Comerica has launched an ESG platform in conjunction with the publication of its corporate responsibility report.
The platform is built around five ESG commitments, which includes a $5bn financing commitment to underserved communities, women, minorities and small businesses by 2023.
This will also involve partnering with Minority Depositary Institutions and supporting Community Development Financial Institutions.
The platform will also address climate change, enhance ESG-related product and service solutions and invest in financial education for underserved communities.
With ESG-related product development, Comerica will prioritize financing green loans and building on the $1.2bn of loans it has written in this area in 2020. The bank will also target community and economic development lending, having written $1.2bn of these loans in 2020.
Promoting a diverse, inclusive and equitable workforce will also be part of this platform.
"Comerica's ESG Platform illustrates what we believe to be the most impactful ESG issues for our company, customers and colleagues, and those in which we feel that we can make a significant difference," said Curt Farmer, chairman and CEO of Comerica Bank and Comerica Incorporated.
"We aim to conduct business that meets the needs of today while not compromising the ability of future generations to meet their needs."
The launch of this platform has coincided with the publication of the organization’s corporate responsibility report, the 13th consecutive edition for Comerica.
Comerica Bank director of corporate sustainability Scott Beckerman added: “Transparency is critical as we deliver on goals that protect and preserve the environment and enhance the human and social capital of our communities.”
ESG concerns are becoming increasingly important to firms and a focus on helping and supporting underserved communities is becoming more common. PNC, the Pittsburgh-based bank, recently announced it had raised $700m from its first social bond, which would go to vulnerable and underserved populations.
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