Key Issues 2021 Environmental, Social, and Governance Report

Key Issues 2021 Environmental, Social, and Governance Report

Highlights Include New Climate Stewardship and Diversity, Equity, and Inclusion Commitments

Multimedia from this Release

Monday, April 18, 2022 - 3:10pm

CAMPAIGN: KeyBank 2021 Environmental, Social and Governance Report

CONTENT: Press Release

CLEVELAND, April 18, 2022 /3BL Media/ – Highlighting its purpose to help clients and communities thrive, KeyCorp has released its 2021 Environmental, Social, and Governance (ESG) Report. The report includes expanded commitments from Key to help drive climate action as well as increase representation of people of color in its senior leadership ranks.

Key also announced as part of the report that it has surpassed the five-year goals of its National Community Benefits Plan. Through the Plan, Key has provided more than $26 billion focused on economic access and equity. The scope of these investments and lending included affordable housing, home lending, small business lending, and transformative philanthropy targeted toward workforce development, education, and safe, vital neighborhoods for underserved communities and populations.

The 2021 ESG Report can be found at www.key.com/ESG. The report highlights Key’s progress as a responsible bank and corporate citizen, including across the four ESG priorities of: climate stewardship; financial inclusion; diversity, equity, and inclusion; and data privacy and security.

“At Key, being a responsible corporate citizen is central to who we are and how we do business. We are committed to delivering value for all stakeholders by focusing on our purpose – to help our clients, colleagues, and communities thrive,” said Chris Gorman, KeyCorp’s Chairman and CEO.

Key leverages its expertise, relationships, market influence, and resources to help address the pressing challenge of climate change. The 2021 ESG Report details for the first time, Key’s new multi-year commitments around climate stewardship, including:

  • Sustainable finance: Key will finance or facilitate $38 billion to address climate change and support green initiatives by year-end 2026.
  • Carbon neutral operations: Achieve carbon neutral operations across Key’s scope 1 direct emissions and scope 2 indirect emissions by year-end 2030.
  • Financed emissions: Key will join the Partnership for Carbon Accounting Financials and complete the necessary measurement and evaluation of scope 3 financed emissions

The ESG Report also highlights Key’s focus on social responsibility in 2021. This includes investing $6.9 billion into the communities it proudly serves through the National Community Benefits Plan. Key surpassed its aggregate commitment of $16.5 billion under the plan and has invested more than $26 billion over the past five years in affordable housing, mortgages and small businesses in low- and moderate-income communities, and transformational philanthropy.

Other notable progress includes:

  • KeyCorp’s Board of Directors is 46% diverse, and 70% of its external hires in 2021 were diverse. In 2021, KeyBank publicly committed to increasing people of color representation in its senior leadership ranks by 25% by 2025, and 50% by 2030. As of year-end 2021, Key is ahead of pace to achieve its goals.
     
  • KeyBanc Capital Markets® (KBCM) is a leader in renewable energy investments in the U.S. and provides services to clean technology firms in the power generation, smart grid, energy management, and pollution control sectors. From 2018 through 2021, Key ranked as the number #1 North American renewable energy project finance lender in terms of both the number and dollar volume of deals executed (based on data compiled by Dealogic for North American wind, solar, and battery storage deals).
     
  • Key continues to reduce its environmental footprint, with a 30.8% reduction in scope 1 and 2 greenhouse gas emissions compared to 2016 baseline.
     
  • In 2021, Key invested $5.1 billion in community development and affordable housing projects nationwide and was named the #2 affordable housing lender in the country.
     
  • As a digitally progressive bank, Key is continuously investing in and improving its information security and privacy programs, policies, and processes. Keeping the personal and financial information of clients and teammates protected and secure is a critical priority for Key.

“Key’s ESG legacy is strong, as highlighted in our 2021 report, but we know our work is far from done,” said Eric Fiala, Key’s Head of Corporate Responsibility and Community Relations. “In 2022, we will focus on our ESG priorities of diversity, equity, and inclusion; financial inclusion; climate stewardship; and data privacy and security. As our 2021 report shows, we have strong momentum on these priorities and look forward to even more progress in 2022.”

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About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $186.3 billion at December 31, 2021.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

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