Citi Releases 2011 Global Citizenship Report
Report documents annual performance across focus areas of financial inclusion, environmental sustainability, and employee diversity and training
NEW YORK--(BUSINESS WIRE)-- Citi (C) today released its 12th annual Global Citizenship Report, detailing the banks progress and performance against key environmental and social indicators. Highlights of the report include Citi surpassing its 2011 goal to reduce greenhouse gas (GHG) emissions by 10% and the Citi Foundation reaching 1.6 million people to date through grants that expand financial inclusion and economic empowerment.
As we commemorate Citis 200th anniversary this year, we recommit to the core principles that have guided our institution over the last two centuries. Through our efforts to expand financial inclusion, advance environmental sustainability and foster a diverse and talented workforce, we have the potential to enable real progress in the thousands of communities we serve around the world, said Citi CEO Vikram Pandit.
Among Citis 2011 key accomplishments are the following:
- Exceeded our 2011 goal to reduce operational greenhouse gas emissions by 10 percent from a 2005 baseline with a reduction of 13.6 percent in net CO2e
- Contributed over $90 million from Citi and the Citi Foundation to support economic empowerment and financial inclusion in underserved communities around the globe, including $78 million in grants from the Citi Foundation and an additional $16 million from Citi Community Development
- Provided over $2.16 billion in financing for affordable housing in the U.S., making Citi the top lender according to Affordable Housing Finance for the second year in a row
- Provided more than $290 million in funding to 32 microfinance institutions across 18 countries in partnership with the U.S. Overseas Private Investment Corporation (OPIC) since 2006, including a $20 million term loan in 2011 to support microentrepreneurs and small businesses in Indonesia
- Committed $6.4 billion in financing and investments in renewable energy and clean technology projects around the world, including one of the worlds largest commercial solar photovoltaic installations
Over the last 12 years weve made strides to continuously improve our transparency and disclosure on key issues based on our engagement with stakeholders, including clients and NGOs, said Pam Flaherty, Director of Corporate Citizenship and President & CEO of the Citi Foundation. This process has added value to the organization by helping our businesses better understand the needs of our clients and communities and identifying areas of opportunity to be innovative in our approach to supporting sustainable economic development.
Some of Citis ongoing goals also outlined in the report include:
- Additional environmental footprint reduction goals for 2015 announced in 2010: reduce GHG emissions by 25%, reduce waste to landfill by 40%, reduce water use by 20%, and improve portfolio energy efficiency by 20%, all from a 2005 baseline.
- A target announced in 2007 to direct $50 billion over 10 years to renewable energy and clean technology projects, including investments to green our own operations. With $6.4 billion committed in 2011, Citi has directed nearly $36.4 billion to date as part of this initiative and is on track to meet or exceed the target.
- A commitment announced in 2011 to provide $24 billion in lending to small businesses in the U.S. over three years. Citi provided $7.9 billion in 2011.
Ensuring access to appropriate, affordable, high-quality financial products and services for individuals, families and small businesses is essential to enabling sustainable community development, said Bob Annibale, Global Director of Citi Microfinance and Citi Community Development. From developing the first universal childrens college savings account program in the U.S. with the City and County of San Francisco, to providing commercial support for the growth of the microfinance sector in Indonesia, Citi is committed to advancing financial inclusion around the world.
Citis full 2011 Global Corporate Citizenship Report can be found at citizenship.citigroup.com or as an iPad app in the Apple App Store at http://itunes.apple.com/us/app/citi-news/id431387145. Citi self-declares a B level report according to 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.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Tyler Daluz, 212-793-5234
Source: Citigroup Inc.Copyright Business Wire 2012