Comerica Financial institution commits to inexperienced enterprise
DALLAS, April 21, 2021 / PRNewswire / – Comerica Financial institution is dedicated to defending and preserving the atmosphere to assist communities and the planet thrive for the long run.
Since 2012, Comerica has been monitoring loans to tasks and prospects useful to the atmosphere. From March 31, 2021, Comerica has extra $ 1.2 billion in loans and commitments to tasks and firms in 13 completely different classes useful for the atmosphere or inexperienced.
“Inexperienced enterprise is nice enterprise,” stated Peter Sefzik, Government Vice President, Government Director of Industrial Financial institution. “We acknowledge and have a good time our prospects whose actions are devoted to environmentally pleasant functions.”
Comerica makes use of a rigorous course of to categorise its inexperienced loans. The factors require that almost all of a enterprise’s earnings or loans be spent for environmentally pleasant functions or that the enterprise or challenge be inherently inexperienced, equivalent to renewable power or recycling.
Comerica’s environmental companies division helps prepared the ground in supporting inexperienced companies. “At Comerica, we’ve developed in-depth business experience to help our purchasers and assist them establish enterprise options that help a cleaner planet,” stated Joe ursuy, Senior Vice President, Environmental Companies, Comerica Financial institution. “We additionally work with associations and nonprofits just like the Renewable Pure Fuel Coalition and the Environmental Analysis and Schooling Basis to advance sustainability and enhance business practices.
Comerica’s dedication to supporting environmentally pleasant companies encompasses a variety of companies and tasks. Its involvement consists of conventional inexperienced companies and tasks, equivalent to renewable power, recycling and power effectivity. As well as, it helps finance all kinds of companies, equivalent to people who develop e-waste administration options, present consulting and environmental safety companies, and advance sustainable meals manufacturing. Comerica can be a pacesetter in financing landfill gasoline power tasks, stopping the discharge of methane, one of the crucial potent greenhouse gases.
“By their dedication to inexperienced companies, our prospects are main the best way to a extra low-carbon future,” provides Scott Beckerman, Director of Sustainable Improvement, Comerica Financial institution. “However it’s not nearly inexperienced lending, Comerica’s wealth administration staff can be devoted to serving to our purchasers meet their environmental, social and governance (ESG) funding targets by figuring out choices for funding. funding that enable them to take a position their values.
Comerica’s Surroundings, Social and Governance (ESG) Council ensures an built-in strategy to points equivalent to local weather change. For instance, Comerica’s Sustainability Finance Council is made up of senior leaders from Industrial Banking who try to know the drivers of environmental companies, establish new alternatives, and deepen Comerica’s help for inexperienced companies.
Comerica can be tackling the impacts of its personal portfolios. In 2020, Comerica joined the Partnership for Carbon Accounting Financials (PCAF) to assist it higher perceive and disclose the local weather impacts related to lending exercise, permitting the financial institution to align with the aims of the Paris Local weather Settlement.
In 2021, Comerica earned a spot on Company Knights’ International 100 Most Sustainable Corporations Checklist for the third yr in a row. Comerica was additionally acknowledged by Newsweek as one of many 100 Most Accountable Corporations United States and obtained an A ranking for its response to local weather change from CDP putting Comerica on the management stage.
For extra info on Comerica’s strategy to sustainability and its help for environmentally pleasant companies and tasks, go to www.Comerica.com/sustainability.
Comerica Financial institution is a subsidiary of Comerica Integrated (NYSE: CMA), a monetary companies firm headquartered in Dallas, Texas, and strategically aligned with three enterprise segments: business banking, retail banking and wealth administration. Comerica focuses on relationships and helps folks and companies succeed. Along with Texas, The addresses of Comerica Financial institution will be discovered at Arizona, California, Florida and Michigan, with some firms working in a number of different states, in addition to in Canada and Mexico. Comerica declared complete belongings of $ 86.3 billion from March 31, 2021.
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SOURCE Comerica Financial institution