Comerica launches ESG platform Banking ExchangeComerica launches ESG platform Banking Exchange
Impact Investing Forum 2023
London. May 04-05, 2023.
Five ESG commitments are built into the platform, including a $5bn financing commitment for underserved communities, women and minorities by 2023. This includes partnering with Minority Depositary Institutions as well as supporting Community Development Financial Institutions. The platform will address climate change, improve ESG-related product/service solutions, and invest in financial education for the underserved. Comerica will focus on ESG-related product design and finance green loans, building on the $1.2bn in loans it has written in this sector in 2020. The bank will also focus on community and economic development lending. In 2020, it had written $1.2bn in these loans. This platform will also promote a diverse, inclusive, and equitable workforce. Curt Farmer, chairman of Comerica Bank, and CEO of Comerica Incorporated, stated that “Comerica’s ESG Platform illustrates the most impactful ESG problems for our company, customers, and colleagues and those in which I feel that we can make an important difference.” “We strive to do business that meets today’s needs while also ensuring future generations have the opportunity to meet theirs.” This platform was launched in conjunction with Comerica’s 13th consecutive corporate responsibility report. Scott Beckerman, Comerica Bank’s director of corporate sustainability, said: “Transparency in delivering on goals that protect and sustain the environment and enhance human and social capital of communities” ESG concerns are becoming increasingly important for firms. A focus on supporting and helping underserved communities is also becoming more common. The bank, PNC, based in Pittsburgh, announced that it raised $700m through its first social bond. This money would go to vulnerable or underserved communities. Return to top