Citigroup: Citi joins Alliance for Green Commercial Banks as a Cornerstone member
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Citigroup Inc. (NYSE: C)
June 8, 2022
Citi joins Alliance for Green Commercial Banks as a Cornerstone member
Hong Kong – Citi has become a key member of the Alliance for Green Commercial Banks in Asia, an initiative that brings together diverse stakeholders to advance sustainable economic development.
The Alliance was created by the International Finance Corporation (IFC), a member of the World Bank Group, while the Asia Chapter was launched jointly in 2020 with the Hong Kong Monetary Authority (HKMA), a founding member of the chapter. and first regional anchor point.
As a key member, Citi will work closely with IFC and HKMA to champion and support the green transition of economies.
Citi is also a member of several industry groups, including the Partnership for Carbon Accounting Financials, the Net-Zero Banking Alliance, and the Glasgow Financial Alliance for Net Zero.
“We are honored to be a founding member bank of this important initiative and look forward to making further progress in our mission to support responsible finance,” said Peter Babej, CEO of Citi Asia Pacific.
For more than two decades, Citi has led the industry toward sustainability centered on three priorities: financing climate solutions; measure, manage and reduce the climate risk of Citi’s client portfolio; and reduce the environmental impacts of Citi’s own operations. Recent highlights include:
In 2021, Citi announced a US$1 trillion commitment to sustainable finance by 2030, which includes a US$500 billion environmental finance goal and a US$500 billion social finance goal , in line with the United Nations Sustainable Development Goals agenda.
As part of our US$500 billion environmental financing goal, Citi is facilitating a wide range of climate solutions, from renewable energy and clean technology to water conservation and sustainable transportation, to help accelerate climate change. transition to a low-carbon economy.
In 2020 and 2021, Citi funded and facilitated $222 billion in sustainable finance activity.
On Jane Fraser’s first day as CEO, Citi committed to achieving net zero greenhouse gas emissions by 2050. In January 2022, we released our initial plan to achieve this goal, setting 2030 emissions reduction targets for our Energy and Power loan portfolios.
Citi has supported the Task Force on Climate-related Financial Disclosures (TCFD) recommendations since their release in 2017. Learn more about Citi’s implementation of the TCFD recommendations in our 2021 TCFD report.
Citi has been measuring its environmental footprint for two decades and began reporting on direct operational impacts in 2002. To support our net zero commitments, we have developed and are piloting requirements for all new buildings to be zero carbon by 2030.
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About the Alliance for Green Commercial Banks
The Alliance for Green Commercial Banks (the Alliance) is an initiative that brings together financial institutions (FIs), research institutes and innovative technology providers to develop a green community in emerging markets to collectively finance infrastructure and the business solutions needed to urgently address climate change. and environmental risks. The Alliance was launched in November 2020 by IFC and its first regional anchor HKMA. For more information, please visit: www.allianceforgreencommercialbanks.org.
Citi, the world’s largest bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments, and institutions with a wide range of financial products and services, including personal banking and lending, corporate and investment banking, securities brokerage, transaction and wealth management services.
Additional information can be found at www.citigroup.com | Twitter: @Citi | Youtube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
Citigroup Inc. published this content on June 08, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Jun 10, 2022 8:22:12 PM UTC.
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