Mobilizing Collective Action to Address Climate Change
By Bridget Fawcett, Val Smith, Keith Tuffley and David Walker* October 20, 2021 09:00 AM
Over the past year, Citi has made strides in our efforts to transition to a net zero economy, from launching our updated Sustainable Progress Strategy to committing to net zero emissions by 2050. While we're hard at work transitioning our business and charting our course forward, we know we cannot tackle climate change alone. Achieving a net zero future will require collaboration and engagement across our full set of stakeholders – our clients, industry peers, investors, NGO partners, communities, and policy makers.
As we read in the latest report from the Intergovernmental Panel on Climate Change (IPCC), our future depends on how we collectively act now to reverse some effects of climate change and limit the worst long-term impacts. Recognizing the need for collaboration on a global scale, we are excited to announce our partnership with the United Nations Framework Convention on Climate Change (UNFCCC), the entity of the United Nations that is driving the global response to climate change. We are proud to be the first U.S.-based financial institution to partner with UNFCCC to bring together various climate stakeholders and audiences to build capacity, connectivity and awareness around the goals of the Paris Agreement.
Our partnership with UNFCCC builds on our longstanding relationship with the United Nations, including Citi's ongoing engagement and leadership on many UN-led sustainability initiatives over the past two decades. With all eyes on COP26, we look forward to continuing our work together at this critical moment in time, when collective climate action is paramount to achieving the goals of COP26 and ensuring a more sustainable future.
And our work with UNFCCC won't end with COP26. Over the next three years of our partnership, we'll focus on bringing together our many public and private sector stakeholders to lead the way forward – maximizing engagement on climate priorities, conducting research, and developing innovative climate strategies and solutions. We know there is a tremendous amount of work ahead of us, and we will work relentlessly to enable as many others as we can to join us on our journey to net zero.
*Bridget Fawcett and Keith Tuffley lead the Sustainability & Corporate Transitions Group within Citi's Banking, Capital Markets and Advisory (BCMA) business unit. Val Smith is the Chief Sustainability Officer of Citi. David Walker is the EMEA Regional Public Sector Head, BCMA.