August 26, 2020
Citi: 2025 Sustainable Progress Strategy
Through its new strategy, Citi aims to become the global leader in financing the transition to a more sustainable economy.
- Accelerate the transition to a low-carbon economy through its $250bn Environmental Finance Goal
- Measure, manage and reduce the climate risk and impact of its client portfolio
- Reduce the environmental footprint at its facilities and strengthen the sustainability culture
Case Study Type
- Emissions reporting
- Target setting
- Value chain partnership
Problem Being Solved
Climate change is a global challenge of tremendous magnitude requiring immediate action. The banking sector has a key role to play given it finances the global economy. In addition, actions to manage financial risks from climate change are critical.
Citi, through its capital, products and services, helps its clients transition to a low-carbon economy. Citi also reduces its direct contributions to climate risk, reducing its operational impacts on the environment.
Citi 2025 Sustainable Progress Strategy reinforces how the bank has placed ESG principles at the center of its business.
The strategy is focused on three key areas:
- Low-Carbon Transition: Citi aims to finance and facilitate an additional $250bn in low-carbon solutions, including renewable energy, clean technology, water quality and conservation, sustainable transportation, green buildings, energy efficiency, circular economy, and sustainable agriculture and land use.
- Climate Risk: Measuring, managing and reducing the climate risk and impact of its client portfolio is a key aspect of Citi’s positioning to support a low-carbon transition. Citi has been a leader in climate assessment and disclosure, and has joined the Partnership for Carbon Accounting Financials to support these efforts. Citi continues to test the resilience of its lending portfolios to transition risks and physical risks related to climate change.
- Sustainable Operations: While climate science requires global CO2 emissions to be reduced by 45% by 2030, Citi aims to accelerate the timeline to meet this goal for itself by 2025, and is planning to complete its goal to source 100% renewable electricity to power its facilities globally by the end of 2020.