Citi releases annual ESG report for 2022
Citi releases annual ESG report for 2022
Citi has released its 2022 environmental, social, and governance (ESG) report, highlighting the company's progress and that of its foundation towards building more sustainable, diverse, and equitable communities around the world.
This annual report provides further information on the performance and management of Citi’s commitments to address environmental and social priorities, while building long-term value for its stakeholders.
Jane Fraser, CEO of Citi said, “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, which is vital to our business and central to how we deliver for our clients and help them sustain their businesses for the future.”
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 a total of $348.5 billion globally, which puts the company well on track to meet its goal by 2030.
As part of its commitment to reaching net-zero by 2050, Citi recently announced its 2030 emissions reduction targets for four new loan portfolio sectors, namely auto manufacturing, commercial real estate, steel, and thermal coal mining.
Citi has also reorganised its business to address opportunities arising from 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.
Citi is already an established market leader in Vietnam, with ESG at the core of its business. The bank is keen to further work with the government on finding innovative solutions for green financing, such as blended finance models that can support the government’s National Green Growth Strategy.
In 2022, Citi signed an MoU for cooperation with the Ministry of Natural Resources and Environment on the ESG agenda to meet its net-zero carbon emission targets. Citi closed the very first voluntary carbon credit (VCC) transaction in late May 2022 as the offtaker to buy VCCs from a project developer who manufactures and distributes improved cook stoves and water purifiers to low-income rural communities in Vietnam.
In February 2023, Citi acted as an arranger and structurer on an emissions reduction-linked bond with the World Bank. The Water Purifiers for Schools project will enable access to clean drinking water for two million children.
Citi Vietnam's country officer Ramachandran A.S. said, “As a leading global bank operating in Vietnam, we continue to use our resources and expertise to help our clients and communities solve the challenges they face every day – across energy, sustainable finance, social finance, and other areas. This report reflects the commitment to transparency and accountability that underpins all of Citi's work globally.”
