Citi Summary

Citi compact logo

Company Description
Citi is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking, credit cards, corporate and investment banking, securities brokerage and wealth management. Citi is one of the world's pre-eminent financial services companies, with approximately 200 million customer accounts and operations in more than 140 countries. Citi is organized into the following segments: Citcorp which includes Regional Consumer Banking, Securities Banking and Transaction Services; Citi Holdings which includes Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool; and Corporate/Other. The company's history dates back to the founding of Citibank in 1812, Bank Handlowy in 1870, Smith Barney in 1873, Banamex in 1884, and Salomon Brothers in 1910. The company is headquartered in New York, New York.

CEO: Vikram Pandit; Revenues: $61.18 Billion (2010); Employees: 260,000 (2010).

Climate Change Targets
Citi aims to reduce absolute GHG emissions by 10 percent by 2011, from 2005 levels.

Statements on Climate Change
"Citi recognizes the importance of business leadership on environmental issues, has demonstrated its value through initiatives such as the Equator Principles, and looks forward to contributing to this important work led by Pew, learning from our peers, and further developing Citi's responses." -Charles Prince, former Chairman and CEO

Relevant Links: Citi Company Web Site [1], Citi Corporate Citizenship Web Site [2], Citi Environmental Footprint Web Site [3]

short description:

Citi [4] is a global diversified financial services holding company whose businesses provide consumers, corporations, governments, and institutions with a broad range of financial produces and services.

Energy Efficiency Initiatives

Success Stories Summary:

Emissions from CitiGroup’s buildings have decreased by 8 percent from 2005 to 2008 due to energy-saving best practices and sustainable design.
Citi has been active in reducing the energy used by its data centers by, for example, consolidating its total number of data centers from 52 to 24.
Additionally, a newly built Frankfurt Data center will use up to 25 percent less energy than conventional data centers, adding up to more than 16,000 MWh of energy savings per year, and 11,750 metric tons of carbon dioxide reductions per year.

Buildings summary:

Emissions from CitiGroup’s buildings have decreased by 8 percent from 2005 to 2008 due to energy-saving best practices and sustainable design.
As part of its $50 billion environmental initiative, Citi will allocate $10 billion to reduce the environmental impact of its company buildings and facilities, through purchase of green energy, Leadership in Energy and Environmental Design (LEED) [5] certification for new buildings, and upgrades of existing facilities.
In 2003, Citi commissioned an inventory of the energy use of every piece of real estate it owned or leased, from bank branches to ATM machines. The study found that 80 percent of the energy consumption in Citi's offices was coming out of about 10 percent of its buildings. The sites using the most energy were generally Citi's larger facilities, such as data centers, office buildings, and skyscrapers.
Some of the steps Citi has taken so far to reduce energy used in existing buildings include: turning off escalators during certain hours of the day, allowing workers to open the windows in some of their older buildings to let air in, and adjusting the temperature in some buildings.
Citi’s Procurement Services and Realty Services began a partnership with Energy Star [6] in 2006 to identify opportunities for energy reduction in buildings.
Data for 89 of Citi’s largest office buildings were entered into the ‘Energy Star’s database at the Environmental Protection Agency in order to help efficiently achieve LEED status for existing buildings. Citi’s older data centers are being retrofitted with energy efficient technology, such as heat recovery and improved insulation.
Citi is helping the US Green Buildings Council define a user-friendly process for corporations seeking to assess their real-estate portfolios.

Cross-Cutting summary:

Citi’s multiple international campaigns include employee engagement in Asia with “Project Candlelight," in which employees are encouraged to conserve energy in buildings, and are recognized for their efforts. This has led to a 5 percent reduction in energy consumption at those facilities.

Internal Operations summary:

Citi’s Global Energy Council collects energy use data and best practices, including energy purchase practices.
Citi’s multiple international campaigns include employee engagement in Asia with “Project Candlelight," in which employees are encouraged to conserve energy in buildings, and are recognized for their efforts. This has led to a 5 percent reduction in energy consumption at those facilities.
Citi’s other employee engagement programs includes “Switch Off” in the UK and “Log off for Savings” in the US – both aimed at involving employees in energy conservation at the facilities level. Citi has also set up a program to encourage employee carpooling.
Citi has been active in reducing the energy used by its data centers by, for example, consolidating its total number of data centers from 52 to 24.
Additionally, a newly built Frankfurt Data center will use up to 25 percent less energy than conventional data centers, adding up to more than 16,000 MWh of energy savings per year, and 11,750 metric tons of carbon dioxide reductions per year.
Citi has initiated a study to develop a software program that lowers the energy use of idle PCs allowing for reduction from 82 to 4 watts in inactive PCs. Citi is also working with IT equipment manufacturers to achieve greater heating and cooling efficiency.

Products & Services summary:

Citi’s CitiCapital underwrites facility energy efficiency upgrades, helping clients realize cost savings, and improve lighting and indoor air quality. CitiCapital also offers the Energy Efficient Mortgage, a product developed by Fannie Mae and targeted to low-and middle-income consumers.
Citi’s New York Commercial Bank conducts trainings and offers seminars for employees and clients to help them take advantage of energy efficiency finance programs offered by the New York State Energy Research & Development Authority.
Citi’s Realty Services offered seminars and workshops on Leadership in Energy and Environmental Design (LEED) [5]. 38 staff are now LEED accredited.

Citi compact logo Citi [7] is a member of the Business Environmental Leadership Council (BELC), the largest U.S.-based association of companies dedicated to business and policy solutions to climate change. Citi is one of the world's pre-eminent financial services companies, with some 200 million customer accounts in more than 100 countries. Citi is organized into three major business groups - Global Consumer, Citi Markets and Banking, and Global Wealth Management - in addition to one stand-alone business, Citi Alternative Investments. The company's history dates back to the founding of Citibank in 1812, Bank Handlowy in 1870, Smith Barney in 1873, Banamex in 1884, and Salomon Brothers in 1910.

BELC Abstracts

Residential & Commercial Abstract: