NEW YORK–(BUSINESS WIRE)–Apr 6, 2022–
American Express (NYSE: AXP) today announced plans to introduce new digital solutions to enable corporate clients to better understand and manage their carbon footprint, including digital carbon tracking and offset solutions, and the expansion of its recycled plastic cards. To celebrate Earth Month, the company is also launching “Shop with Purpose” Amex Offers to reward eligible customers for shopping with purpose throughout April. In addition, as part of its $10 million grant commitment announced last year, American Express is also providing $2.25 million to organizations tackling the effects of climate change in local communities, particularly urban areas.
“We’re excited to kick off Earth Month by introducing our new suite of offerings that will enable our corporate clients to make carbon conscious decisions and support community organizations doing important work to promote a low-carbon future,” said Jennifer Skyler, Chief Corporate Affairs Officer. “These new initiatives build on the work we have done to reduce our own carbon footprint by engaging our colleagues, customers and the community in initiatives that address the climate partners crisis.”
The company previously committed to net-zero carbon emissions by 2035, aligned with the Science Based Targets initiative, and has been a carbon neutral company powered by 100% renewable electricity across its global operations since 2018 1.
INTRODUCING LOW-CARBON SOLUTIONS FOR CUSTOMERS
According to the latest Amex Trendex 2, a trend report from American Express, 76% of consumers surveyed feel a greater urgency to address climate change than they did a year ago. Yet, 84% of consumers surveyed agree they would like to better understand their carbon footprint, and 65% agree they are unsure of what actions they can personally take to reduce it.
Last year, American Express announced a goal to pilot low-carbon product innovations for its customers as part of its Advancing Climate Solutions initiatives, which is a core pillar of the company’s ESG strategy. In support of that goal, the company plans to make new digital products and services available later this year to help customers understand their carbon footprint.
To help corporate clients better understand their impact and take action to manage their carbon footprint, American Express is developing the following solutions:
- An Expanded Carbon Footprint Dashboard for global Corporate clients to help track estimated carbon emissions associated with certain categories of their employees’ spend – including air travel, ground transportation, hotel stays, restaurants and retail – letting them better understand behaviors so they can find opportunities to manage carbon emissions. 3
- A Carbon Offset Referral suite for US Corporate clients to find and connect with carbon offset providers who can help them manage their footprint via offset solutions that include investments in large-scale carbon removal and reduction projects, avoidance projects, and more.
HELPING CARD MEMBERS SHOP WITH PURPOSE
American Express is launching a selection of “Shop with Purpose” Amex Offers for the duration of Earth Month to eligible US Consumer and Small Business Card members to support spending on eligible purchases from select Certified B Corporations™ like Avocado Green Mattress, Stumptown Coffee Roasters and pre-loved designer fashion marketplace, Vestiaire Collective, and other brands committed to making a difference.
The Amex Trendex found that 79% of consumers surveyed would be more loyal to a company that works to address environmental issues and 76% of consumers surveyed are interested in shopping at Certified B Corporations.
EXPANDING AVAILABILITY OF RECYCLED PLASTIC CARDS
To reduce the company’s consumption of virgin plastic, in 2019 American Express launched the first-ever Card manufactured primarily from reclaimed plastic collected from beaches and coastal communities. Since then, teams at American Express have been working to expand the availability of recycled plastic cards globally. The company’s goal is to have the vast majority of plastic cards issued by American Express be made of at least 70% recycled or reclaimed plastic by the end of 2024, which can help avoid nearly 160,000 pounds of virgin plastic from being used annually.
American Express’ Card Take Back program enables US Card Members to return both plastic and non-plastic cards by mail for recycling. Since the launch of this program in 2019, American Express has recycled more than 1.3 million cards, including cards returned by Card Members.
BACKING LOW-CARBON COMMUNITIES
Beyond efforts to reduce its own carbon footprint, American Express is committed to supporting climate action through community giving efforts. As part of its commitment to provide at least $10 million in funding for projects and initiatives that advance climate solutions by 2025, the company today announced $2.25 million in grants to American Forests, National Park Foundation, and Earthwatch Institute. These grants support nature-based solutions and sustainability efforts in local communities, particularly in urban areas.
