South State, a US-based financial institution recognizes the potential impact of climate change on its business operations and loan portfolio and has formed a Climate Steering Committee to develop a holistic approach to identifying, analyzing, and monitoring climate change factors relevant to the bank. South State's latest filings mentioned the keywords 'Climate Change' and 'Emissions' most number of times.

The committee will also develop a process for undertaking climate risk assessments. South State has engaged a global management consultant to assist in assessing regulatory readiness, identifying ESG gaps, and developing an action plan to strengthen its ESG performance. The company aims to calculate Scopes 1 and 2 emissions and identify material Scope 3 emissions to accelerate progress on environmental performance and prioritize material ESG issues for a focused ESG approach that creates long-term value.

The company has taken steps to reduce its environmental impact, including participating in energy savings performance contract programs and delivering 45% of deposit accounts in the form of eStatements, resulting in significant reductions in CO2 emissions, water usage, and solid waste. South State’s employees use technology solutions to negate the need for most printed documents, resulting in a significant environmental benefit of lower energy consumption and less waste production. In addition, the company uses video and mobile conferencing capabilities to reduce the need for travel.

In conclusion, South State continue to develop its strategy to measure the risks associated with climate change. The bank will continue to evaluate opportunities to use technology solutions that decrease the environmental effects of employee travel and commutes and assist it in moving toward operating a paperless institution.

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