NEW YORK Citi announced today it had been named "Most Innovative Investment Bank in Climate Change and Sustainability" for the second year in a row by The Banker Magazine, a prestigious global publication affiliated with the Financial Times.
Citi CEO, Vikram Pandit, said, "Citi has built a substantial track record in environmental sustainability in the last decade. We take great pride in the fact that focusing on sustainability is a priority for our businesses and is consistent with our commitment to Responsible Finance."
The award focuses exclusively on innovation in products, structures or strategies that meet challenges, bring clarity to the market and fulfill client objectives. Among the successes cited for Citi's selection were progress on its $50 billion initiative to address global climate change; its work with The AES Corporation on the Armenia Mountain wind project, the first major financing transaction to utilize a bridge to the treasury grant that was made available to renewable energy projects under the federal stimulus package; the bank's work on the Terra-Gen Alta Wind Power project, a $1.2 billion debt financing that remains the largest wind financing deal to date; and the leadership of Citi's Municipal Securities Division in providing renewable energy financing solutions to tax-exempt entities, including public power authorities, state and local governments and not-for profit healthcare systems.
"We were extremely proud to win this award last year, but winning for the second year in a row is an honor and a tremendous validation of the work we do for our clients around the world," said Sandip Sen, head of Citi's Alternative Energy Group. "That we continue to be a leader and innovator in this space amongst our peers is a testament to the strength of our commitment to address climate change and achieve a sustainable future."
The Banker's Investment Banking Awards winners are selected by a panel of high-level independent judges drawn from the global business and finance community.
Citi's commitment to integrating social and environmental responsibility into its global operations is long-standing. In May 2007, the bank announced a 10-year, $50 billion initiative to address global climate change through investments, financings and related activities that support the commercialization and growth of alternative energy and clean technology in markets around the world. In 2010, Citi was elected Chair of the Equator Principles Financial Institutions, a group of banks committed to the Equator Principles framework that mandates the management and assessment of financing for large infrastructure projects to ensure sound environmental and social practices. Co-developed by Citi in 2003, the Equator Principles have grown to include a network of over 60 international banks, becoming a gold standard for managing environmental and social risks associated with Project Finance. Citi has also committed to goals to reduce the environmental impact of its operations by 2015, which include: reducing GHG emissions from buildings 25%, reducing waste 40%, reducing water use 15% and having 15% of its real estate portfolio Leadership in Energy and Environmental Design (LEED) certified by the US Green Building Council.
Citi is a member of the Dow Jones Sustainability World Index (DJSI), and in 2010 became the first major U.S. bank to join the United Nations Global Compact, a policy platform and framework for companies committed to sustainability and responsible business practices. Earlier this year, Citi was named "America's Greenest Bank" in the Money Center category by Bank Technology News.
Climate Change Projects
Citi is well ahead of its 2007 goal to direct $50 billion towards climate change related activities over 10 years. Today, the company's portfolio of climate-related activities is valued at over $24.3 billion, including 2009 commitments totaling $5.11 billion. Among the recent projects included as part of the initiative:
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.