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 consumer financial services company, is working on reducing its carbon emissions. The company’s latest filings mentioned the keywords 'Emissions' and 'Greenhouse Gas' most number of times in relation to 'Climate Change'. In 2022, The company's total greenhouse gas emissions, which include scope 1, scope 2, and scope 3 emissions, were 25,200 MT CO2e. Specifically, Scope 1 emissions were 215 MT CO2e, Scope 2 emissions (market-based) were 17,641 MT CO2e, and Scope 3 emissions were 7,344 MT CO2e.
Synchrony Financial has taken steps to reduce its carbon emissions, including recycling over 10,000 pieces of electronic equipment in 2022, totaling over 145,000 pounds of recycled material. The company's provider has also announced its intention to purchase 67 MW of renewable energy as part of provider’s pledge to operate carbon-free by 2040. Synchrony Financial is actively pursuing opportunities to innovate its products and product strategies to address consumer preferences with respect to climate change.
Synchrony Financial is working to understand the interplay between the reduction of emissions from less commuting and lower energy use and the increase in home energy use. Although the company allows all its employees to work from home permanently, emissions and energy and water usage are expected to increase as some employees return to its hubs. Synchrony Financial uses metrics to guide the evolution of its sustainability programs, including its efforts to reduce its emissions through efficiency improvements and engagement with its key stakeholders, and the development of any future climate-related commitments.
Synchrony Financial expects to assess climate-related physical and transition risks and opportunities to improve its understanding of potential impacts of climate change on its business, operations, and stakeholders. The company collaborates with Operational Risk Management, Information Security, and Supplier Management to identify, evaluate, and mitigate threats that could disrupt the continuous delivery of products and services to its partners and cardholders, including threats posed by climate-related events that may increase in frequency or severity due to climate change.
In conclusion, Synchrony Financial's dedication to reducing carbon emissions is evident through its active initiatives and commitment to addressing climate change. The company's efforts, such as recycling electronics, investing in renewable energy, and promoting remote work, demonstrate a comprehensive approach towards sustainability.