Citi Celebrates Earth Day 2016
By Val Smith, Director and Head of Corporate Sustainability April 18, 2016 03:00 PM
Each year, Citi marks Earth Day, not just through events on that one date, but through a week-long series of employee-led sustainability initiatives around the world. These events raise awareness of important environmental and social issues, and support our Mission and Value Proposition by creating a meaningful, positive impact through reducing Citi’s operational footprint and deepening our ties to the communities where we live and work.
On Friday, April 22 – the date recognized globally as Earth Day – UN delegates will gather in New York City to formally sign and adopt the Paris Agreement. This agreement, a product of focused negotiations among nearly 200 countries, lays out a path to limit the rise in global temperature to under 2oC in an effort to avoid calamitous changes to our climate.
In support of Earth Day 2016 and the Paris Agreement, I would like to highlight some of Citi’s achievements in advancing Sustainable Progress, as well as our goals moving forward.
- Environmental Finance: In 2014, Citi counted $23.6 billion toward our $100 billion Environmental Finance Goal. Our 2015 numbers are even larger. Next week, we will announce our progress with the release of our Global Citizenship Report.
- Environmental and Social Risk Management (ESRM): In 2015, we screened 380 transactions against our ESRM Policy, and released a new Coal Mining Standard, which commits Citi to reduce our credit exposure over time to the coal mining industry.
- Operations: We reached our 2015 goal to reduce our greenhouse gas (GHG) emissions by 25% through energy efficiency and green building measures, and we established science-based goals to reduce our GHG emissions by 35% by 2020 and 80% by 2050. We also exceeded all of our 2015 energy efficiency, water consumption, waste to landfill and LEED building portfolio goals.
- Supply Chain: Citi Enterprise Supply Chain (ESC) released white papers for each of its priority sustainability areas, namely paper and paper products, IT hardware and e-waste disposal, and travel and logistics, to brief employees on relevant issues. These white papers are now being used to update our procedures on supplier standards and principles.
- Stakeholder Engagement: We have engaged with clients, investors, suppliers, partners and employees to better understand the sustainability challenges and opportunities we face as a financial institution. We also convened a stakeholder dialogue in January focused on a review of our methodology for the $100 Billion Goal and the associated environmental and social impacts.
I am also proud that Citi has gained recognition for our efforts to enable progress in sustainable and responsible ways. In 2015, we made CDP’s Climate A List for our efforts to mitigate climate change, and in early 2016 we were named #19 on the U.S. EPA’s Fortune 500 Green Power Partnership ranking for our integration of wind in powering our own operations.
As we pause to celebrate Earth Day I am proud of the support that our Green Teams and colleagues provide for our Sustainable Progress goals.