Citigroup to cut carbon emissions by 10%
Citigroup news release
January 25, 2006
Demonstrating its ongoing commitment to environmental and social issues globally, Citigroup Inc. today announced a commitment to reduce its greenhouse gas emissions on a global basis by 10% by 2011. To accelerate this reduction, Citigroup is joining the U.S. Environmental Protection Agency’s Climate Leader Program. This voluntary industry-government partnership identifies environmental leaders in adopting aggressive goals and strategies for curtailing greenhouse gas emissions at manufacturing and other facilities. Citigroup will partner with an EPA-appointed engineer to enhance its on-going global emissions reduction strategy.
“We are excited to be part of this voluntary program. As the largest financial services company in the world, we believe that we have an obligation to support this initiative to help clean up the environment and reduce the impact of greenhouse gas emissions,” said Citigroup CEO Chuck Prince. “Our global footprint of facilities is nearly 90 million square feet in size. This represents an enormous opportunity for us to continue tracking and reducing the emissions from our offices, retails outlets and ATM locations.”
Since 2003, Citigroup has been monitoring and reporting its greenhouse gas emissions and working toward reducing those emissions at its more than 13,000 facilities worldwide. In 2006 Citigroup will expand this initiative by taking action to reduce consumption of energy and other resources.
On April 25, the New York-based banking giant J.P. Morgan Chase & Co. joined the ranks of a select group of firms in the financial sector who have adopted environment policies with an increased focus on more ecologically responsible business practices. This move signals a larger trend and is indicative of the current state of the marketplace as well as that of the government.
90% of largest companies concerned about climate change September 18, 2005
More U.S. corporations than ever before now factor climate change into the risks and opportunities faced by their businesses, according to a report released today by the Carbon Disclosure Project, a coalition of institutional investors with more than $21 trillion in assets. Increased interest from the investment community, in conjunction with related macro-economic developments, is encouraging the development of strategies to reduce greenhouse gas emissions.
The Rainforest Action Network (RAN) today issued a release commending Goldman Sachs for becoming the first global investment bank to adopt a comprehensive environmental policy. The policy acknowledges the scientific consensus on climate change and calls for urgent action by public policy makers and federal regulators to reduce greenhouse gas emissions.
Of the world’s largest 150 economic entities, 95 are corporations (63.3%) according to data released this month by Fortune Magazine and the World Bank. Wal-Mart, BP, Exxon Mobil, and Royal Dutch/Shell Group all rank in the 25 largest entities in the world, above countries that include Indonesia, Saudi Arabia, Norway, Denmark, Poland, South Africa, and Greece.
This initiative is the latest in Citigroup’s efforts to building a program of Social Responsibility worldwide. Citigroup is a founding member of the Equator Principles, voluntary guidelines based on World Bank and International Finance Corporation (IFC) policies to evaluate environmental and social risks related to financing development projects. Citigroup is also recognized for its leadership in ensuring access to financial education and financial products and services, financing affordable housing construction, and encouraging volunteerism among its 300,000 employees. Citigroup also is a longstanding supporter of microfinance, which includes support of microcredit programs through philanthropic giving.
Citigroup joins the 79 corporations, including Xerox, the Gap, Frito-Lay, DuPont and General Motors, who have already pledged their commitment to lowering emissions through this EPA-sponsored program. With today’s announcements, 46 companies have set GHG reduction goals. EPA estimates that these goals will prevent more than 8 million metric tons of carbon emissions equivalents per year. These reductions are equal to the annual greenhouse gas emissions of 5 million cars.
Since its inception in 2002, Climate Leaders has grown to include 79 corporations whose U.S. emissions represent 8 percent of total U.S. greenhouse gas emissions.
This is a modified news release from Citigroup.