- Achieving Net Zero goal depends on factors beyond Truist's control (supportive policies, technological development, finance, ambition of governments and individuals).
- Data limitations and assumptions in GHG emission calculations and financed emissions.
- Managing climate-related risks across various time horizons (short, medium, long-term).
- Integrating climate risk across all eight primary risk types.
- Improving data quality and access for financed emissions calculations.
Truist Financial Corporation
Greenhouse gas emissions & sustainability report data
In its 2023 reporting, Truist Financial Corporation disclosed greenhouse gas emissions of 327.2K MT CO2e (Scope 1 & 2 location-based). By scope: Scope 1: 13.8K tCO2e; Scope 2: 142.5K tCO2e (location-based); Scope 3: 171.0K tCO2e (Categories 3 5 6 8). Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
327.2K MT CO2e (Scope 1 & 2 location-based)
2023
Waste
6.8K tons (Scope 3 Category 5)
2023
Energy Use
473.0K MWh
2023
📊 Emissions by Scope (2023)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 13.8K tCO2e |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 142.5K tCO2e (location-based) |
| Scope 3 | Other indirect emissions across the value chain (purchased goods, business travel, use of sold products, etc.). | 171.0K tCO2e (Categories 3 5 6 8) |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
📈 Emissions by Report Period
| Report period | Headline emissions figure reported |
|---|---|
| 2023 | 327.2K MT CO2e (Scope 1 & 2 location-based) |
| 2022 | 178.8K MT CO2e |
Each row is the headline figure extracted from a different report; scope coverage and methodology can change between years.
✅ Reported Environmental Achievements
- Launched an expanded Corporate Responsibility & Sustainability (CR&S) committee.
- Completed recalculation of prior year energy consumption and GHG emissions using a consistent approach.
- Advanced the integration of climate risk into our risk management framework and risk programs.
- Improved data quality and processes to assess risk, measure financed emissions, and analyze carbon reduction pathways and interim targets.
- Helped clients meet sustainable financing needs by providing $1.7 billion of new direct capital commitments for renewable energy transactions and supporting over $22 billion of sustainable finance.
- Expanded abilities to pursue sustainable finance opportunities by adding teammates in the wholesale bank.
- Matured processes used to calculate Operational GHG Emissions by improving data collection for Scope 1 and 2 calculations, preparing to increase controls for GHG calculations, and expanding internal collaborations to collect data and develop methodologies for new Scope 3 categories.
- Began reporting Scope 3 Category 5 (Waste Generated in Operations) and Category 8 (Upstream Leased Assets) emissions.
- Invested $1.3 million in LED lighting and energy management systems across more than 45 locations, and $875,000 in HVAC optimization and smart irrigation systems.
- Launched an accelerated HVAC replacement program delivering over 100 projects.
🎯 Climate & Sustainability Targets
🔜 Short-term
- Reduce Scope 1 emissions by 35% by 2030 (relative to 2019 baseline)
- Reduce Scope 2 (location-based) emissions by 35% by 2030 (relative to 2019 baseline)
- Reduce water consumption by 25% by 2030 (relative to 2019 baseline)
🔭 Long-term
- Achieve Net Zero GHG emissions by 2050
🌱 ESG Focus Areas
Climate Change