Citi commits $250bn to environmental finance

Citi has announced a five-year 2025 sustainable progress strategy to help accelerate the transition to a low-carbon economy, including a $250bn environmental finance goal to facilitate climate solutions globally. This builds on Citi’s previous $100bn 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 centre in Citi’s response to this health crisis, and evermore present in conversations with clients and partners. With our $250bn 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.”

Over the next five years the new strategy will focus on the three key areas of low carbon transition (where Citi aims to finance and facilitate an additional $250bn in low-carbon solutions), climate risk (managing and reducing the climate risk and impact of Citi’s client portfolio by measuring its climate impact and potential alignment with Paris) and improving its own sustainable operations.

Citi is also joining the Partnership for Carbon Accounting Financials (PCAF), a global framework for financial institutions to measure and disclose the emissions of lending portfolios and create a global carbon accounting standard for financial institutions. These various efforts will inform how Citi analyses, engages and collaborates with clients. Citi has also signalled its commitment to transitioning to a sustainable, low-carbon economy as the first major US-based signatory of the Principles for Responsible Banking.

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