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Big banks have not done enough in the five years since the financial crisis to make themselves more socially responsible corporations, according to a report released Wednesday by a shareholder advocacy group.
November 20 -
Chief Executive Brian Moynihan faced angry comments from more than 30 shareholders, but most criticized the company's financing of the coal industry, not its mortgage servicing or foreclosure practices.
May 8 -
The euro zone crisis hasn't distracted Deutsche Bank from its sustainability goals.
September 1 -
New York's state-funded Green Bank is helping to finance solar farms and other alternative energy projects that traditional lenders aren't quite ready or willing to fund on their own. Commercial banks can get not only enhanced credit support from the Green Bank, but also help developing the expertise needed to get into this new lending niche, which is growing fast. Other states also have green banks in the works.
December 29
Citigroup will commit $100 billion to help reduce the effects of climate change over the next 10 years as part of a new sustainability initiative.
The $100 billion will finance activities that mitigate the effects of climate change or help communities adapt to environmental change, the bank said in a news release. Greenhouse-gas reductions, sustainable transportation, waste management and green housing are examples of the types of projects that would be included in the funding commitment, the banks said.
Citi also plans to consult with its clients to reduce their environmental impact and make their businesses more sustainable.
"Our clients are focused on this and customers are demanding it," Chief Executive Michael Corbat said in remarks prepared for delivery Wednesday. "As a global financial institution, Citi is well positioned to help finance and scale solutions that matter."
The bank also set new sustainability targets for itself. By 2020, Citi plans to reduce its greenhouse gas emissions by 35%, its energy and water use by 30% and its waste by 60%, it said. By 2050, it plans to reduce emissions by 80%. All of these goals use Citi's 2005 levels as their baseline.
Citi also intends to seek LEED Platinum certification for its planned global headquarters in New York, currently being renovated. That is the highest level of environmental sustainability under a ratings system developed by the U.S. Green Building Council.
Wednesday's announcement builds on a $50 billion, 10-year target that Citi set in 2007 and met in 2013, it said.
