Already carbon neutral since 2018, the company plans to set
science-based targets for its operations and supply chain to reach
this goal and provide $10 million in new philanthropic funding
toward initiatives that address climate change
American Express (NYSE:AXP) today announced it has committed to
net-zero carbon emissions by 2035, fifteen years ahead of the Paris
Agreement’s 2050 goal. To achieve this ambition, the company will
follow the Science Based Targets initiative (SBTi) methodology to
set targets over the coming two years for its global operations and
supply chain. American Express will also join the ‘Business
Ambition for 1.5°C’ commitment and Race to Zero, and will provide
at least $10 million in new philanthropic funding towards
organizations and initiatives that drive action on climate change
through 2025.
“Climate change is one of the most pressing issues we face right
now, and we are seeing the devastating impacts around the world
that remind us that we have a responsibility to take decisive
action,” said Stephen J. Squeri, Chairman and Chief Executive
Officer. “To further our impact, we will seek to innovate and
advance sustainable solutions, and work with our business, vendor,
and community partners to achieve net-zero emissions by 2035.”
Since 2018, American Express has remained a carbon neutral
company across its operations and has been powered with 100%
renewable energy.1 To achieve net-zero emissions, it plans to work
with its suppliers to reduce their impact on the company’s value
chain by inviting them to track, reduce, and eventually neutralize
their own operational greenhouse gas emissions. As a first step,
the company plans to partner with top vendors that are responsible
for 50% of the company’s annual third-party spend to set their own
science-based emissions reduction targets.
The company’s 2035 net-zero goal is based on SBTi’s ambitious
objective of limiting global warming to 1.5°C, a critical target to
avoid the most catastrophic threats of climate change as set out by
the 2015 Paris Agreement. With this announcement, American Express
is also proud to join the Race to Zero, a global campaign
established by the United Nations Framework Convention on Climate
Change (UNFCCC) to rally leadership for a healthy, resilient, and
zero-carbon recovery.
As part of its objective to manage climate-related financial
risks, American Express is also signing up to be a supporter of the
Task Force on Climate-Related Financial Disclosures (TCFD), created
by the Financial Stability Board and chaired by Michael Bloomberg.
This signals the company’s belief, alongside more than 2500
organizations, that the TCFD framework increases transparency on
climate related risks in the financial markets.
Investing in a Sustainable Future
In addition to its net-zero commitment and in an effort to build
more climate resilient and equitable communities, American Express
and the American Express Foundation plans to provide at least $10
million by the end of 2025 toward initiatives, partnerships, and
programs that prevent and address the adverse effects of climate
change. The company is also setting goals to enhance the management
of climate-related risks and opportunities across its business,
pilot low-carbon product innovations, including solutions to track
and offset emissions by 2022, and identify opportunities to engage
its global colleague base in sustainability initiatives and
volunteer opportunities.
These goals are part of American Express’ commitment to
advancing climate solutions, which is one of the core pillars of
its ESG strategy and build on its previous efforts to support the
transition to a low-carbon economy. In 2019, American Express set
environmental goals for 2025 that cover energy and water use, waste
generation, green building certifications, the phaseout of
single-use plastics, and sourcing paper responsibly.
The company also launched the first American Express Card
manufactured mainly from reclaimed plastic collected from beaches,
islands, and coastal communities in 2019 along with a Card Take
Back program for U.S. Card Members. More than 920,000 expired or
non-working cards have been recycled to date. American Express also
makes its Carbon Footprint Dashboard available to certain
commercial clients so that they are able to track emissions data
associated with their air travel, and through its colleague
engagement efforts, has planted more than 150,000 trees in
partnership with The Nature Conservancy’s Plant A Billion Trees
program.
More information on the company’s sustainability strategy,
goals, and progress will be available in the company’s 2020-2021
ESG Report, which will be published on September 28, 2021.
___________________________
1 Achieved carbon neutral operations for
Scope 1 (direct emissions from sources owned or controlled by
American Express), Scope 2 (indirect location-based and
market-based emissions), and Scope 3 (waste and employee business
travel, including third-party air, rail and rental cars) emissions
through renewable energy credits, carbon offsets, and reduced GHG
emissions. Operations include all our managed facilities, field
sites and data centers. Managed facilities are individual
properties operationally managed by our global real estate team and
housing critical business functions. Field sites are individual
properties that are not operationally managed by our global real
estate team but directly by our business units. They are typically
smaller sites, less than 30,000 square feet (including airport
lounges, foreign exchange kiosks, and sales offices) that are owned
or leased by American Express.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, travel
services, gift cards, prepaid cards, merchant services, Accertify,
InAuth, corporate card, business travel, and corporate
responsibility.
Source: American Express Company
Location: Global
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
which are subject to risks and uncertainties. The forward-looking
statements, including the company’s aspirational emissions and
climate-related commitments and goals, contain words such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,”
“may,” “seek,” “should,” “could,” “would,” “likely,” “potential,”
“continue” or other similar expressions. Actual results may differ
from those set forth in the forward-looking statements due to a
variety of factors, including: competition, brand perceptions and
reputation; an inability to develop and market value propositions
that appeal to Card Members and new customers; the amount and
efficacy of investments in product innovations, resources,
marketing campaigns and programs; changing customer behaviors,
interest in the company’s products, resources and programs, and
willingness to access capital provided by the company, spend money
at small businesses and value environmentally and socially
responsible products and services; management’s inability to
identify suitable suppliers, grantees, partners and community
investments and negotiate acceptable terms; an inability to build
partnerships and execute programs with other companies and of
partners to meet their obligations to the company; changes in
developing standards and certifications; the cost and availability
of renewable energy, carbon removal and carbon offset projects,
energy attribute certificates, certified paper and green buildings,
and alternatives to single-use plastic; supply chain and market
disruption; regulation; potential M&A activity; severe weather
conditions, natural disasters and other catastrophic events;
changes in the company’s real estate, technology, colleague and
community engagement, and risk management strategies; an inability
of waste management systems to divert waste to recycling and
composting facilities; and changes in economic or business
conditions and the company’s ability to grow, improve its financial
performance and execute on its strategies. A further description of
these and other risks and uncertainties can be found in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and the Company’s other filings with the U.S. Securities
and Exchange Commission. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. We undertake no obligation to
update or revise any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210921005301/en/
Media: Leah M. Gerstner, Leah.M.Gerstner@aexp.com,
+1.212.640.3174 Azar Boehm, Azar.Boehm@aexp.com,
+1.212.225.4052
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