Commercial, GHG Emissions, Finance, Sourcing Renewables - April 19, 2021
Citi Expands Sustainable Financing Goal to $1 trillion
Citi Bank announced April 15 a commitment to complete $1 trillion in sustainable financing by 2030.
The bank plans to finance and facilitate projects that fall under renewable energy, clean technology, water conservation, sustainable transportation, and other climate solutions that aim to assist the transition to a low-carbon economy.
“Given our global footprint and our role in supporting economic activity around the world, Citi has a role to play in achieving the SDGs -- and in this moment as we look towards emerging and rebuilding from the COVID-19 pandemic, it's more crucial than ever that we address these priorities together,” Ed Skyler, head of global public affairs at Citi, said in a statement. “While there is still much to do and the challenges are immense, our goals are both ambitious and urgent and our commitment to collective action -- with governments, clients and competitors -- is stronger than ever.”
The announcement follows the bank’s other recent climate initiatives, such as Citi’s commitment to be net zero by 2050 and its 2025 Sustainable Progress Strategy that includes a goal of $250 billion in environmental finance. This new target includes extending the 2025 environmental finance target to $500 billion by 2030.
Sustainable financing activities outside of environmental finance will include other Sustainable Development Goals like education, affordable housing and health care, among others. The target for financing non-environmental sustainability projects is $500 billion by 2030.