Being a responsible corporate citizen is part of our plan, and we sweat the details. With products and services that support green buildings, energy efficiency, high efficiency vehicles and renewable energy, we’re helping create a more sustainable economy.
Building a Sustainable Community through Responsible Actions
From retail and commercial banking products in Key Consumer Bank, to investment products in Key Private Bank, equipment financing through Key Equipment Finance®, and lending and capital investments through KeyBanc Capital Markets®, KeyBank is committed to sustainability. We are proud to expand our climate commitments to further minimize the environmental impact of our operations, provide more solutions to our clients, and support environmental equity.
KeyBank commits to the following actions:
Finance or facilitate $38 billion to address climate change and support green initiatives by year-end 2026.
Achieve carbon neutral operations across our scope 1 direct emissions and scope 2 indirect emissions by year-end 2030.
Join the Partnership for Carbon Accounting Financials (PCAF) and complete the necessary measurement and evaluation of scope 3 financed emissions.
Investing in Renewable Energy
Investing in renewable energy and energy efficiency has tremendous potential for both our clients and our shareholders.
Since 2007, KeyBanc Capital Markets (KBCM) has been investing in renewable power generation in the United States. KBCM also provides services to clean technology firms in the smart grid, energy management and pollution control sectors.
From 2018 through 2021, we ranked as the number #1 North American renewable energy project finance lender in terms of both the number and dollar volume of deals executed1. For deals executed in 2021, we ranked #2 in both the number and dollar volume of deals executed.
At year-end 2021, Key had $6.5 billion committed to renewable energy projects, representing a cumulative capacity of 42.9 GW, a 7.0 GW increase compared to 2020. Key has committed more than $13.5 billion to renewable energy since the inception of the alternative energy team in 2007. These direct commitments by Key have helped to facilitate $52.5 billion of financings in the bank debt market for renewables.
Key Equipment Finance (KEF) provides tailored equipment and lease financing solutions for both renewable generation and energy efficiency projects. KEF’s Clean Energy team helps its clients develop an integrated approach to achieve their sustainability goals. In 2021, KEF financed $410 million of new energy efficiency, fuel cell, and solar projects, bringing the group’s cumulative financing of 490 transactions totaling more than $1.6 billion since it was established in 2012.
KEF Clean Energy continues to expand the financing of hydrogen powered distributed generation projects, adding fuel cell powered materials handling vehicles to the portfolio. We first entered the market in 2015, as an early investor in hydrogen-based power generation, fueling stations, and materials handling. Since then, we have provided funding for more than $400 million in hydrogen-fueled assets.
We recognize that climate change is both a risk and an opportunity for the resilience and growth of our business in years to come. In addition to investing in renewable energy sources, KeyBank aims to reduce its operational footprint through a series of greenhouse gas (GHG) reduction targets. Through our energy efficiency initiatives, strategic site consolidations, other capital project optimization, and behavior changes, we’ve reduced scope 1 and 2 emissions by 31% and energy consumption by 23% since 2016.
Our carbon commitments and progress, Key is committed to:
- Achieve carbon neutral operations
across our scope 1 direct emissions and scope 2 indirect emissions, by year-end 2030
– we are 31% of the way there.
- 40% Reduction
in scope 1 & 2 emissions by 2030
– we are 77% of the way there.
- 80% Reduction
in scope 1 & 2 emissions by 2050
– we are 39% of the way there.
Our Sustainability Commitment in Action
ESG REPORT: ENVIRONMENTAL HIGHLIGHTS
Building thriving communities includes taking care of our environment.
We support sustainability through green buildings, energy efficiency, high-efficiency vehicles and renewable energy.
From Our Corporate Offices to Our Branches, We’re Building Green
“By integrating green building practices into branches, we reduce negative impacts to the environment, and both Key employees and customers benefit.”
—Carmen McClennon, Director, Integrated Channel Management, KeyBank
SUSTAINABILITY IN PHILANTHROPY
KeyBank Foundation aims to make positive change that it can maintain over time with continual improvements. By investigating the root causes of community problems, taking a long-term view of the current situation and implementing plans to incorporate a broader social vision, the Foundation creates change that endures.
Based on data compiled by Dealogic for North American wind, solar, and battery storage deals.
KeyBanc Capital Markets Inc., Member FINRA/SIPC, and KeyBank National Association (KeyBank N.A.) are separate, but affiliated companies. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. KeyBanc Capital Markets Inc. important disclosures.
Key Equipment Finance is a division of KeyBank.
Securities products and services: NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY.
Banking products and services are offered by KeyBank N.A.
This document is designed to provide general information only and is not comprehensive nor is it legal, accounting, or tax advice. Credit products are subject to credit approval, terms, conditions, and availability and subject to change. Key Equipment Finance is a division of KeyBank. Key Government Finance is a subsidiary of KeyBank. Key.com is a federally registered service mark of KeyCorp.