Truist recently released the 2023 Corporate Responsibility and Sustainability Report, Disclosure Summary, and TCFD Report. By using our extensive experience and unwavering care, we made meaningful impact in our key areas of focus in 2023 including:
Caring for Clients
- Since the launch of Truist One Banking, which offers clients two accounts that eliminate overdraft fees and provide greater access to credit and to the financial system, we have surpassed 1.1 million Truist One Checking accounts, which have a $100 negative balance buffer for eligible clients to create a cushion for accidental overspending. The buffer enabled $288 million in commerce in 2023.
- Truist made banking easier and more efficient for our Commercial Community Bank’s clients by offering Business Lifecycle Advisory services that are tailored to their unique goals and created more than 6,500 client plans.
- We hosted more than 2 million conversations since inception with Truist Assist, our virtual assistant that to answer more than 160 common client inquiries such as locking and unlocking credit cards.
- Ongoing enhancements and upgrades were made to our “voice of the client” programs through which we gather feedback, benchmark performance, and improve the client experience. In 2023, about 95% of complaints Truist were resolved at the point of client contact.
Caring for Communities
- Over $99 million in total giving was deployed in 2023 through the Truist Foundation, Truist Charitable Fund and Truist Community Reinvestment Act (CRA) philanthropic grants. This includes hundreds of grants to support economic mobility, small businesses, and low- to moderate-income (LMI) communities.
- In 2023, we launched the Truist Community Catalyst Initiative, a three-year program that impacts more than 50 CRA geographic areas and allows Truist to act as a catalyst in the expansion or creation of programs that meet a state’s most critical needs in the areas of affordable housing, small business access to capital, workforce development, and essential community services.
- Truist received $65 million in New Markets Tax Credit (NMTC) allocation authority from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Fund, which Truist will deploy to help economically distressed communities attract private investment capital by offering loans and investments with reduced interest rates or modified/nontraditional terms.
- Truist teammates dedicated approximately 72,000 hours to volunteering during the year in support of communities and causes they care about.
Caring for the Environment
- We made important progress on our sustainability goals, including our Net Zero by 2050 goal, by continuing to invest in operational sustainability initiatives including using LED lighting, energy management systems, and smart irrigation systems. We also conducted energy audits, optimized HVAC systems, accelerated HVAC replacement, and undertook retro-commissioning projects.
- We matured our processes to calculate operational greenhouse gas (GHG) emissions and made progress on our goal of achieving a 35% reduction in both Scope 1 and Scope 2 GHG emissions by 2030. From our baseline year of 2019 through 2023, we have reduced Scope 1 GHG emissions by 21% and Scope 2 (location-based) emissions by 32%.
- Truist partners closely with clients throughout their decarbonization journeys, helping them achieve their sustainability goals. We supported the issuance of more than $22 billion of sustainable finance in 2023 and made new direct capital commitments exceeding $1.7 billion to support renewable energy transactions.