Citi announces $100 Billion to finance sustainable growth

Citi’s previous $50 billion goal was announced in 2007 and was met three years early in 2013.

With this $100 billion initiative, Citi will build on its leadership in renewable energy and energy efficiency financing to engage with clients to identify opportunities to finance greenhouse gas (GHG) reductions and resource efficiency in other sectors, such as sustainable transportation.

As part of a commitment to helping cities thrive during this period of unprecedented urban transformation, Citi will seek to finance and support activities that enable communities to adapt to climate change impacts and directly finance infrastructure improvements that increase access to clean water and manage waste, while also supporting green, affordable housing for clients, including in low- and moderate-income communities.

“Citi has demonstrated its deep commitment to not only taking environmental consequences into account, but also finding innovative ways to finance projects that lead to sustainable growth,” said Michael Corbat, Chief Executive Officer of Citi.

“For more than 200 years, Citi’s mission has been to enable progress by facilitating economic growth and financing transformative projects. The core mission hasn’t changed, but the way we approach it has. Incorporating the principles of sustainability into everything we do improves our own operations, enhances our clients’ work, and contributes to a better world.”

“Reducing carbon emissions and becoming more climate resilient is a key priority and major challenge for the world’s megacities and their business communities,” said James Alexander, Head of the Finance and Economic Development Initiative at C40 Cities Climate Leadership Group, a network of the world’s biggest cities working to become more sustainable.

“C40’s ongoing partnership with Citi is helping global cities overcome their climate finance challenges. Today’s announcement from Citi will add further opportunities to help cities achieve their climate targets, and allow businesses to become more sustainable,” he added.

This environmental finance initiative is part of a new five-year sustainability commitment that also focuses on environmental and social risk management and sustainability goals for Citi’s own businesses and operations.

Citi has established new environmental footprint goals for 2020, including 35 percent reduction in greenhouse gas (GHG) emissions, 30 percent reductions in energy and water use and 60 percent reduction in waste, all against a 2005 baseline. The initiative also includes a longer-term 2050 GHG emissions reduction goal of 80 percent, created using a climate science-based 2 methodology. Targeting 33 percent of its real estate portfolio to be LEED certified, Citi will also seek LEED Platinum certification for its 388/390 Greenwich Street facility in New York City, which will become the company’s global headquarters once it is fully renovated.