Download report. In March 2022, one year after I assumed the role of CEO, we held our first Investor Day since 2017. Jane has deep experience across Citis consumer and institutional businesses and, in many ways, she helped shape Citi into the company it is today. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. This is a good start Citi. I can only applaud Citi's efforts and this make me feel extremely proud to be part of this great organization. Since then, we have been integrating climate risk awareness into our business activities and overall strategy, corporate governance and risk management. Getzville, NY 14068, Information about Citi, including quarterly earnings releases and filings with the U.S. Securities and Exchange Commission, can be accessed via Citi's website at www.citigroup.com. In June 2017, the Financial Stability Boards Task Force on Climate-related Financial Disclosures (Task Force or TCFD) released its Recommendations, which provide a framework for companies and other organizations to develop more effective climate-related financial disclosures through their existing reporting processes. This is about putting Citi in the position to compete and win. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Burstiles in Madrid, Spain. We will continue to share how we are assessing and managing our net zero plan and broader climate strategy, integrating climate risk and transition finance opportunities into our business and overall strategy, and reporting on our progress. Across our three objectives, 41% went towards development finance, 37% towards green, and 22% towards community development. Achieving this kind of macroeconomic change will require a unique combination of analysis, data, partnership, and innovation, as well as durable climate policy. After reviewing over 1,650 companies' reports, from 69 countries and jurisdictions in eight industries, the Task Force found that disclosure in line with the TCFD's recommendations has accelerated over the . In developing our path to net zero emissions by 2050, we are building on our sustainability track record of more than two decades and have set bold goals and commitments to accelerate this transition, including our recent $1 trillion sustainable finance goal. CDP Worldwide is regulated by the Charity Commission. Our commitment to societal progress has also led us to take on the challenge of economic inclusion. We are also improving how we organize and leverage the incredible amount of data we have as a global bank. The FSB has, therefore, asked the TCFD to publish a further status report in 2023, reviewing disclosures by companies in their public reporting for 2022. Thanks for your interest in Citi's Annual Report. Brill May 30, 2022 Box 505004 We strive to earn and maintain the public's trust by constantly adhering to the highest ethical standards. Citi published our third TCFD report, Citi's Approach to Climate Change and Net Zero, in early 2022, which included updates on our climate governance, climate risk heat map, 2030 emission reduction targets for our Energy and Power loan portfolios, and Net Zero Transition Principles. The TCFD recommendations are an important framework that guides our work in identifying, managing, and disclosing the risks and opportunities associated with climate change. This is part of who we are, and we will continue to learn and lead as the global community enters this next critical stage of climate action. We will act with urgency while understanding that our work to achieve net zero will not be a short-term effort. exclude PPC Barnet in the DRC). Several industries now have average levels of disclosure of over 40%. Corporate reporting of climate and environmental matters in the European Union FSB Task Force on Climate-related Financial Disclosures (TCFD) Issued Sep 2022. We will strive to meet the current needs of developing countries without causing negative social impacts or exacerbating existing inequalities, so that we can help these markets prioritize the transition to net zero while balancing both environmental and social needs. Unveiled initialplans to achieveNET0EMISSIONS BY2050, Served as the financial advisor to Gavi's COVAX facility, which is working on the equitable distribution of COVID-19 vaccines, Successfully met and exceeded 3-year goals to increase representation of Black and women talent at the firm, Committed $1 trillion to sustainable finance by 2030 ($500 billion for environmental activities and $500 billion for social activities), Issued a first-of-its-kind $1 billion social finance bond to increase access to essential services in emerging markets. ALL RIGHTS RESERVED. For additional information on TCFD, please visit fsb-tcfd.org. . Our overall credit exposure underwent detailed examination. 2021 was a year when Citi reaffirmed its vital place in the world. 