17th among all U.S. companies, 53rd globally in Newsweek Green Rankings®
Citigroup today announced that it has been ranked the greenest bank in the United States by Newsweek magazine. The annual Newsweek Green Rankings® comprehensively assess the environmental performance of the largest publicly traded companies in the U.S. and around the world. Citi was ranked the 17th greenest company in the United States, the highest ranking of any U.S.-based bank for the second year in a row.
“We’re thrilled to once again be named the greenest bank in the U.S. by the Newsweek Green Rankings,” said Don Callahan, Chief Administrative Officer, Citi. “It’s a testament to our employees who have worked diligently in making our operations, products and services more sustainable. Environmental sustainability has become a core part of how we operate and an increasingly important factor in decision-making and business strategy at Citi.”
Among initiatives cited for Citi’s ranking were its role in the creation of the Equator Principles and Carbon Principles, two standards for addressing environmental and social risks in the financial sector, and its $50 billion Climate Initiative aimed at supporting renewable energy, energy efficiency and clean technology. To date, Citi has directed over $36.4 billion as part of the 10-year initiative announced in 2007, including financing for two of the world’s largest solar energy projects.
“We are committed to advancing environmental sustainability at Citi because we know it’s good business,” said Pamela Flaherty, Director of Corporate Citizenship and President and CEO, the Citi Foundation. “Through our green initiatives we’re addressing future risks, reducing costs, identifying new business opportunities and ultimately adding value for shareholders and clients.”
This year, Citi reached important milestones in making its operations more efficient and sustainable. In April, Citi announced it had surpassed its goal of a 10% reduction in greenhouse gas (GHG) emissions from 2005 levels. Citi was the first bank to announce reduction targets for greenhouse gas emissions and water use. After stating a commitment to use green building standards to build or renovate facilities in 2007, Citi announced in June that it had become the world’s first bank with 200 LEED® (Leadership in Energy and Environmental Design) projects certified by the U.S. Green Building Council.
Citi is currently working toward the following environmental footprint goals to be met by 2015 from a 2005 baseline: a 25% reduction in absolute GHG emissions, a 40% reduction in waste stream to landfill, a 20% reduction in water usage and an improvement in real estate portfolio energy efficiency by 20%. Citi also has been listed on the Dow Jones Sustainability Index for each of the last 12 years.
Newsweek produces the Green Rankings in collaboration with two leading environmental research organizations, Trucost and Sustainalytics. Companies are ranked by their overall Green Score, which is derived from three components: Environmental Impact Score (45%), Environmental Management Score (45%), and Disclosure Score (10%).