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American Express (NYSE: AXP) released its 2021-2022 Environmental, Social and Governance (ESG) Report. The report highlights the company’s progress on its ESG strategy and roadmap announced last year to advance its goals across three core pillars: Promote Diversity, Equity, and Inclusion (DE&I); Advance Climate Solutions; and Build Financial Confidence.
After spending more than $1 billion toward its Action Plan to advance diversity, equity, and inclusion (DE&I), the company announced a new goal to spend an additional $3 billion with suppliers from underrepresented groups and toward other DE&I initiatives through 2025.
As part of its goal of advancing climate solutions, American Express has invested more than $150 million since 2019 in the development of facilities that have received green building certification.
To build financial confidence in economically vulnerable and underserved communities, American Express has provided $265 million in community development loans and investments in 2021 and committed $17 million to its “Backing Small” grant program to support small businesses.
“Since announcing our ESG framework in 2020, we have solidified our strategy by developing a clear roadmap to translate our objectives into action and have been rapidly executing on our priorities,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “I am exceptionally proud of what we have achieved to date on our ESG strategy, thanks to the dedication of our colleagues around the world who bring our company’s purpose to life. We will continue to build on our momentum to back our colleagues, customers and communities and make a positive impact in people’s lives.”
Key milestones detailed in the report include:
Promoting Diversity, Equity, and Inclusion
Advancing Climate Solutions
Building Financial Confidence
Sustainable Financing and ESG Reporting Frameworks
In May 2022, American Express issued its inaugural $1 billion ESG bond. American Express intends that an amount equivalent to the net proceeds of the ESG Bond will be allocated toward new and existing Green and Social projects over the next two years.
American Express’ ESG Report is mapped to the following voluntary reporting standards and frameworks: Global Reporting Initiative (GRI) Standards Core Option, Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD).
View the 2021-2022 Environmental, Social and Governance (ESG) Report
[1] Achieved carbon neutral operations for Scope 1 (direct emissions from sources owned or controlled by American Express), Scope 2 (indirect 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. For more detailed data on our consumption of electricity, renewable energy, and Scope 1, 2, and 3 emissions, please see the Environmental Performance Data Summary and Third-Party Verification Statement in the Supporting Data: Our Commitment to Transparency section of the ESG Report.
[2] American Express is following the methodology of the SBTi for our commitment to net zero emissions by 2035, which covers all Scope 1 and 2 emissions and a minimum of two-thirds of total Scope 3 emissions in conformance with the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
[3] The American Express 2021 Small Business Saturday Consumer Insights Survey was conducted by Teneo on behalf of American Express and the National Federation of Independent Business (NFIB). The study is a nationally representative sample of 2,426 U.S. adults 18 years of age or older. The sample was collected using an email invitation and an online survey. The study gathered self-reported data and does not reflect actual receipts or sales. It was conducted anonymously on November 28, 2021. The survey has an overall margin of error of +/- 2.0%, at the 95% level of confidence. Projections are based on the current U.S. Census estimates of the U.S. adult population, age 18 years and over.
[4] Estimated spend based on data collected from 4000 UK adults polled by Opinium between 5pm on Saturday 4 December 2021 and 10pm on Sunday 5 December 2021. The £598 million figure for national spending calculated using ONS estimation of the UK adult population based on self-reported shopper estimates of spend and does not reflect actual receipts or sales.
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