Citi yesterday released its 2022 Environmental, Social and Governance (ESG) Report, highlighting progress across Citi and the Citi Foundation toward building more sustainable, diverse and equitable communities around the world.
This annual report provides more information on the performance and management of Citi’s commitments to address environmental and social priorities, while building long-term value for Citi stakeholders.
“At Citi, helping our clients navigate the challenges and embrace the opportunities of our rapidly changing world is fundamental to our mission of enabling growth and economic progress,” said Jane Fraser, CEO, Citi.
“Importantly, it’s also vital to our own business and central to how we deliver for our clients and help them sustain their businesses for the future.”
In the Philippines, Citi has been assisting clients in their sustainability journey through fund raising and advisory.
Citi has been mandated as Corporate ESG Ratings and Sustainability Communications Advisor to a local corporate. Citi assists the client in positioning itself with ESG rating agencies and in the overall communication and engagement with investors.
Citi has been invited as a resource speaker on Sustainability and ESG discussion points before Boards of Directors and C-suite senior officers of corporate clients.
In 2022, Citi closed and funded a $20 million loan for ASA Philippines Foundation which will benefit its clients who are women microentrepreneurs. The loan forms part of Citi’s global $1 trillion commitment to sustainable finance by 2030, including $500billion specifically for Social Finance.
Highlights of the report include:
Supporting Citi’s Commitment to Sustainable Finance: Through its $1 Trillion Sustainable Finance Goal, Citi is facilitating a wide range of activities from renewable energy and clean technology to healthcare and affordable housing. From 2020 through 2022, Citi has financed and facilitated a total of $348.5 billion in sustainable finance activity globally, which puts the company well on track to meet its goal by 2030.
Increasing Affordable Housing: In 2022, Citi provided approximately $6 billion in loans for affordable housing projects, making Citi the top affordable housing development lender in the US for the 13th consecutive year.
Supporting Clients in the Energy Transition and Net Zero: As part of its commitment to reaching net zero by 2050, Citi recently announced 2030 emissions reduction targets for four new loan portfolio sectors: Auto Manufacturing, Commercial Real Estate, Steel and Thermal Coal Mining. Citi has also reorganized its business to meet the opportunities posed by the energy transition. This includes increasing climate-specific training for its banking teams and expanding its Clean Energy Transitions banking team, which provides advisory and capital-raising services for companies involved in the energy transition.
Sourcing 100 percent Renewable Electricity for Citi Operations and Facilities: Citi maintained 100 percent renewable electricity sourcing for its sites and facilities, as part of its broader net zero goal to reduce the environmental footprint of Citi operations.
Helping to Close the Racial Wealth Gap: Citi made progress on Action for Racial Equity, Citi and the Citi Foundation’s three-year, $1.1 billion effort to help close the racial wealth gap and increase economic mobility in the U.S., and publicly shared the results of their independent third-party racial equity audit. In addition, Citi announced its plan to scale the Citi Impact Fund to $500 million, which will expand the firm’s ability to make direct equity investments in companies led by diverse founders that help solve critical issues for underserved communities.
Advancing Strategic Philanthropy: Through its Pathways to Progress initiative, Community Finance Innovation Fund and more, the Citi Foundation provided $94 million in grants to organizations working across youth economic opportunity, financial inclusion and community solutions.
