Water as a Business Opportunity

This Earth Day, our focus is on water — not only because it sustains people and ecosystems, but also because of the compelling economic opportunity it represents.

Today, the world faces a $7.5 trillion gap in water infrastructure investment that leaves billions without access to safe water and sanitation.¹  That gap is both a challenge and a growth frontier. The World Economic Forum estimates that water infrastructure investments could add $9.5 trillion to the global economy and create over 200 million full-time jobs by 2040.²  

From replacing aging pipes and modernizing treatment plants to preventing pollution, expanding rural access, and building systems strong enough to withstand extreme weather, demand for innovation and capital is only accelerating.  

In short, supporting clients in water resilience is a strategic business opportunity with global impact. Citi is committed to investing in clients and projects that focus on the future — advancing water infrastructure, quality and conservation is an important part of our $1 trillion sustainable finance goal. Since 2020, we’ve made significant progress on this goal, financing and facilitating more than $555 billion in transactions that help address today’s pressing environmental and social challenges. Several examples of projects in the global water sector include:

• Expanding access to clean water and sanitation – Citi acted as Sole Bookrunner and Structuring Bank on a $42.5 million³ Eco Invest debenture for Aegea, a leader in the basic sanitation sector in Brazil. The government backed Eco Invest program mobilizes international capital for environmental infrastructure. Citi partnered with Aegea and the National Treasury to deliver a first of its kind deal structure, in which the borrower is distinct from the entities executing the infrastructure capital expenditures, which will expand access to clean water and sanitation in communities that need it most.⁴
• Reducing water and energy use in data centers - Citi served as Exclusive Financial Advisor to Ecolab on the $4.75 billion pending acquisition of CoolIT Systems.⁵ Its precision-engineered cooling technologies aim to improve performance and reliability while reducing water and energy use in AI data centers.⁶
• Supporting marine conservation in the Middle East - Citi acted as Joint Lead Manager, Joint Bookrunner and Joint Sustainability Structurer in a $1 billion dual-tranche bond issuance by Emirates NBD, which included a $300 million blue bond and a $700 million green bond. Projects will contribute to preserving marine ecosystems and accelerating the regional energy transition.⁷

Citi is also making progress toward our own operational water conservation goals. We have reduced total water consumption in our facilities by 37% since 2010,⁸ including using 10% of our water from reclaimed sources. Examples include using captured rainwater towards cooling our New York City headquarters data center; landscaping with drought-tolerant plants in areas of water stress; and filtering greywater to repurpose for toilet flushing and irrigation.

Ensuring access to safe and clean water is one of the most pressing global challenges and requires a multifaceted approach, including new technologies, infrastructure resilience and creative financing solutions. For Citi, it’s also one of the most promising pathways to create long-term value for clients, communities and our business.

Happy Earth Day,
Val Smith 
Citi Chief Sustainability Officer

¹ World Economic Forum 2025, using currency conversion from January 2026
²World Economic Forum 2025
³ Equivalent of R$225 million
⁴ Aegea Saneamento e Participações S.A., March 2026
⁵Subject to regulatory approvals and other customary closing conditions. Ecolab Investor Relations, March 2026
⁶CoolIT Systems
⁷Emirates NBD Media Center January 2026 and Emirates NBD Sustainable Finance Framework 2025
⁸Measured against a 2010 baseline