Citi Sustainability Report: Meets 2011 10% Carbon Reduction Goal
In 2011 the company produced a net total of 1.075 million metric tons of CO2 equivalent, down from a net total of 1.179 million metric tons in 2005 – a reduction of 13.6 percent. All of the reductions over 2005 levels took place in the last two years, following a rise of 11.9 percent from 2005 to 2007.
A large portion of the reductions over 2005 CO2 levels are the product of an increase in green power offsets. In 2011, the company purchased 406 GWh of green energy and credits offsetting 56,000 metric tons of CO2. Last year, Citi was ranked 27th in the EPA’s Green Power Partnership list of Fortune 500 companies. The company was also the only financial institution named as an EPA Energy Star Partner of the Year in 2011. Over the past four years, there were 69 new and 100 re-certifications of Energy Star labels for Citi-managed buildings, the report says.
Citi’s direct CO2 emissions in 2011 stood at 36,750 metric tons of CO2 equivalent, down from 42,660 in 2010 and 46,151 in 2005. Its indirect emissions for 2011 were 1.039 million metric tons of CO2 equivalent, down from 1.065 million in 2010 and 1,139 million in 2005.
The company’s CO2 emissions when rationalized against its square footage of occupied space stayed static at 0.0135 metric tons per square foot from 2010 to 2011. In 2005 this figure was marginally higher at 0.0138.
However, the company’s energy consumption per square foot increased from 30.44 kWh per square foot in 2010 to 30.62 in 2011. In its 2005 baseline year this figure was just 28.85 kWh per square foot. The company’s occupied space has declined by over 10 million square feet from 2005 to 2011, and fell from 78.7 million square feet in 2010 to 75.4 million square feet in 2011.
The report does not supply company-wide figures for water consumption, but it does provide a few snapshots of what the company is doing at a local level to conserve water. For example, whenever a company washroom, kitchen or gym is refurbished, Citi takes the opportunity to install water efficient appliances and fixtures.
In some locations efforts go further. In Citi’s new Milan office, a rainwater harvesting system is providing 344,000 liters of water a year and has cut the use of municipal water by 38 percent, the report says. Rainwater is being used to flush the toilets at a Citi location in Sãu Paulo. This process cut municipal water use by 20 percent and cut the facility’s water bill by $3,500 a month, the report says.
Similar to its water-use figures, Citi’s report does not provide raw, company-wide figures for waste production. There is, however, an example of waste saving techniques being used by Citi’s operations in South Africa. During 2011, the company’s operations in South Africa adopted their first formal waste management program. This program introduced a full-time person on site to ensure the separation of recyclable materials. The program also introduced a collection system for batteries and old electronic equipment, and a collection of old cooking oil. A result of the initiatives more that 10 metric tons of waste were recycled in South Africa, the report says.
The company has a number of goals for 2015, all benchmarked against the 2005 baseline. The goals are a 25 percent reduction in absolute greenhouse gas emissions, a 40 percent reduction in waste to landfill, a 20 percent reduction in water usage and 20 percent energy efficiency gains in areas where Cit has direct control of operations. The company is also hoping to have 15 percent of its global real estate LEED certified by 2015.
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