Citi is the first major U.S.-based bank to join the United Nations Global Compact. By signing the accord with the corporate citizenship initiative, Citi commits to support the 10 guiding principles, pertaining to human rights, labor, environment, and anti-corruption.
Citi has a long track record of developing environmental, social, and corporate governance initiatives. As an example, the bank played a role in the development of the 2003 Equator Principles, voluntary industry guidelines to manage the environmental and social risks of project financing globally.
Citi also launched Microfinance in 2005, which protects low-income populations from potentially harmful financial products and ensures that they are treated fairly.
Citi recently set new environmental targets that include cutting water use by 20 percent and landfill waste by 40 percent by 2015. The financial institution also set a tougher greenhouse gas (GHG) reduction goal of 25 percent and committed to LEED certification for at least 15 percent of its global real estate portfolio.
The financial company is also halfway to meeting its 10-year, $50 billion goal, announced in 2007, to address climate change.