Over the next decade Citigroup has committed to lending, investing and facilitating a total of $100 billion (£65bn) to finance activities that will reduce the impacts of climate change and create environmental solutions.
The latest pledge follows Citi’s previous $50 billion (£32bn) goal that was announced in 2007, the group met this target three years early in 2013. The new initiative will build on Citi’s work in renewable energy and energy efficiency to identify opportunities to reduce greenhouse gas emissions and resource efficiency across various sectors.
Additionally, Citi has said as part of a commitment to help cities thrive during this period of “unprecedented urban transformation” it will seek to finance and support activities that enable communities to adapt to climate change and directly finance infrastructure improvements, such as increasing access to clean water and improving waste management.
Michael Corbat, chief executive officer of Citi, explained that the organisation’s mission of enabling progress by facilitating economic growth and financing transformative projects has remained the same. However, he added that by incorporating the principles of sustainability the firm’s own operations would improve, as well as enhancing their clients’ work and contributing to a better world.
The group has also committed to focussing on environmental and social risk management and sustainability goals within its own business and operations. By 2020, Citi aims to have reduced its greenhouse gas emissions by 35%, cut its water and energy use by 30%, and slash the amount of waste created by 60%. In the long-term, the company has a target of cutting emissions by 80% by mid-century.
Mindy Lubber, president of sustainability group Ceres, which gave input into the commitments, commented, “Climate change is expected to impact virtually every sector of the economy.
“The financial services industry has a big role to play in scaling up global clean energy investments, and we applaud Citi’s leadership the company continues to innovate and expand its efforts.”
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