Citi Releases First Environmental, Social and Governance (ESG) Report
April 29 2020 - 01:00PM
Business Wire
Builds on
Established Record of Reporting on Corporate Citizenship
Citi today released its 2019 Environmental, Social and
Governance (ESG) Report. The report builds upon Citi’s Global
Citizenship Report, which Citi had been publishing since 2001. The
ESG report highlights the ways in which Citi is enabling progress
and sustainable growth in communities around the globe. While this
report and related summary cover the period before the COVID-19
pandemic, its broad themes – fighting climate change, addressing
the affordable housing crisis and reducing economic inequality –
continue to be key priorities for Citi.
“While we can’t yet see how COVID-19 will impact our society and
communities over time, I’m confident that our ESG efforts to date
will meaningfully contribute to Citi’s ability to weather this
crisis,” said Michael Corbat, Citi CEO. “We are not only
working to manage the short-term impact of COVID-19 but also are
investing in long-term solutions focused on economic recovery and
financial stability.”
Among the many priority areas this report addresses, key
developments from 2019 include:
- Sustainable progress: Citi financed and facilitated $164
billion in environmental finance activity (2014-2019) to help
reduce the impacts of climate change, exceeding the bank’s $100
Billion Environmental Finance Goal more than four years ahead of
schedule. Recognizing the increasing urgency of climate change,
Citi continues to work to be a leading bank in driving the
transition to a low-carbon economy.
- Supporting entrepreneurs:
- Citi launched the $150 million Citi Impact Fund, the
largest impact investing fund created by a bank using its own
capital, to make equity investments in “double bottom line” private
sector companies that are making a positive impact on society.
- Citi launched Scaling Enterprises, a $100 million loan
guarantee facility in partnership with OPIC and the Ford
Foundation, to provide early-stage financing to companies that
expand access to financial services for low-income communities in
emerging markets.
- Affordable housing: Citi provided $6 billion in loans
for affordable housing projects in the U.S., making the bank the
largest affordable housing lender in the U.S. for the 10th
consecutive year.
- Diversity and pay equity: Citi publicly shared its raw
pay gap in 2019 and progress made to close this gap in 2020. The
bank is also using data-driven insights to inform how it increases
representation of women and U.S. minorities in senior and
higher-paying roles.
- Ethical artificial intelligence: Citi was one of the
first private sector companies to develop its own set of ethical
principles for artificial intelligence (AI), which aim to ensure
effective governance, risk management and responsible innovation in
its use of AI.
- Future of work: The Citi Foundation invested $194
million (2014-2019) to address global youth unemployment and
workforce development through its Pathway to Progress initiative,
which helps prepare youth for 21st century jobs and put them on a
path to economic progress.
- Taking a stand: Citi was the first US bank to sign on to
UN Principles for Responsible Banking and the Citi CEO signed the
Business Roundtable's Statement on the Purpose of a
Corporation.
Citi’s annual Global Community Day is another way that employees
and their families give back to their communities. Last year,
nearly 120,000 volunteers around the world participated. In lieu of
in-person volunteering this year, Citi will be celebrating its 15th
annual Global Community Day through virtual and independent
volunteer activities, including youth mentoring, career coaching
and acts of service to support local communities facing critical
challenges.
In the midst of this global pandemic, Citi remains committed to
supporting clients and community partners to help drive positive
social and environmental impact around the world. Citi and the Citi
Foundation have committed over $65 million to date in support of
COVID-19-related community relief efforts.
Citi continues to take proactive measures to preserve the
well-being of employees globally, including special compensation
awards to 75,000 colleagues to help ease the financial burden of
this situation. Citi is also offering assistance to impacted
customers through credit card payment deferrals, fee waivers,
hardship programs, and additional small business support.
“While COVID-19 has caused us to redirect funds to organizations
providing relief and to redesign established efforts like Global
Community Day, the character of our company continues to come
through,” said Ed Skyler, Head of Public Affairs at Citi and
Chair of the Citi Foundation. “Whether it is through helping
small businesses keep their people on payroll or repurposing a
cafeteria to provide meals for food banks, we are finding new ways
to help and support the communities we serve. We don’t know how
long this crisis will last but we will keep doing our best."
This report is prepared in accordance with the Global Reporting
Initiative (GRI) Standards: Core option and is aligned with the
United Nations (UN) Global Compact and UN Guiding Principles on
Business and Human Rights frameworks and the recommendations of the
Task Force on Climate-related Financial Disclosures. To learn more
about Citi’s ESG efforts around the world and to view the report in
full, visit https://www.citigroup.com/citi/about/citizenship/.
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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Media: Elizabeth Kelly elizabeth.kelly@citi.com 212-559-2477
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