GlobalData offers a comprehensive analysis of PacWest, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Climate Change and associated ESG keywords, GlobalData delivers valuable information on PacWest‘s ESG performance. GlobalData’s company profile on PacWest offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
PacWest, a financial institution, is proactively working to reduce its carbon footprint, minimize waste, and address the impact of climate change-induced natural disasters. Around 45% of the company's total emissions come from on-site fuel use (Scope 1), which includes natural gas, fleet-leased vehicles, and corporate aircraft. The remaining 55% of Scope 1 and 2 emissions are attributed to electricity emissions (market-based). PacWest's latest filings mentioned the keywords 'Clean Energy' and 'Recycled' most number of times in relation to 'Climate Change'.
In 2022, the company's total Scope 1 emissions were 3,422 metric tons of CO2e, Scope 2 (market-based) emissions were 2,822 metric tons of CO2e. The company's natural gas consumption decreased 19% in 2022. According to the report, there was a notable rise in Scope 1 emissions in 2022, primarily attributed to the acquisition of a corporate aircraft in the last quarter of 2021, which led to increased jet fuel consumption. PacWest has also increased its use of digital technologies and examined ways to reduce waste, promote recycling, conserve energy, and educate its employees about the benefits of environmental sustainability.
As per the company's CSR report in 2022, water consumption decreased by 20% compared to the previous year, with a total of 6.7 million gallons consumed. Additionally, natural gas consumption experienced a 19% reduction in 2022. During the year 2022, the company successfully recycled more than 319 tons of paper through its organization-wide secure shredding and recycling initiative. In the past year, the company dedicated $125 million towards the construction of two solar projects, generating a combined clean energy capacity of 172 megawatts. Furthermore, the company has financed a total of $249 million for solar projects, contributing to a generating capacity of 348 megawatts over the past two years.
In conclusion, PacWest is committed to environmental sustainability by actively reducing its carbon footprint, conserving resources, and investing in clean energy projects. The company's efforts to decrease water and natural gas consumption, recycle paper, and finance solar projects highlight its dedication to a greener future.