Comerica understands "sustainability" as an approach to conducting business that seeks to meet the needs of the present in ways that do not compromise the ability of future generations to meet their needs. We recognize that the prosperity and well-being of the people, businesses, and communities we serve today - as well as those we will serve tomorrow - depend on sustained access to the natural resources provided by a healthy environment and to the social and human resources provided by healthy communities. We are therefore committed to protecting and preserving the environment and enhancing the human and social capital of the communities in which we do business.
Finding solutions to the complex challenges of today's world - rapid population growth, poverty, the decline of natural ecosystems, water and resource scarcity, global climate change, and energy security, among others - requires new ways of thinking and an ability to understand how economic, social, and environmental systems interrelate and affect one another. We believe that integrating such an understanding into the ways we do business will not only serve the best interests of people and the planet but will also improve our company's business performance and enable us to create long-term value for our shareholders and other stakeholders.
Sustainability Practices: An Integral Part of Our Business
Sustainability practices are not new to Comerica. Over the years, we have achieved many successes with various social and environmental initiatives designed to support sustainability both within our company and in the communities where we live and do business. Our workforce diversity, market segmentation, minority supplier, and Community Reinvestment Act initiatives are examples of the efforts Comerica has made - and continues to make - to advance social sustainability.
Our support of environmental sustainability has historically found expression in the business loans we have made to support environmentally beneficial purposes such as the cleanup and redevelopment of brownfield sites and, more recently, the development of new sources of energy such as wind, solar, biofuel, and biogas. Comerica was one of the first banks in the United States to establish a formal environmental risk management (ERM) program, and over the years our ERM colleagues have played leadership roles in many organizations and initiatives designed to further the cause of environmental protection and promote the responsible management of environmental risks in the communities in which we operate.
In 2008, we formalized our commitment to sustainability by creating a new Corporate Sustainability Office and program. We appointed a senior vice president of the company to serve as director of the program office and established a cross-functional Sustainability Council to assist the director with our on-going efforts to embed sustainable practices in Comerica's workplace, workforce, processes, products & services, and governance structures. Twenty senior managers from business and operating units across the company serve on the council and help to guide and shape the company's sustainability strategy and initiatives. The sustainability program is under the supervision of the company's Management Policy Committee and the Enterprise Risk Committee of the Board, whose oversight is designed to ensure that the program's aims and priorities are aligned with Comerica's core business strategy.
The company has adopted an Environmental Policy Statement to articulate Comerica's commitments to the environment. We are working to reduce the environmental impacts of our business and operations and to encourage the responsible management of sustainability risks and opportunities in our value chain as well. To keep stakeholders informed of our progress, we periodically publish updates on our sustainability performance, including a comprehensive report based on the Global Reporting Initiative (GRI) framework every other year and a more limited progress report on our environmental sustainability initiatives around the mid-point of our biennial GRI reporting cycle. Copies of our most recent reports are attached below. We also participate in the annual survey of global companies conducted by the Carbon Disclosure Project (CDP). Our most recent detailed disclosure to the CDP about our climate change and emissions management programs is also attached below. Our disclosures from previous years are available on the CDP website at: www.cdproject.net
How Will This Affect Comerica’s Customers?
As the U.S. and its regional economies begin to change in response to sustainability drivers such as climate change, natural resource constraints, and the need for new energy sources and technologies, we expect that our existing customers will have new needs and that new business opportunities will emerge for us. As a financial services provider with an understanding of sustainability trends and issues, Comerica will be better prepared to meet its customers' needs and help them be successful.
When Will Comerica Provide Additional Information About Its Sustainability Initiatives?
Please visit this site again, as we will periodically update this page to provide further information about our developing sustainability strategy, plans, and programs.