Photo by James Sanna | Banker & Tradesman staff

Citizens Bank is setting a $50 billion target to finance both “green” and “social” initiatives and projects by 2030.

The target includes Citizens Bank engaging all its clients in the oil and gas sector by the end of 2024 to help them prepare and finance their transitions to lower-carbon projects.

Projects qualified for the bank’s sustainable finance include green projects such as renewable energy, clean technology and “green” buildings, as well as social initiatives such as affordable housing, support for small businesses, affordable basic infrastructure and community development projects.

The $223.1 billion-asset bank aims to be carbon neutral by 2035 through investments in energy conservation and reduction across the bank’s footprint, as well as renewable energy credits.

“Our approach to sustainability is grounded in the Citizens Credo, uniting our values and purpose while creating opportunity to use our reach, innovation, and insights to position those we serve for long-term success,” Bruce Van Saun, Citizens chairman and CEO, said in a statement. “This includes working to ensure that our colleagues are ready to help our clients prepare for and finance their own transitions to a lower-carbon economy.”

Citizens said all of its commercial and business banking teams will support clients with their sustainability journeys and engage them on climate-related topics.

The bank is also coming up with sustainability-linked products for clients such as what the bank calls “sustainable deposits” and “carbon offset deposit account” products to allow clients to incorporate their sustainability goals into their banking strategies. Its private banking team is also ensuring that its wealthy clients are well-versed in environmental, social, and corporate governance and ESG-related investment products.

“In developing this commitment, we took a methodical, customer and client-centered approach, that includes detailed disclosures and reporting to ensure overall success. Through our efforts, we will continue to maximize impact for our colleagues, clients, customers, and other stakeholders,” Beth Johnson, Citizens vice chair, chief experience officer and head of ESG, said in a statement.