2021 REPORT TCFD PPC. Oil you explore for and extract will not be sold anymore. Earlier this year, we released our initial plan, setting 2030 targets for our energy and power loan portfolios. disclosure for use by companies in providing information to investors, lenders, insurers and other stakeholders. TCFD supporters now span 99 countries and nearly all sectors of the economy, with a combined market capitalisation of over $26 trillion. I'm proud of the progress we've made so far. Statistics of Ordinary and Preference Shareholdings as at . *CDP Worldwide, registered charity number 1122330, a company limited by guarantee 05013650, headquartered at CDP Worldwide, 60 Great Tower Street, London EC3R 5AZ, United Kingdom. In our U.S. Retail and Cards businesses, government stimulus programs helped consumers accumulate additional savings, which translated into elevated payment rates and, consequently, a 5% decrease in loans and a 9% decrease in revenues. Enhanced cross-functional collaboration on climate issues, and expanded climate change governance and oversight, in line with increasing climate regulatory requirements; Further integration of climate risk within our Risk Management frameworks, and the strengthening of fossil fuel sector standards in our Environmental and Social Risk Management Policy; Additional scenario analysis for our oil and gas exploration and production portfolio, to better understand short-term impacts and our clients' resilience to a rapidly instituted carbon price; Physical and transition risk assessment of Citibanamex's commercial real estate and agriculture portfolios; and. Task Force on Climate-Related Financial Disclosures. Stockholder inquiries can also be directed by e-mail to shareholderrelations@citi.com. Jane FraserChief Executive Officer, Citigroup Inc. 2See page 11 of Citi's 2021 Form 10-K.3See page 11 of Citi's 2021 Form 10-K.4See page 16 of Citi's 2021 Form 10-K. citigroup annual report 2022 citigroup annual report 2022. Box 505005 But overall, Citi takes the TCFD and uses it to "prove" there are basically no risks. To hear more about our work, check out the latest episode of POLITICO's Global Translations podcast, where we're in conversation with Mindy Lubber, President of Ceres. As of January 31, 2022, Citigroup had approximately 61,355 common stockholders of record. Our vision for Citi is to be the pre-eminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market. You are now signed up to receive email alerts when new blog posts are added. the net zero plan for our operations will follow later in 2022. The Earth lubricator are going out f percentage .Watch out for the cause and effect on our planet, take a look what happened to Africa the crack are so huge and other countries have their own experiences of this huge sink holes and cracks to their land areas. NatWest Group Pension Fund is governed by NatWest Pension Trustee Limited (Trustee) through the Trustee Board. And every day, we are seeing how our ESG agenda is such a strong selling point for Citi in the perennial battle for talent. This document provides a summary of the changes made to the TCFD report and Annex in response to feedback to the December 2016 public consultation on the draft TCFD report and Annex. During the year, we were able to return nearly $12 billion of capital to common shareholders. Governance remains the least disclosed recommendation. The latest TCFD Status Report describes the steady increase in climate-related financial disclosures since 2017. We made climate risk assessment a key pillar of our 2025 Sustainable Progress Strategy announced this summer, and we're continuing to focus on testing the resilience of our lending portfolios to transition risks and physical risks related to climate change. Over the past 20 years, Citi has progressively built our understanding of . Over the past year, we have attracted some tremendous new leaders to Citi and promoted our highest-performing leaders within the firm to new roles. Our 2021 TCFD Report includes our 2030 emissions targets - for the Energy sector, a 29% absolute reduction in financed emissions, and for the Power sector, a 63% reduction in portfolio . As we look to the horizon, the stakes could not be higher the world is only becoming more complex and more competitive. In 2021, we launched an effort to address those deficiencies and simplify and modernize our operating model for the digital age. P.O. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. The cover and editorial section of this annual report are printed on McCoy, manufactured by Sappi North America with 10% recycled content and FSCChain of Custody Certified. We will look into this and reach out to you at the email you provided. Efforts from the private sector must be complemented by governmental action to create the conditions we need to meet our climate commitments while remaining competitive in the global market including policies that drive consistent standards for climate disclosure. Our Common Equity Tier 1 capital ratio at year-end was 12.2% as we prepared to adopt a new capital rule, the Standardized Approach for Counterparty Credit Risk (SA-CCR). To receive updates about the platform and its launch, sign up to the newsletter. As with previous status reports, this report provides an overview of current disclosure practices in terms of their alignment with the Task Forces Recommendations. Data can be a competitive advantage for us, helping us manage risk more efficiently, comply with regulations, deliver with excellence for our clients, identify revenue opportunities and achieve efficiencies. The existential threat posed by climate change will be with us for generations, but we know that it is this generation's time to act. Kudos to Citi's leadership team for yet again leading the way for creating a better future for all! About This Report This report presents information on Citi's efforts towards implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). In addition to embedding this work across Citi, we're also ramping up our industry collaboration to adopt new methodologies to analyze