388 Greenwich Street, New York, NY 10013, U.S.A.
Phone: 868-627-2484
Fax: 1-868-625-6820






Valerie Smith




Report created by Ellie Weiss

Citigroup Inc.

SECTIONS :  Sustainability Targets    Evaluation  •  Key Points  •  Overview 

Company Activity

Citigroup is an American multinational investment bank and financial services corporation headquartered in New York City. It was created by the merging of Citicorp and Travelers Group in 1988. Citigroup now owns Citicorp, the holding company for Citibank, as well as several international subsidiaries.

It is currently the third-largest bank in the United States with 200 million customer accounts and businesses in more than 160 countries

The bank does work in Global Consumer Banking, Institutional Clients Groups, Corporate, and more.

  • The Global Consumer Banking segment provides traditional services to retail customers through retail banking, including commercial baking, Citi-branded cards and Citi retail services.
  • The Institutional Clients Group segment provides corporate, institutional, public sectors and high-net-worth clients around the world with a range of banking products and services such as fixed income and equity sales and trading, foreign exchange, corporate lending, investment banking and advisory services, private banking, and cash management. 

Company Sustainability Activity

Citi has adopted or publicly endorsed many external principles and standards, which inform their approach to sustainable finance and risk management. Among those included are:

Citi Group emphasizes its commitment to fight racial inequalities. The bank has committed $1 billion over the next three years through their Action For Racial Equity Project aiming to bring better banking and credit access to communities of color, increase investment in Black-owned businesses, expand Black homeownership, and advance anti-racist practices in the financial industry.

To date, they have made it more than a third of the way to their $100 million commitment to Minority Depository Institutions expanding banking and credit access in communities of color.

Citi’s Citi Impact Fund was launched in early 2020. The fund dedicates $150 million to invest in companies addressing societal issues. An additional $50 million was allocated specifically for Black-owned businesses.

Citi is committed to transparency, which is seen in its pay equity disclosures. Four years ago, Citi became the first bank to disclose its adjusted pay results, and the following year it became one of the first to disclose their unadjusted pay gaps for gender and race. In 2020, their pay equity ratio was close to 0. 

Citi’s 2025 Sustainable Progress Strategy is driving its transition to a low-carbon economy. For instance, the bank states it will facilitate $250 billion in environmental solutions over the next five years and $500 billion by 2030. It also has laid out its plan to reduce the climate risk and impact of its client portfolio and Citi’s environmental footprint. 

Throughout 2020, Citi gave out $7 billion in loans for affordable housing projects as well as a $2.5 billion Affordable Housing Bond.

Furthermore, the bank expanded its global Pathways to Progress job skills-building initiative working to improve employability and economic opportunity for youth from underserved communities. The bank has increased these efforts during the pandemic: notably stating it has committed over $100 million towards COVID-19 relief and recovery efforts. 


  • $1 billion over the next three years through their Action For Racial Equity. 
  • Will facilitate $250 billion in environmental solutions over the next five years and $500 billion by 2030.
  • $7 billion in loans for affordable housing projects as well as a $2.5 billion Affordable Housing Bond.
  • $100 million towards COVID-19 relief and recovery efforts. 


Based on 2025 Operational Footprint Goals:

  • 45% reduction in location-based GHG emissions.
  • 40% reduction in energy consumption.
  • maintain 100% renewable electricity sourcing.
  • 30% reduction in total water consumption.
  • 25% of water consumed to come from reclaimed or reused sources.
  • 50% reduction in total waste.
  • 50% of waste diverted from landfills.
  • 40% of floor area to be LEED, WELL or equivalent certified, with a focus on City-owned buildings to operate at the highest level of sustainability.
  •  Their 2025 Sustainable Progress Strategy aims to transition to low-carbon by reaching their $250 billion environmental finance goal, supporting renewable energy, clean technology, sustainable transportation, energy efficiency, green buildings, water quality and conservation, circular economy, and sustainable agriculture and land use.
  • The strategy includes plans to measure, manage and reduce the climate risk and impact of their client portfolio as well as enhance their TCFD implementation and disclosure through policy development, portfolio analysis and stakeholder engagement.
  • Continue to minimize the impact of their global operations through operational footprint goals, and further integrate sustainable practices across the company.
  • Citi has goals to expand banking and access to credit in communities of color, invest more in black entrepreneurship,  invest more in affordable housing and promote the growth of black homeownership, and to strengthen their policies and practices in order to become an anti-racist institution.


