Citi Vows to Back $1 Trillion in Sustainable Activities by 2030
(Bloomberg) -- Citigroup Inc. said it will provide $1 trillion for financing sustainability efforts over the next nine years.
Half will go toward environmental projects, including renewable energy, water conservation and sustainable agriculture, Chief Executive Officer Jane Fraser said Thursday in a conference call with analysts. Much of the rest is aimed at education, affordable housing, gender equality, and racial and ethnic diversity.
“As the pandemic has made clear, our economic and physical health, our environment and our social stability are all inextricably linked,” the New York-based company said in a blog post. “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.”
The moves are part of Citigroup’s existing push to align with the United Nations’ Sustainable Development Goals, which are meant to help companies measure, reduce and communicate their impact on society and the environment. The bank’s latest goal builds on a previous commitment to finance $250 billion of sustainable activities by 2025.
On her first day as CEO, Fraser announced Citigroup would achieve net-zero greenhouse-gas emissions in its financing activities by 2050. The bank has said it will produce an initial plan for reaching the goal in the coming year.
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