Climate risk analysis expected to deepen alongside client engagement, and $250bn Environmental Finance Goal greatly exceeds previous goal in amount and time
Citibank branch on Michigan Avenue in Chicago. (Credit: TonyTheTiger/Wikipedia.)
Citi today announced its new five-year 2025 Sustainable Progress Strategy to help accelerate the transition to a low-carbon economy. This new strategy includes a $250 Billion Environmental Finance Goal to finance and facilitate climate solutions globally. This builds on Citi’s previous $100 billion goal announced in 2015 and completed last year, more than four years ahead of schedule.
“If there’s one lesson to be learned from the COVID-19 pandemic, it is that our economic and physical health and resilience, our environment and our social stability are inextricably linked,” said Michael Corbat, CEO of Citi. “ESG has been front and center in Citi’s response to this health crisis, and evermore present in conversations with clients and partners. With our $250 billion goal, we want to be a leading bank in driving the transition to a low-carbon economy, which we anticipate will accelerate as businesses of all kinds shift to a more sustainable future.”
Citi has signaled its commitment to transitioning to a sustainable, low-carbon economy as the first major U.S.-based signatory of the Principles for Responsible Banking. Citi released its 2019 Environmental, Social and Governance (ESG) Report in April, detailing its performance across a number of priority ESG areas. Citi was also recently named #2 in 3BL Media’s ranking of 100 Best Corporate Citizens based on the bank’s ESG transparency and performance.
“We are seeing a true integration of sustainability into our businesses with the formation of additional sustainability and ESG-focused teams and increased enthusiasm and advocacy across Citi,” said Val Smith, Chief Sustainability Officer of Citi. “Our new strategy unifies these efforts by increasing our commitment to environmental finance, propelling forward our work in climate risk analysis and disclosure and continuing to minimize our own company’s environmental footprint impacts.”
Since the onset of the global COVID-19 pandemic, Citi continues to deepen its Environmental, Social and Governance (ESG) efforts in response to client and market demand. In recent weeks, Citi has issued its second benchmark green bond, Asia’s first USD COVID-19 bond, served as sole underwriter for the first ever ESG-focused Special Purpose Acquisition Company (SPAC); enhanced its fossil fuel policies, and has formulated new sustainability-focused global business units.
In the midst of this global pandemic, Citi remains committed to supporting clients and community partners to help drive positive social and environmental impact around the world. Citi and the Citi Foundation have committed more than $100 million to date in support of COVID-19-related community relief efforts globally. Citi continues to take proactive measures to preserve the well-being of employees globally, including special compensation awards to 75,000 colleagues to help ease the financial burden of this situation. Citi is also offering assistance to impacted customers through credit card payment deferrals, fee waivers, hardship programs, and additional small business support.
Source: Company Press Release