Citigroup Is Ready To Compete Over Sustainability
Published: 31 August 2010
Access This Report
This report is available to Verdantix clients with a Knowledge Service Subscription.
Verdantix clients:
Not a client but want access
to this
report
?
7 pages, 3 figures
Executive Summary
This case study is one in a series of reports that analyses the climate change and sustainability strategies of large corporates. Citigroup posted revenue of $80 billion in 2009, the firm has 265,300 employees and was formally the world’s largest bank. Backed by a $50 billion pledge in 2007, Citigroup’s sustainability strategy focuses on reducing internal emissions and financing climate change related projects. Coming out of the recession, Citigroup extended its pledge to reduce absolute greenhouse gas emissions to 25%, as well as reducing water consumption and waste by 20% and 40% respectively by 2015 on a 2005 baseline. In addition, the firm is directing $50 billion over a ten-year period to finance emission-reduction projects. The bank needs to avoid an emissions rebound as it returns to growth, by continued investment in cleantech, renewable energy and emission reduction projects to meet its targets. If successful, Citigroup will reduce its risk exposure and unlock new revenue opportunities in this sector as well as enhancing its brand as a responsible bank.
TABLE OF CONTENTS
CITIGROUP IS READY TO COMPETE OVER SUSTAINABILITY
Bank Commits Time And Money To Corporate Citizenship
Citigroup Aims For Financial And Operational Responsibility
The Next Two Years Will Test Citigroup’s Commitments
TABLE OF FIGURES
Figure 1. Citigroup Target Absolute Reductions In Carbon, Water And Waste
Figure 2. Citigroup’s Strategy Focuses On Operational Change And New Products
Figure 3. Absolute Emissions Started To Drop In 2009
COMPANIES MENTIONED
ARUP Associates, Bank of America, ClimateCare, The Dow Chemical Company, easyJet, EcoSecurities, HP, HSBC, JPMorgan Chase, Noble Environmental Power, Rainforest Action Network, Rockefeller Organization, Yale University, Wells Fargo