  • Have made it more than a third of the way to their goal of $100 million to Minority Depository Institutions
  • They have completed 86% of their goal to have 100% renewable electricity for facilities globally.
  • They have reduced their energy consumption by 35% compared with their 2005 baseline.
  • They have reduced their water consumption by 35% compared with their 2005 baseline. 
  • 6% of their water comes from reclaimed or recycled sources.
  • Their diversion rate of waste to landfill compared with their 2005 baseline is 63%
  • 27% of their global real estate portfolio is LEED-certified. 
  • They have surpassed their goal of financing $100 billion in environmental finance activity by $64 billion.
  • They avoided 11.7 mt of GHG emissions.
  • They have supported 198k jobs through renewable energy project finance and public finance activity.
  • They have served 6.7k people with affordable housing
  • They have served 95M people with water-quality problems
  • They implemented a global coal-fired power Sector Standard and declined project-related financing for new coal capacity.
  • They updated and expanded ESRM due diligence under coal mining Sector Standard Internal training. 
  • They trained more than 600 employees on ESRM policies and procedures through a combination of classroom and virtual training.
  • The integrated climate risk information into ESRM Policy training Portfolio-level analysis of high-risk sectors.
  • They conducted portfolio reviews of power clients’ GHG reporting, targets, and low-carbon transition plans. 
  • They developed a climate-related risk questionnaire for carbon-intensive sectors.
  • They conducted an agribusiness portfolio review to understand best practices for managing deforestation risk.
  • They tracked climate risk developments through engagement with regulators, clients, and other stakeholders. 
  • They advised bankers and clients on emerging sustainable finance products, such as green bonds and sustainability-linked loans, as well as evolving market criteria and expectations regarding the structure of these products, building global capacity.
  • They collaborated with approximately 40 banks in the second phase of the UNEP FI TCFD pilot project to enhance the methodologies, tools, and scenarios for assessing the potential financial impacts of transition and physical climate risks on bank loan portfolios.
  • They co-led a biodiversity working group of the Equator Principles (EP) Association, which led to a new EP requirement to promote increased biodiversity data sharing as part of project environmental assessment.


UN Sustainable Development Goals

UN SDGs Compliance

SDG 5: Gender Equality

  • Microfinance as a Path to Women’s Economic Empowerment – Citi has partnered with the U.S. International Development Finance Corporation to expand microfinance loans to women in emerging markets around the world. They committed to mobilizing an additional $500 million for women in Latin America, a $10 million loan guarantee for 17,000 microentrepreneurs in Tunisia, and a $5 million micro fund for 10,000 underserved Jordanian women. 
  • Supplier Diversity – Their Supply Chain Development, Inclusion, and Sustainability team set clear supplier diversity goals. For every bid over $250,000, they require the inclusion of diverse suppliers in the bidding process. In 2019, they procured $149 million from women-owned businesses, specifically supporting SDG target 5.5 aiming to ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life.
  • Representation Goals – They have set representation goals to increase diversity across the firm. They focus specifically on targeted recruitment, development and retention, and promotion paths and processes. 

SDG 7: Affordable and Clean Energy

  • Environmental Finance Goal – Target 7.2, to increase the share of renewable energy in the global energy mix by 2030, and target 7.3, to double the global rate of energy efficiency improvements by 2030, were both aligned with the objectives of their $100 billion goal. The total financing of renewable energy and energy efficiency projects accounted for $122.1 billion and $1.3 billion, respectively.

