Citigroup Inc has pledged US$250 billion to finance and facilitate climate solutions globally and reduce climate risk. The Environmental Finance Goal is part of the global bank’s new five-year 2025 Sustainable Progress Strategy to help accelerate a transition to a low-carbon economy. This builds on Citi’s previous US$100 billion goal announced in 2015 and completed last year, more than four years ahead of schedule.
“If there’s one lesson to be learned from the COVID-19 pandemic, it is that our economic and physical health and resilience, our environment and our social stability are inextricably linked,” Citi Asia Pacific CEO Peter Babej said in a statement.
“ESG [environmental, social and governance] has been front and center in Citi’s response to the health crisis, and evermore present in conversations with clients and communities across the Asia-Pacific. With the US$250 billion global goal, we want to be a leading bank in driving the transition to a low-carbon economy. The Asia-Pacific has a key role to play and we anticipate further acceleration in the region as businesses of all kinds shift to a more sustainable future,” Babej said.
Photo courtesy of Citibank
Citi has signaled its commitment to transitioning to a sustainable, low-carbon economy as the first US-based signatory of the UN Principles for Responsible Banking.
Citi released its 2019 Environmental, Social and Governance Report in April, detailing its performance across a number of priority ESG areas. Since the onset of the global COVID-19 pandemic, Citi has continued to deepen its ESG efforts in response to client and market demand. Citi and the Citi Foundation have thus far committed more than US$100 million to support virus-related community relief efforts around the world.
Citibank Taiwan Ltd (台灣花旗) chairman Paulus Mok (莫兆鴻) said: “In response to the group’s ESG policy, Citibank Taiwan is taking proactive measures during the pandemic to preserve the well-being of employees, serve clients and contribute to society, so as to maximize our positive impact as a responsible corporation.”
“This year, Citi Taiwan will continue to focus on ESG-related areas; further commit to environmental, social and governance efforts; and advance toward the sustainable progress goal. We will also issue our first certified ESG report,” Mok said.
Citi Taiwan has launched the Double the Good campaign, calling on all Citi Taiwan staff to show care and support for disadvantaged families, bereaved children and medical staff. Citi Taiwan would match every NT$1 that employees donate with NT$1.
To avoid large in-person gatherings, Citi Taiwan has adopted a different strategy this year by organizing multiple small-scale activities for the annual Global Community Day.
In appreciation for the hard work and contributions of Citi staff during the pandemic, Citi is offering a one-time compensation award, an extra day off and other benefits to support employees through this difficult time.
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