Citizens Bank has launched a deposit account to help its corporate clients acquire carbon offsets to help companies transition to a lower carbon economy and meet environmental, social and governance goals.
The Providence-based bank said in a statement yesterday that its new Carbon Offset Deposit Account would let clients earn credits on their deposits and then use those credits to acquire carbon offsets.
“Reducing greenhouse gas (GHG) emissions is an important tool in combating climate change,” Citizens said in the statement. “Quality carbon offsets allow companies to compensate for emissions that can’t yet be reduced and to make an immediate positive environmental impact while they work on their longer-term emissions reduction strategy.”
Citizens said all offsets made through the Carbon Offset Deposit program would involve high-quality projects registered with one of the four leading offset registries. The bank said this would ensure that the offsets are “real, additional, permanent and third party verified.”
The bank’s clients can also ask Citizens to provide free estimates of their carbon emissions if a company has not yet measured emissions. Citizens said this would help clients understand the scale of their carbon impacts, identify opportunities to reduce emissions and ensure an appropriate size for the offsetting activities. The service includes help with identifying data sources to measure emissions and facilitating measurements with the company’s vendors.
“Citizens is committed to helping create a more sustainable and inclusive future, which includes meaningful action on climate change,” Michael Cummins, executive vice president and head of treasury solutions at Citizens, said in the statement. “This commitment is an important extension of our company’s Credo, which has helped us serve our customers, colleagues, shareholders, and communities with integrity throughout our history. Across the bank, we are hard at work reducing our operational impact on the environment, navigating climate risk and delivering innovative solutions such as Carbon Offset Deposit Accounts, to support our clients as they transition toward a greener future.”