Citi First Major U.S. Bank To Endorse ‘Principles for Responsible Banking’
July 03 2019 - 8:00AM
Business Wire
Citi today endorsed the Principles for Responsible Banking,
becoming the first major U.S. bank to join a range of banks
supporting this effort. The Principles have been developed by the
banking industry itself, facilitated by the United Nations
Environment Programme Finance Initiative (UNEP FI) – a UN-private
sector collaboration that Citi has been a part of since 1997 and
includes membership of more than 240 finance institutions around
the globe.
The Principles define what it means to be a “responsible bank”
and have been designed to enable all banks to implement them, no
matter their specific context. The transparency and accountability
mechanisms of the Principles for Responsible Banking require banks
to manage what matters most, set public targets and report back on
progress.
Citi has a strong track record of integrating sustainability
into its core business and operations, and committing to ambitious
and public targets to drive progress. Some highlights include:
- Citi expects to reach its 10-year $100 Billion Environmental
Finance Goal this year, several years ahead of schedule, having
recorded $38.4 billion in transactions in 2018 and $95.3 billion in
total since 2014.
- Citi continues to advance how it analyzes and discloses climate
risks related to its business. Citi was the first major U.S. bank
to release a climate disclosure report in response to
recommendations from the Task Force on Climate-related Financial
Disclosures.
- Citi is a founding signatory of the recently announced Poseidon
Principles, a global framework focused on assessing and disclosing
the climate alignment of financial institutions’ shipping
portfolios.
- Citi was instrumental in the development of the Equator
Principles, and contributed to designing the next iteration of this
global standard for banks evaluating environmental and social
risks.
- Citi committed to source renewable power for 100 percent of its
global energy needs by 2020 and is on track to reach this
goal.
“The Principles for Responsible Banking mirror our philosophy
and approach to developing sustainable solutions alongside our
clients and setting clear and ambitious targets,” said Citi CEO
Mike Corbat. “We remain laser focused on incorporating
sustainability principles into everything we do to help ensure
business success, improve our operations and contribute to a strong
global economy. Our clients, colleagues and stakeholders expect no
less.”
Citi has been a vocal proponent of the UN Sustainable
Development Goals (SDGs) and the Paris Agreement. Citi released an
SDG report in 2017, Banking on 2030: Citi and the Sustainable
Development Goals, that highlights the Goals Citi has prioritized
and related key initiatives, including: gender equality (Goal 5),
affordable clean energy (Goal 7), decent work and economic growth
(Goal 8), industry, innovation and infrastructure (Goal 9),
sustainable cities and communities (Goal 11), climate action (Goal
13) and partnerships for the goals (17).
As part of Citi’s commitment to this work, Citibanamex, Citi’s
franchise in Mexico, is also endorsing these principles. For more
information on the Principles, visit
https://www.unepfi.org/banking/bankingprinciples/.
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may 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.
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Citi Elizabeth Kelly, 212-559-2477 elizabeth.kelly@citi.com
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