Citi Issues 2013 Global Citizenship Report
Citi surpasses $50 billion climate initiative target three years early, achieves 25% greenhouse gas reduction goal
New York, April 23, 2014 /3BL Media/ – Citi today released its 14th Global Citizenship Report, an annual overview addressing the company’s social, environmental and governance achievements and challenges. The 2013 Citi Global Citizenship Report underscores Citi’s goal of enabling progress for clients and communities around the world. This year’s report continues to highlight Citi’s three key focus areas: promoting financial inclusion and economic progress, advancing environmental sustainability and valuing its people.
“For over 200 years, Citi has applied its passion to meet the world’s toughest challenges,” said Citi CEO Michael Corbat. “I’m proud of all of our Citizenship accomplishments in 2013, and in particular our work to address climate change, which is one of the most pressing issues facing society today. We continue to demonstrate that our commitment to corporate citizenship is good for our people, good for our clients and good for our business.”
In 2013 Citi:
- Surpassed, three years early, a 10-year goal to direct $50 billion towards activities that mitigate climate change, including financing for renewable energy and energy efficiency and investments in the greening of Citi’s operations.
- Met our 2015 operational environmental performance goals for greenhouse gas emissions and waste two years early, reducing our emissions by 25% and our waste to landfill by 41%, all from a 2005 baseline.
- Developed a new Energy and Power Framework to responsibly guide our energy and power financing. This new Framework complements our long standing Environmental and Social Risk Management Policy, which helped us manage risks in 443 transactions across sectors and geographies.
- Increased our overall commitment to microfinance under a partnership with the U.S. Overseas Private Investment Corporation (OPIC) that began in 2006. To date, Citi and OPIC have provided $365 million in funding to 40 microfinance institutions in 22 countries reaching 975,000 borrowers, nine in ten of whom are women.
- Lent and invested nearly $4.4 billion in cities across the U.S. to support affordable housing, education, healthcare and small business activities through Citi Community Capital.
- Provided $66 million in business and corporate contributions to community programs. In addition, the Citi Foundation invested $78 million to support financial inclusion and economic progress in underserved communities in 87 countries.
- Added 18 new employee affinity networks, which support Citi’s inclusive culture by developing and retaining diverse talent. A total of 92 such networks represent 14,000 members across 11 countries and 35 cities.
“Thought leadership and the testing and sharing of successful new approaches are pivotal to our citizenship agenda. We also invest significant time and resources in measuring the impact of our programs, so that we can focus on scaling what works,” said Pam Flaherty, Director of Corporate Citizenship and President and CEO of the Citi Foundation.
“Our efforts to bring millions more people into the financial mainstream and to support affordable housing and small businesses serve the needs of both shareholders and society. In 2013, we continued to collaborate closely with a range of partners, including municipal governments, development agencies and frontline community organizations, to expand our microfinance lending and community development initiatives,” added Bob Annibale, Global Director of Citi Microfinance and Citi Community Development.
Citi’s full 2013 Global Citizenship Report is available at citizenship.citigroup.com. Citi self-declares a B application level under the Global Reporting Initiative (GRI) framework, a global voluntary standard for corporate environmental, social and governance reporting.
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.
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