Citigroup, Inc. is a multinational financial services corporation headquartered in New York City, United States of America. The company operates in the diversified banks sector, providing a wide range of financial products and services to its clients, including retail banking, investment banking, corporate banking, and wealth management.
Citigroup, Inc. has a strong commitment to sustainability and decarbonisation, and has set ambitious targets to reduce its greenhouse gas emissions and transition to renewable energy sources. The company has pledged to achieve net-zero greenhouse gas emissions by 2050, and has set interim targets to reduce its emissions by 45% by 2025 and 65% by 2030.
One of the key strategies that Citigroup, Inc. is using to achieve its decarbonisation goals is to transition to renewable energy sources for its corporate energy needs. The company has set a target to source 100% renewable electricity for its global operations by 2020, and has already achieved this goal in the United States and several other countries.
To achieve this target, Citigroup, Inc. has implemented a range of strategies, including the use of corporate power purchase agreements (PPAs) to purchase renewable energy directly from wind and solar projects. PPAs are long-term contracts between a renewable energy project developer and a corporate buyer, which guarantee the purchase of a fixed amount of renewable energy at a fixed price over a specified period of time.
Citigroup, Inc. has signed several corporate PPAs in recent years, including a 10-year agreement to purchase 100% of the electricity generated by a 70 MW wind farm in Texas, and a 15-year agreement to purchase 100% of the electricity generated by a 50 MW solar project in California. These agreements have helped the company to reduce its greenhouse gas emissions and transition to renewable energy sources, while also providing long-term price stability for its energy needs.
In addition to its use of corporate PPAs, Citigroup, Inc. is also investing in renewable energy projects directly, through its subsidiary Citi Renewable Energy Finance. This subsidiary provides financing for renewable energy projects, including wind, solar, and energy storage projects, and has helped to fund over 4 GW of renewable energy capacity to date.
Citigroup, Inc. is also working to reduce its energy consumption and increase energy efficiency in its operations. The company has implemented a range of energy efficiency measures, including the installation of LED lighting, the use of energy-efficient HVAC systems, and the implementation of energy management systems to monitor and control energy use in its buildings.
Citigroup, Inc. is also working to engage its employees and stakeholders in its sustainability efforts. The company has launched a range of sustainability initiatives, including employee engagement programs, sustainability training and education, and stakeholder engagement programs to promote sustainability and decarbonisation.
Overall, Citigroup, Inc. is a leader in the financial services sector when it comes to sustainability and decarbonisation. The company has set ambitious targets to reduce its greenhouse gas emissions and transition to renewable energy sources, and is using a range of strategies, including the use of corporate PPAs, direct investment in renewable energy projects, and energy efficiency measures, to achieve these goals. Citigroup, Inc. is also working to engage its employees and stakeholders in its sustainability efforts, and is committed to driving positive change in the financial services sector and beyond.