State Street Will Achieve Carbon Neutrality in 2020 and Commits to More Absolute Reductions
October 08 2020 - 10:00AM
Business Wire
State Street Corporation [NYSE: STT] today announced that it
will achieve carbon neutrality for Scope 1 and Scope 2 emissions in
2020 and has committed to further reducing its carbon emissions on
an absolute basis over the next 10 years in accordance with the
Science-Based Targets initiative (SBTi).
At the end of 2019, State Street met its 30 percent carbon
reduction goal, which was set in 2015, six years ahead of schedule.
This year, State Street made significant strides to achieve carbon
neutrality through infrastructure retrofitting, purchasing
renewable energy certificates (RECs) and carbon offsets, and
“greening the grid” by utilizing renewable energy sources wherever
possible.
“We are pleased to reach carbon neutrality and will continue to
reduce our emissions on an absolute basis to reduce our carbon
footprint further as we join the journey toward net zero,” said Ron
O’Hanley, chairman and chief executive officer of State Street. “We
are committed to addressing climate change risk not only in our own
business operations, but we have also joined forces with other
stakeholders to help companies and investors identify and manage
their own climate change risks, while supporting local and global
initiatives aimed at building a more sustainable world.”
State Street‘s continued action on climate change includes:
- As an asset servicing provider, helping clients better
understand the carbon profile of their portfolio holdings so they
can take action
- As an asset manager, helping asset owners reduce climate risk
in their portfolios and embrace the growth opportunities in green
innovation, and engage with portfolio companies and boards to
understand how they are managing the opportunities and risks of
climate change.
- As a responsible corporation focused on the long term,
continuing to reduce its own carbon footprint by reducing energy
use, greenhouse gases, and water usage and discharge, as well as
improving waste recycling.
- As an engaged industry and community partner, working with
policymakers, industry initiatives like the Taskforce on Climate
Related Financial Disclosures, as well as local stakeholders like
the One Waterfront project in Boston to maximize effort and impact
on the problem of climate change.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $33.52 trillion in assets
under custody and/or administration and $3.05 trillion* in assets
under management as of June 30, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management as of June 30, 2020 includes
approximately $67 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated.
© 2020 State Street Corporation - All Rights Reserved
3274225.1.1.GBL.RTL
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201008005640/en/
Zarna Patel zpatel@statestreet.com +1 617 756 2911
State Street (NYSE:STT)
Historical Stock Chart
From Aug 2024 to Sep 2024
State Street (NYSE:STT)
Historical Stock Chart
From Sep 2023 to Sep 2024