DALLAS, April 21, 2021 /PRNewswire/ -- Comerica Bank is committed to protecting and preserving the environment to help communities and the planet thrive long term.
Since 2012, Comerica has tracked lending to environmentally beneficial projects and customers. As of March 31, 2021, Comerica has over $1.2 billion in loans and commitments to projects and companies in 13 different environmentally beneficial or green categories.
"Green business is good business," said Peter Sefzik, Executive Vice President, Executive Director of Commercial Bank. "We recognize and celebrate our customers whose businesses are dedicated to environmentally beneficial purposes."
Comerica uses a rigorous process to classify its green loans. The criteria requires the majority of a company's revenue or loan proceeds be dedicated to environmentally beneficial purposes or the company or project is inherently green, such as renewable energy or recycling.
Comerica's Environmental Services Division helps lead the way in supporting green businesses. "At Comerica, we've developed deep industry expertise to support our customers and help them identify business solutions that support a cleaner planet," said Joe Ursuy, Senior Vice President, Environmental Services, Comerica Bank. "We also work with associations and nonprofits like The Coalition for Renewable Natural Gas and the Environmental Research and Education Foundation to advance sustainability and improve industry practices."
Comerica's commitment to supporting environmentally beneficial businesses includes a wide array of companies and projects. Its involvement includes traditional green businesses and projects, like renewable energy, recycling, and energy efficiency. In addition, it helps finance a wide variety of companies, such as those that develop electronic waste solutions, provide environmental protection and consulting services, and advance sustainable food production. Comerica is also a leader in the finance of landfill gas to energy projects, preventing the release of methane, one of the more potent greenhouse gases.
"Through their commitment to green business, our customers are leading the way to a lower carbon future," added Scott Beckerman, Chief Sustainability Officer, Comerica Bank. "But it isn't just green lending, Comerica's Wealth Management team is also dedicated to helping our clients achieve their environmental, social and governance (ESG)-based investing goals by identifying investment options that allow them to invest their values."
Comerica's Environmental, Social, and Governance (ESG) Council ensures it takes an integrated approach to issues such as climate change. For example, Comerica's Sustainability Finance Council consists of senior leaders from the Commercial Bank working to understand environmental business drivers, identify new opportunities, and deepen Comerica's support of green business.
Comerica is also addressing the impacts of its own portfolios. In 2020, Comerica joined the Partnership for Carbon Accounting Financials (PCAF) to help it better understand and disclose the climate impacts associated with lending activity, moving the bank toward alignment with the goals of the Paris Climate Agreement.
In 2021, Comerica earned a place on the Global 100 list of the most sustainable corporations by Corporate Knights for the third consecutive year. Comerica has also been recognized by Newsweek as being one of the 100 most responsible companies in the United States and received an A- score on its CDP Climate Change response placing Comerica at the leadership level.
For more information on Comerica's approach to sustainability and its support of environmentally beneficial businesses and projects, visit www.Comerica.com/sustainability.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $86.3 billion as of March 31, 2021.
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SOURCE Comerica Bank