Climate Change Data

Synovus

Climate Impact & Sustainability Data (2019-2023)

Reporting Period: 2019-2023

Environmental Metrics

Total Carbon Emissions:22,004 tCO2e (Market-Based Scope 1 & 2 Emissions in 2023)
Scope 1 Emissions:3,210 tCO2e (2023)
Scope 2 Emissions:18,794 tCO2e (Market-Based, 2023)
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate Change

Environmental Achievements

  • Increased accessibility to electric vehicle charging stations
  • Energy-efficient facilities
  • Reduced workspace square footage
  • Conversion of more clients to digital transactions
  • Investments in renewable energy
  • More than $108 million in renewable energy loans as of year-end 2023
  • $22 million of solar tax credit investments as of December 31, 2023

Social Achievements

  • Not disclosed

Governance Achievements

  • Expanded ERM framework to include physical climate risks
  • Established processes and procedures to identify, measure, monitor, report and analyze risks, including climate-related risks

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Assess ROI of energy efficiency opportunities including solar projects, branch optimization, technology upgrades, and EV charging stations for new branches
  • Consider additional renewable energy offerings for clients
  • Provide clients with sustainability-focused financial products and services

Environmental Challenges

  • Local climate impact on facilities and operations in the Southeastern U.S.
  • Future economic downturns exacerbated by climate issues
  • Regulatory changes related to climate change
  • Litigation risk
  • Supply chain disruptions due to climate-related impacts
  • Increased stakeholder concern or negative stakeholder feedback regarding ESG risks
Mitigation Strategies
  • Risk mitigation steps to positively impact the environment and protect the company and clients
  • Continual monitoring of market conditions and economic factors
  • Monitoring the regulatory landscape to anticipate legislative changes
  • Engagement of ESG consultants to advise ESG strategy and mitigate reputational risk
  • Internal controls, personnel training, insurance, litigation management, compliance and ethics processes
  • Careful selection of third-party vendors and due diligence screenings
  • Ongoing programs to review third-party vendors and assess risk
  • Incorporating climate risk into the enterprise risk management framework

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Careful selection of third-party vendors and due diligence screenings

Climate-Related Risks & Opportunities

Physical Risks
  • Local climate impact on facilities and operations
  • Economic downturns
Transition Risks
  • Regulatory changes
  • Market uncertainty
Opportunities
  • Renewable energy programs
  • Energy-efficiency measures
  • Development of new revenue streams from environmental markets
  • Sustainability-focused financial products
  • Sustainable investing

Reporting Standards

Frameworks Used: TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Sustainability-focused financial products

Awards & Recognition

  • Not disclosed