GlobalData offers a comprehensive analysis of Webster 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 Webster Financial‘s ESG performance. GlobalData’s company profile on Webster 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.
Webster Financial, a US-based financial services company, plans to enhance operational efficiencies and decrease emissions, with a focus on expanding the utilization of green energy for its facilities. Webster Financial's latest filings mentioned the keywords 'Emissions' and 'Renewable Energy' most number of times in relation to 'Climate Change'.
The company strives to maintain energy-efficient and low-emission working environments across its entire footprint. In 2022, Webster Bank created or maintained commitments for approximately $661 million in loans for renewable energy, environmental remediation, and energy-efficient components, primarily in Connecticut, as well as in Massachusetts, New York, Pennsylvania, Florida, Georgia, South Carolina, and Washington D.C.
Webster Financial has retrofitted 13 branches with energy-efficient lighting fixtures, with an energy savings of 248,627 kWh, and has installed 150 solar arrays in service, reducing carbon emissions by nearly 1,200 metric tons. The company has also increased the use of e-records and e-signing technology, resulting in reductions in paper waste and carbon emissions. Additionally, Webster Financial has focused on process improvements to facilitate standardization and efficient production, which reduces material consumption and waste.
Webster Financial is working to identify and onboard software tools to help track and manage emissions more effectively. The company has purchased renewable energy certificates (RECs) to offset its energy consumption, and by purchasing these RECs to match 100% of its annual usage (4.69 MWh), it is taking meaningful climate action and expects to grow its program in 2023 and beyond. The company has also partnered with Green-e to invest in projects to address its emissions from its operations for December 2022 through December 2026.
Webster Financial recognizes the importance of the transition to renewable energy and has been working to increase its use of renewable power. The company continues to advance plans to create further efficiencies in its operations and reduce its emissions, including increasing the amount of green energy used for its facilities. Co-led by its Chief Risk Officer and Chief Credit Officer, the company continues to develop and refine its risk management framework for measuring and managing climate-related physical and transition risks that could impact the bank's operations and loan portfolio.