SDG 8: Decent Work and Economic Growth

  • Financial Inclusion – Citi’s work on financial inclusion around the world contributes to target 8.10, which aims to strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
  • The Future of WorkCiti and the Citi Foundation help to deliver on SDG target 8.6, which aims to substantially reduce, by 2020, the proportion of youth not in employment, education, or training. Their Pathways to Progress initiative helps reach low-income communities at scale and drive positive social and economic gains through public-private partnerships.
  • Extending Respect for Human Rights Through Suppliers and Partners  – They have nondiscrimination policies as to not provide funding to organizations that discriminate on the basis of characteristics such as gender, race, and sexual orientation.
  • They have a Corporate Responsibility Questionnaire in which they ask questions specific to modern slavery concerns, supporting target 8.7 to eradicate forced labor, end modern slavery and human trafficking and end child labor in all its forms. 

SDG 9: Industry, Innovation and Infrastructure

  • Philanthropic Efforts – They provide funding for NGOs making valuable contributions to addressing difficult social problems and helping city leaders develop technology-driven solutions to urban challenges. 
  • Infrastructure – Citi finances billions in infrastructure projects around the world. Between 2014 and 2019, they provided more than $13 billion in green building and sustainable transportation projects. 
  • Financial Inclusion – Citi’s work on financial inclusion around the world contributes to target 9.3, which seeks to increase the access of small-scale enterprises, particularly in developing countries, to financial services to facilitate integration into value chains and markets. 

SDG 11: Sustainable Cities and Communities

  • Infrastructure – Citi finances billions in infrastructure projects around the world. Between 2014 and 2019, they provided more than $13 billion in green building and sustainable transportation projects.
  • In 2019, they served as global coordinators and joint bookrunners in a $400 million debut bond issuance to finance the Mariscal Sucre International Airport in Quito. This supports target 11.2 which aims to provide access to safe, affordable, accessible, and sustainable transport systems for all. 
  • Affordable Housing and Homeownership – Citi is working to help address the affordable housing crisis by financing projects in low-income urban areas and developing new models to strengthen affordable housing markets overall. This work aligns with SDG target 11.1, which includes providing access for all to adequate, safe, and affordable housing and basic services.
  • Environmental Finance – their $100 Billion Environmental Finance Goals contributes to target 11.2 which aims to provide access to safe, affordable, accessible, and sustainable transport systems for all.

SDG 13: Climate Action

  • Environmental Finance – Several of their investments, including municipal bond underwriting and activities supporting water quality and conservation projects, in their Environmental Finance Goals, support target 3.1 which aims to strengthen resilience and adaptive capacity to climate-related hazards.

SDG 17: Partnerships for the Goals

  • Citi Public Sector Group in the U.S. provides products and services to national and local governments, central banks, and other public-sector institutions that enable countries and communities to operate. 
  • Citi Export and Agency Finance collaborates with export credit agencies, multilateral agencies, and development finance institutions to help expand their reach in both developed and emerging markets. 
  • Citi Sustainability & ESG partners with colleagues across Citi businesses to encourage and enable solutions that contribute to sustainable growth around the world.


Citi has many projects and initiatives that cover a wide range of current issues. It works to support societal needs, economic needs, as well as environmental needs. The bank is also committed to lining up its specific actions with its respective UN SDGs and often its specific target as well.

The bank has many targets and goals; however, some of these goals lack measurability.

The bank holds many ESG awards and green building certifications but is not featured in many notable ESG listings.

Citi has goals to become low carbon emitters and to become net carbon-neutral. 

Despite its sustainability initiatives, Citi has invested a total of $237.477 B in the fossil fuel industry since the adoption of the Paris Agreement. However, it has decreased its investments from 2019 to 2020. Citi is currently far from its outlined goals as the bank is still financing coal, oil, and gas companies. 

Citi is rated a D on the Impakter Index.

Analyst Outlook: Neutral

Although the bank has outlined goals that support its role in the transition to a low-carbon economy, the bank still finances billions of dollars worth of fossil fuels. While there is hope that the company will become more sustainable in the future, its progress KPIs are not convincing enough to receive a higher rating.

Key Points

  • The bank has projects and initiatives to support COVID-19 relief and recovery, racial equity, low carbon transition, pay equity transparency, impact investing, affordable housing, and youth unemployment.
  • They have strong and specific targets with written out criteria.
  • Their extensive progress, as well as future commitments, shows great potential for their sustainability in the future
  • They align their initiatives with the UN SDGs and their specific targets.
  • They have a wide range of projects relating to many important issues today. 
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