Hosting Our Sustainability Conference is Just One Step Toward Achieving Net Zero
By Paco Ybarra, CEO of Citi's Institutional Clients Group May 27, 2021 04:00 PM
Climate change is already impacting our daily lives and creating an imperative that we address this challenge now with our best thinking and resources. Transitioning to a net zero global economy by 2050, which is a goal to which we are committed as a founding signatory of the Net Zero Banking Alliance (NZBA), will not be easy for us. Nor will it be for our clients who are looking to do the same.
In support of this goal and to help steward our clients through this transition, Citi was proud to host our global Sustainability, ESG & Alpha Conference last week. At the virtual conference, we heard from leaders from across Citi's business groups about the specific challenges and our commitments to act in partnership with our clients from around the world. And we heard from experts on sustainability, including other financial firms as well as heads of global organizations focused on sustainability and ESG.
At Citi, we have the opportunity and the responsibility to play a leading role in helping to finance the transition to a net zero economy. That includes offering a range of innovative and far-sighted financing solutions, directing capital to where it can have the greatest positive impact, and engaging with clients to support their efforts to achieve net zero.
Citi has committed to provide $1 trillion in sustainable financing by 2030 – half of which is directed toward environmental finance. We are doing that out of a sense of commitment to help tackle a critical problem, but we also regard it as a great business opportunity. As environmental, social, and corporate governance considerations move into the mainstream, they are becoming central to how businesses and investments will succeed. Well-managed companies that have visionary leaders will be prepared and rewarded for achieving net zero and other broader sustainability targets. We know we can provide stellar execution to lead transformation for our clients as we navigate these waters together.
Our work to transition our business and help our clients transition is just beginning, and we know we have a challenging road ahead. Collaboration will be essential. Thank you for your partnership to achieve a better bottom line for our clients, ourselves and the earth.