Newsweek ranks Citi as greenest US bank

Newsweek magazine has ranked Citigroup as the greenest bank in the US. The annual Newsweek Green Rankings comprehensively assess the environmental performance of the largest publicly-traded companies in the US and around the world.

Citi was ranked the 17th greenest company in the United States, the highest ranking of any US-based bank for the second year in a row.

"Environmental sustainability has become a core part of how we operate and an increasingly important factor in decision-making and business strategy at Citi," 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.

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 per cent reduction in greenhouse gas (GHG) emissions from 2005 levels.