- A $1.1 million grant to American Forests will support its Tree Equity program by bringing more native and climate-resilient trees to four US cities where American Express has offices – Phoenix, AZ, New York, NY, Sunrise, FL, and Salt Lake City, UT. The grant will help identify potential nursery locations and increase the number of local nurseries, support the planting of urban forests, and create entry-level jobs to help historically marginalized populations transition into the tree care industry. Additionally, the grant will help expand Tree Equity Score to its first international location where it will indicate whether there are enough trees in neighborhoods for everyone to experience the health, economic and climate benefits that trees provide.
- A new multi-year partnership with the National Park Foundation will provide funding over the next three years for a total of $1 million to support service corps programs, which will provide job opportunities for young people of diverse backgrounds and identities to experience careers in the outdoors. Service corps members will engage in essential preservation projects that help alleviate the effects of climate change in national parks across the US
- A $145,000 grant to Earthwatch Institute will fund the planting of several hundred trees in the United Kingdom to help mitigate the impacts of climate change, enhance biodiversity, and provide planting, maintaining and monitoring volunteer opportunities to American Express colleagues. In addition, the grant will support the creation of a Climate Change Master Class that will be virtually accessible later this year to American Express colleagues. The class, led by scientists, will provide education and tools to help colleagues reduce the impacts of climate change in their personal lives and communities.
ENGAGING COLLEAGUES THROUGH GREEN2GETHER
Throughout the month, as part of the company’s Green2Gether program, American Express colleagues around the world passionate about the environment can participate in dozens of company-sponsored activities, such as recycling drives, online lectures, community clean-ups, and food sustainability campaign awarenesss .
As part of its ESG strategy, the company is working to engage thousands more of our colleagues globally in sustainability initiatives through Green2Gether, which includes workplace climate education, waste and energy-reduction efforts, and volunteering with non-profit partners.
Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.
1 Achieved carbon neutral operations for Scope 1 (direct emissions from sources owned or controlled by American Express), Scope 2 (indirect location-based and market-based emissions), and Scope 3 (waste and employee business travel, including third-party air , rail and rental cars) emissions through renewable energy credits, carbon offsets, and reduced GHG emissions. Operations include all our managed facilities, field sites and data centers. Managed facilities are individual properties operationally managed by our global real estate team and housing critical business functions. Field sites are individual properties that are not operationally managed by our global real estate team but directly by our business units. They are typically smaller sites, less than 30,000 square feet (including airport lounges, foreign exchange kiosks, and sales offices) that are owned or leased by American Express.
2 This Morning Consult poll was conducted between March 8-13th, 2022 among a national sample of 2,000n US and 1,000n travelers in Japan, Australia, Mexico, India, UK, and Canada who have a household income of at least $70K and defined as adults who typically travel by air at least once a year. Results from each market’s survey have a margin of error of plus or minus 3 percentage points.
3 American Express’ Carbon Footprint Tool calculations are derived by applying selected conversion factors to spending made with the following American Express Corporate products: Corporate Card, Business Travel Account, Corporate Meeting Card, Corporate Purchasing Card, Buyer Initiated Payments, vPayments and Amex Go. The estimated information provided by the Carbon Footprint Tool is for generalized constituteal informational purposes only and does not financial, tax, accounting, legal or other professional advice on any subject matter. Product names and features may vary by country, and not all products or features are available in all countries.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are subject to risks and uncertainties. The forward-looking statements, including the company’s aspirational ESG commitments and goals, contain words such as “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should, ” “could,” “would,” “likely,” “commit,” “hope,” “continue,” or other similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including: the amount and efficacy of investments in product innovations, resources, marketing campaigns and programs; changing customer behaviors, interest in the company’s products, resources and programs; management’s inability to identify suitable suppliers, partners and community investments and negotiate acceptable terms; an inability to builds and execute programs with other companies and of partners to meet their partnership obligations to the company; changes in developing standards and certifications; the cost and availability of renewable energy, carbon removal and carbon offset projects and energy attribute certificates; regulation; changes in the company’s colleague and community engagement strategies; and changes in economic or business conditions. A further description of these and other risks and uncertainties can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the company’s other filings with the US Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update or revise any forward-looking statements.
CONTACT: MEDIA:Ashley Tufts,Ashley.Tufts@aexp.com, +1-212-640-3193
Leah Gerstner,Leah.M.Gerstner@aexp.com, +1-212-640-3174
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER PHILANTHROPY ENVIRONMENT FINANCE BANKING PROFESSIONAL SERVICES PHILANTHROPY FUND RAISING FOUNDATION
Copyright Business Wire 2022.
PUB: 06/04/2022 09:01 AM/DISC: 04/06/2022 09:02 AM