NEW YORK – Citi today 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.”
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 U.S. 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% Renewable Electricity for Citi Operations and Facilities: Citi maintained 100% 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.
- Continuing Transparency around Pay Equity: Earlier this year, Citi disclosed its annual public update on pay equity, highlighting progress on reducing the pay gap for women globally and U.S. minorities at the firm. In 2022, Citi promoted one of the largest and most diverse Managing Director classes in recent years – over a third of the total class were women and over a third in the U.S. were racial and/or ethnic minorities.
- Exceeding and Expanding Representation Goals: Citi announced it had exceeded its 2018-2021 aspirational diversity representation goals – increasing representation at the Assistant Vice President to Managing Director levels for women to 40.6% globally and Black representation for those same levels to 8.1% in the U.S. In September 2022, Citi announced it had expanded its representation goals to include additional markets and underrepresented groups, including being the first major U.S. bank to set an aspirational recruiting goal for LGBTQ+ early career hires globally.
“As a leading global bank, we continue to use our resources and expertise to help our clients and communities solve the challenges they wrestle with every day – in energy, sustainable finance, infrastructure and other areas,” said Edward Skyler, Head of Enterprise Services and Public Affairs, Citi. “This report reflects the commitment to transparency and accountability that underpins all of our work at Citi, from pursuing opportunities around the transition to a low-carbon economy to investing in underserved communities.”
The 2022 ESG Report references the Global Reporting Initiative Universal Standards, the Task Force on Climate-related Financial Disclosures framework, relevant sector standards from the Sustainability Accounting Standards Board the Principles for Responsible Banking, the UN Global Compact and the UN Guiding Principles on Business and Human Rights framework. To learn more about ESG at Citi, visit citi.com/esg.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy'' approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.
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Caitrin O’Sullivan, Caitrin.OSullivan@citi.com