Citi Releases 2020 Environmental, Social and Governance (ESG) Report
“The events of 2020 are a stark reminder that companies like ours have a role to play in helping tackle the world’s toughest problems – and this sense of responsibility drives our ESG agenda,” said
Among the many focus areas this report covers, key highlights from the past year include:
COVID-19 Relief and Recovery: Citi and the
Citi Foundationcommitted over $100 millionin support of COVID-19-related relief and economic recovery efforts globally. Citi was also selected by Gavi, the Global Vaccine Alliance, as sole financial advisor to the COVAX Facility to support the fair and equitable distribution of vaccines.
Racial Equity: Citi launched Action for Racial Equity, a commitment to invest more than
$1 billionover the next three years to help close the racial wealth gap and increase economic mobility in the United States. This effort includes four goals: to provide greater access to banking and credit in communities of color, increase investment in Black-owned businesses, expand Black homeownership, and advance anti-racist practices in the financial services industry. Among the progress made in just seven months since launching the effort, Citi is more than a third of the way to its $100 millioncommitment to Minority Depository Institutions (MDIs) that are expanding banking and credit access in communities of color. Citi will be investing more than $200 million– out of a $550 million, three-year commitment to affordable housing – in five equity funds that will be co-managed by Black investment managers to preserve multi-family affordable rental housing in cities all across the country.
Low-Carbon Transition: Last summer,Citilaunched its 2025 Sustainable Progress Strategy to play a leading role in driving the transition to a low-carbon economy. At the core of this new strategy is a commitment to finance and facilitate
$250 billionin environmental solutions globally over the next five years, and $500 billionby 2030, as well as reduce the climate risk and impact of its client portfolio and the environmental footprint of its facilities. Building on these efforts, in early 2021, Citi committed to net zero greenhouse gas emissions by 2050, which includes emissions associated with its financing as well as achieving net zero for its operations by 2030. Last year, Citi was awarded LEED Platinum certification of its global headquarters in New York City.
Pay Equity Transparency: Four years ago, Citi was the first bank to disclose its adjusted pay results, and the following year it became one of the first companies to disclose its unadjusted or “raw” pay gaps for both women and
U.S.minorities. In 2020, Citi found virtually no pay gap for women or minorities when adjusted for job function, level and geography. This year’s raw gap analysis showed that our median pay for women globally is better than 73% of the median for men, up from 71% last year, and that the median pay for U.S.minorities is 94% of the median for non-minorities, up from 93% last year.
Impact Investing: In early 2020, Citi launched the
$150 million Citi Impact Fund– the largest of its kind to be launched by a bank using its own capital – to invest in companies that are addressing societal challenges. In September 2020, Citi allocated an additional $50 millionto exclusively support businesses owned by Black entrepreneurs as part of Action for Racial Equity. As of March 31, Citi had invested in 13 companies, the majority of which are founded by women and/or minorities.
Affordable Housing: In 2020,Citi provided $7 billionin loans for affordable housing projects in the U.S., making it the largest U.S.affordable housing development lender for the 11th consecutive year. Citi also issued its inaugural $2.5 billionAffordable Housing Bond, the largest-ever social bond from an issuer in the private sector.
Youth Unemployment: Citiand the
Citi Foundationexpanded the global Pathways to Progress job skills-building initiative, led by a three-year, $100 millioninvestment from the Citi Foundation, to improve employability and economic opportunity for youth from underserved communities around the world.
Citi’s annual ESG Report, now in its second year, builds upon Citi’s Global Citizenship Report, which Citi had been publishing since 2001. The 2020 ESG Report was prepared in accordance with the
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.
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