Citi has announced its new 2025 Sustainable Progress Strategy to speed up the transition toward a low-carbon economy, media reports said. The new strategy is aimed at helping the company reach its sustainable goals.
Citi’s 2025 Sustainable Progress Strategy comprises a $250 billion Environmental Finance Goal to drive climate solutions and reduce climate risks globally.
Michael Corbat, CEO of Citi, told the media, “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. ESG has been front and center in Citi’s response to this health crisis, and evermore present in conversations with clients and partners. With our $250 billion goal, we want to be a leading bank in driving the transition to a low-carbon economy, which we anticipate will accelerate as businesses of all kinds shift to a more sustainable future.”
It is reported that the new strategy is integrated into Citi’s Environmental and Social Policy Framework which largely focuses on low-carbon transition, climate risk and sustainable operations. Last April, it released the 2019 Environmental, Social and Governance (ESG) Report which noted Citi’s performance across top Environmental, Social and Governance (ESG) areas.