GlobalData offers a comprehensive analysis of Synchrony Financial, 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 Synchrony Financial‘s ESG performance. GlobalData’s company profile on Synchrony Financial 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.

Synchrony Financial, a leading consumer financial services company, has set ambitious net-zero targets as part of its commitment to addressing climate change. The company is actively working to reduce its carbon emissions across all scopes. Scope 1 and Scope 2 emissions for Synchrony Financial's locations in India and the Philippines are calculated using current emissions factors from the International Energy Agency, while US-based Scope 1 and Scope 2 emissions are calculated using current emissions factors from utilities and regulatory bodies.

The company's greenhouse gas emissions, which include Scope 1, Scope 2, and Scope 3 emissions, have shown a fluctuating trend over the years. In 2021, Synchrony Financial reported a total of 19,943 metric tons of CO2e emissions, which increased to 25,200 metric tons in 2022. Scope 1 emissions decreased from 256 metric tons in 2021 to 215 metric tons in 2022, while Scope 2 emissions increased from 16,186 metric tons to 17,641 metric tons during the same period. Scope 3 emissions, which include emissions associated with leased car fleets, business air travel, and cooling third-party data centers, increased from 3,501 metric tons in 2021 to 7,344 metric tons in 2022.

To achieve its net-zero targets, Synchrony Financial has taken several steps to reduce its emissions. The company has invested in efficiency improvements and engagement with key stakeholders. In 2022, Synchrony Financial recycled over 10,000 pieces of electronic equipment, totaling over 145,000 pounds of recycled material. Additionally, the company's provider announced its intention to purchase 67 MW of renewable energy as part of its pledge to operate carbon-free by 2040.

Synchrony Financial recognizes the importance of understanding and managing climate-related risks and opportunities. The company collaborates with various departments to identify and mitigate threats posed by climate-related events. It also assesses climate-related physical and transition risks and opportunities to improve its understanding of potential impacts on its business and stakeholders. Synchrony Financial's ESG Working Group, which includes representatives from the Environmental, Health and Safety team, is responsible for improving energy efficiency, reducing resource consumption, waste generation, and greenhouse gas emissions.

In conclusion, Synchrony Financial is committed to achieving net-zero emissions and addressing climate change. The company has set specific targets for reducing emissions across all scopes and has taken steps to invest in renewable energy and improve efficiency. By actively managing climate-related risks and opportunities, Synchrony Financial aims to contribute to a more sustainable future.

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