Citi has become a cornerstone member of the Alliance for Green Commercial Banks in Asia, an initiative that brings together various stakeholders to advance sustainable economic development.
The alliance was established by the International Finance Corporation (IFC), a member of the World Bank Group, while the Asia chapter was jointly launched in 2020 with the Hong Kong Monetary Authority (HKMA), the chapter’s founding member and first regional anchor.
As a cornerstone member, Citi will work closely with IFC and HKMA to advocate and support the green transition of economies.
The bank is also a member of multiple industry groups, including the Partnership for Carbon Accounting Financials, the Net-Zero Banking Alliance and the Glasgow Financial Alliance for Net Zero.
For more than two decades, the bank has worked towards sustainability centred on three priorities: financing climate solutions; measuring, managing and reducing the climate risk of its client portfolio; and reducing the environmental impacts of its own operations.
Peter Babej, CEO, Citi Asia-Pacific, says: “We are honoured to be a founding member bank on this important initiative and look forward to making further progress on our mission to support responsible finance.”