The climate crisis is among the top critical challenges facing our global society and economy today and there is an urgent need for collective action.
We believe that global financial institutions like Citi have the opportunity – and the responsibility – to play a leading role in helping drive the transition to a net zero global economy and make good on the promise of the Paris Agreement.
From 2014 to 2019, we financed and facilitated $164 billion in low-carbon solutions and last year committed to completing an additional $250 billion in environmental transactions by 2025. We also reached our goal of purchasing 100% renewable electricity for our facilities.
Now we are taking the next bold step on this journey. We are committing to net zero greenhouse gas emissions by 2050. I am proud to make this commitment on my first day as CEO of Citi.
Our ESG agenda can't just be a separate layer that sits above what we do day-to-day. Our commitments to closing the gender pay gap, to advancing racial equity, and to pioneering the green agenda have demonstrated that this is good for business and not at odds with it. And we will continue to be part of the solution to these challenges and enable others to do so as well.
Net zero means rethinking our business and helping our clients rethink theirs. For banks, what some don't realize is that net zero includes not just our own operations but also our core business impacts – in other words, our financing, which is why we're making the following commitments today:
We are raising the ambition on all that we've done until now – including our commitment to the Principles for Responsible Banking, our leadership in climate disclosure through the Task Force on Climate-related Financial Disclosures (TCFD) and our expanded fossil fuel sector standards.
As the world's most global bank, we are interconnected with many carbon-intensive sectors that continue to help drive global economic development. We are committed to bringing as many clients as we can along with us on this journey and working with them relentlessly to get it right. We also know that staying on this path and accomplishing this goal will require help from our full set of stakeholders – our clients, colleagues, investors, NGO partners, communities and especially policy makers, as durable climate policy is essential for enabling a net zero economy where we can all thrive.