New mandate supports Citi’s commitment to invest and facilitate projects that address and combat the effects of climate change
Citi today announced that it has been appointed by the Oil and Gas Climate Initiative (OGCI) investment arm, as its sole bank provider for cash management and commercial cards services globally.
Citi will provide OGCI Climate Investments LLP (CI) with an end-to-end cash management and commercial card solution, which will assist the operational requirements of CI itself, as well as supporting the ongoing activities related to CI’s investments in the development and deployment of low carbon emissions technologies.
OGCI will not only benefit from Citi’s UK cash management platform, but also Citi’s cross border currency solution, WorldLink, allowing payments to be made in over 130 currencies, to over 180 countries. Citi’s travel and expense card solution will also provide OGCI with maximum global acceptance, whilst also simplifying the management of the program.
Citi already holds a long standing relationship with all of the OGCI Founding Members, made up of the world’s major oil and gas companies, who came together to collaborate on action to reduce greenhouse gas emissions. In November 2016, the OGCI announced an investment of one billion dollars over the next decade to accelerate the development of innovative technologies to reduce greenhouse gases on a significant scale.
Dominic Emery, Interim CEO of OGCI Climate Investments explains: “The positive impact of the billion-dollar investment will multiply as technology we develop is deployed across the global operations of our OGCI member companies and throughout wider industry. It’s an exciting step forward in collaborative climate action. We are delighted to be supported in this effort by global partners such as Citi who share our commitment to sustainable growth.”
Naveed Sultan, Global Head of Treasury and Trade Solutions, Citi commented: “The OGCI is a key initiative for the Energy and Oil and Gas Sector, and also supports Citi’s Sustainable Progress strategy globally. Our existing partnership with the founding companies, combined with Citi’s ongoing commitment to the sector itself, allows us to be able to provide the necessary support to this exciting and dynamic venture. This partnership is a true reflection of Citi’s commitment to sustainable growth and combating climate change, and we look forward to working closely on this project.”
Citi’s Sustainable Progress Strategy, launched in 2015, focuses on combating climate change, championing sustainable cities and engaging with people and communities. The OGCI initiative supports Citi’s activities to reduce the impact of climate change and create environmental solutions in partnership with its clients.
Citi Treasury and Trade Solutions (TTS), provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics, TTS continues to lead the way in delivering innovative and tailored solutions to its clients. It offers the industry’s most comprehensive suite of treasury and trade solutions including cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, trade finance and services.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
The Oil and Gas Climate Initiative (OGCI) is a CEO-led initiative which aims to show sector leadership in the response to climate change. OGCI is made up of ten oil and gas companies that collaborate on action to reduce greenhouse gas emissions. Combined, OGCI members produce over one-fifth of global oil and gas production and over 10% of energy supply.