In 2004, Wachovia Bank was just beginning to think about how sustainable development fit in its overall business strategy. The company had been taking a passive approach to environmental issues in particular, operating without environmental policies for their lending practices, and doing some basic “office ecology”. When external expectations of the banking/finance industry began to rise, Wachovia engaged SustainAbility to help them develop an environmental sustainability strategy.

SustainAbility began by conducting a comprehensive assessment of the environmental actions, opportunities, risks and levels of awareness that existed within Wachovia. While there were some big gaps, there was also some positive activity occurring from which to build, and a desire among Wachovia’s leadership to raise their game. A materiality assessment enabled Wachovia to see a snapshot of its most important issues, how those issues were perceived externally, and the potential impact (positive and negative) of those issues on the company. This set the foundation for the development of Wachovia’s strategy.

With NGOs now turning up the pressure on Wachovia, SustainAbility guided the development of Wachovia’s first environmental policies, addressing forest protection and climate change. This work included a meeting with key external stakeholders, designed and facilitated by SustainAbility, to better understand external concerns on these issues and to validate and improve early drafts of their policies. The development of these policies provided a tool for Wachovia to better manage its banking/finance activities, and demonstrated to concerned NGO’s, socially responsible investors and other stakeholders that the company was taking positive action and addressing their concerns.

Subsequently, SustainAbility supported Wachovia in the integration of their environmental policies, the establishment of an environmental oversight committee, and the implementation of other elements of their environmental sustainability strategy. As a result, Wachovia integrated environmental sustainability considerations into its operating practices.