October 2019.
  • 862 out of 1,486 companies added a female director to their boards since 2017 (Fearless Girl campaign).

Governance Achievements

  • Board of directors assumed responsibility for oversight of material ESG issues.
  • 92% of board members are independent.
  • 42% of board members identify as gender or racially diverse.

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions by 2050.
Medium-term Goals:
  • Reduce carbon dioxide emissions by 27.5% by 2030.
  • Achieve 80% recycling rate of waste by 2025.
Short-term Goals:
  • Increase diverse supplier spend.

Environmental Challenges

  • COVID-19 pandemic impacted recruiting efforts and data collection.
  • Time horizon mismatch between typical three-year strategy-setting processes and longer time horizons for climate risk materialization.
  • Lack of consistent, comparable, and verifiable ESG reporting across sectors and companies.
Mitigation Strategies
  • Implemented four pulse surveys throughout 2020 to inform COVID-19 response.
  • Engaged with portfolio companies to encourage longer-term climate-related sustainability goals and board oversight of climate.
  • Continued to work with TCFD, SASB, and other market participants to drive convergence around disclosure standards.

Supply Chain Management

Responsible Procurement
  • Policies covering equal opportunity, child or forced labor, health and safety, slavery and human trafficking, ethics, and human rights
  • Supplier and subcontractor audits for compliance
  • Diversity and hiring practices

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
  • Damage to physical assets
  • Supply chain disruptions
Transition Risks
  • Regulatory changes
  • Market shifts
  • Impacts on asset values
Opportunities
  • Development of energy-efficient products and services
  • Investment in green innovation

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UNGC

Certifications: ISO 14001 (18 locations), ISO 50001 (2 locations)

Third-party Assurance: ERM Certification and Verification Services (ERM CVS)

UN Sustainable Development Goals

  • SDG 4 (Quality Education)
  • SDG 5 (Gender Equality)
  • SDG 7 (Affordable and Clean Energy)
  • SDG 8 (Decent Work and Economic Growth)
  • SDG 10 (Reduced Inequalities)
  • SDG 13 (Climate Action)

Initiatives align with these goals through education and workforce development, gender diversity, climate action, responsible investing, and racial equity initiatives.

Sustainable Products & Innovation

  • Various ESG investment products and services

Awards & Recognition

  • ERM CVS limited assurance on ESG report
  • Bloomberg Gender-Equality Index (GEI) for the fifth year
  • Professional Women’s Network received ERG Council Honors Diversity Impact Award

Reporting Period: 2022

Environmental Metrics

ESG Focus Areas

  • Climate Change
  • Governance
  • Risk Management

Climate Goals & Targets

Environmental Challenges

  • Significant challenges with reporting on Scope 3 GHG emissions due to data and methodological constraints.
  • Inherent timing lag in the availability of Scope 3 data.
  • Inconsistent Scope 3 estimation measurements.
  • Technical issues such as ‘double counting’ in Scope 3 emissions.
  • Lack of estimation methodologies or highly immature estimation methodologies for some asset classes in Scope 3 disclosures.
Mitigation Strategies
  • Recommend the ISSB drive the development of robust and consistent methodologies for Scope 3 emissions estimation by creating a dedicated taskforce.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: TCFD, SASB

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:58,437 tCO2e/year (Scope 1 & 2 LBM)
Scope 1 Emissions:7,559 tCO2e/year
Scope 2 Emissions:50,878 tCO2e/year (LBM), 180 tCO2e/year (MBM)
Scope 3 Emissions:281,155 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:728,277 GJ/year
Water Consumption:291.23 m3/year
Waste Generated:522 tons/year
Carbon Intensity:1.36 (2023)

ESG Focus Areas

  • Governance
  • Social
  • Environmental

Environmental Achievements

  • Reduced carbon emissions by 31% (Goal: 46.2% by 2030)
  • Reduced water withdrawal by 45% (Goal: 25% by 2030)
  • Reduced waste by 355 metric tons

Social Achievements

  • Donated more than $25 million to communities globally
  • Employees completed more than 84,000 volunteer hours
  • Increased spend with Black and Latinx suppliers by 489%
  • Achieved Black Equity at Work Bronze Certification and Plan-Approved for Hispanic Equity at Work

Governance Achievements

  • Established a Sustainability and Impact Committee
  • Expanded proxy voting choice program to cover over 80% of eligible index equity assets
  • Published results of an external civil rights audit

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Reduce carbon emissions by 46.2% by 2030
  • Reduce water consumption by 25% by 2030
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Data limitations in measuring Scope 3 financed emissions
  • Evolving regulatory landscape for ESG reporting
  • Data privacy challenges in a hybrid work model
  • Data localization concerns
Mitigation Strategies
  • Developing internal capabilities to measure financed emissions
  • Engaging with regulators and industry groups on ESG reporting
  • Strengthening privacy engineering team and processes
  • Developing policies to manage data localization challenges

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Supplier diversity program
  • Code of conduct
  • Human rights requirements

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
  • Flooding
  • Heat waves
Transition Risks
  • Regulatory changes
  • Market shifts
  • Technological changes
Opportunities
  • Development of energy-efficient products and services
  • Investment in renewable energy projects

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UNGC

Certifications: ISO 14001

Third-party Assurance: Ernst & Young LLP (limited assurance)

UN Sustainable Development Goals

  • SDG 4
  • SDG 5
  • SDG 7
  • SDG 10
  • SDG 11
  • SDG 13

Initiatives supporting education, gender equality, renewable energy, reduced inequalities, sustainable cities, and climate action

Sustainable Products & Innovation

  • State Street Total ESG™

Awards & Recognition

  • DiversityInc Top 50 Companies for Diversity
  • Degreed’s 2023 Visionary Awards (Learning Marketer of the Year)
  • Brandon Hall Group’s 2023 Best Unique or Innovative Leadership Program