the climate risk associated with our client portfolios such as the Paris Agreement Capital Transition Assessment (PACTA) and the Partnership for Carbon Accounting Financials (PCAF) and we will share updates on this work next year in our annual ESG Report. A key aspect of enabling this transition is understanding and disclosing the potential impacts of our business on the climate, as well as the potential impacts of climate change on our business. And we are confident we have put Citi on the right path to improve returns over the long term and deliver the full benefits of our firm to all our stakeholders. Disclosure of the resilience of companies strategies under different climate-related scenarios (Strategy c in the TCFD recommendations), continues to have the lowest level of disclosure across the 11 recommended disclosures, at 16%. Activity . The line dividing business and politics has all but disappeared, creating an entirely new paradigm for multinationals. 888 250 3985 Updates Over the past 20 years, Citi has progressively built our understanding of . Our ability to improve our analysis of climate-related risks, however, also relies on our clients continuing to improve their own climate-related reporting. TOP Ensuring we have a culture characterized by excellence underpins the success of our Transformation. TCFD-Aligned Disclosures become Mandatory. Toll-free No. Annual Report and Proxy Statement 2021 Annual Report (full web version) 2021 Annual Report (pdf) 2022 Proxy Statement (pdf) 2022 Proxy Compensation FAQs Annual Reports & Proxy Statements, previous years Board of Directors Board of Directors Keep the mis-infomation alive and flowing. THAT IS EXACTLY THE PROBLEM. We ask our colleagues to ensure that their decisions pass three tests: they are in our clients' interests, create economic value, and are always systemically responsible. DE. Notwithstanding these decisions, Citi will continue to serve clients and invest in these markets through our institutional franchise and our Global Wealth Management business. Since launching our Action for Racial Equity initiative in 2020, we have invested more than $1 billion to help close the racial wealth gap in the U.S. That includes investing in Black-founded companies through our Citi Impact Fund, investing in minority depository institutions and inviting them to participate in revenue-generation opportunities alongside Citi, and committing equity to Black real estate developers to preserve affordable and workforce housing. Back Submit. Through Bridge Built by Citi, Citi aims to expand access to capital for small and medium-sized businesses in the U.S. while widening the customer base for lenders, helping to democratize the loan process. Excluding those reserve releases, our net income was $14.9 billion, and we had an RoTCE of 8.9%1. Because Citigroup's common stock is listed on the NYSE, the Chief Executive Officer is required to make an annual certification to the NYSE stating that she was not aware of any violation by Citigroup of the corporate governance listing standards of the NYSE. Sign up to receive email updates when a new blog post has been added. Regards, By Val Smith, Chief Sustainability Officer, Citi, Sign up to receive email updates when a new blog post has been added. At least having strong initiatives ourselves to improve our carbon impact of our software and infrastructure. You are now signed up to receive email alerts when new blog posts are added. These supporters include over 1,500 financial institutions, responsible for assets of $217 trillion. We are excited about the work we have done over the past year to focus our strategy on where we can win. We encourage the development of harmonized data disclosures using frameworks like the Task Force on Climate-Related Financial Disclosures (TCFD) to guide the private sector forward, especially as we see more and more institutions pledging to reach net zero. I read this commitment with renewed hope that we can contribute to achieving Net Zero emissions within 28 years. A financial company such as Citi is well positioned to disrupt in a positive way by channeling its capital flow and other resources towards strategic solutions to produce renewable sources of energy. I see no mention of STRANDED ASSET RISK, which is a market risk. The average level of disclosure in North America, for example, grew by 12 percentage points, between 2019 and 2021, to 29% for North America. December 17, 2020 11:00 AM. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. We also know that the world has substantial energy needs and different countries are in different stages of development. Read our global citizenship reports. Customers clearly were reaching for their Citi card over other options in their wallet, a testament to our dynamic portfolio of products, which we further strengthened with the launch of the Citi Custom Cash card and renewals of key retail partnerships such as AT&T, Macy's and Tractor Supply Company. As the world's most global bank, we can help drive the transition to a net zero economy and make good on the promise of the Paris Agreement. Citi's mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. P.O. Hope we can see the efforts evolution and understand how can each of us can also contribute. In today's climate of moving green I suggest Citi re-look at the feasibility. If your company is deciding not to support jobs in this country and is working against oil,gas and coal I feel it is my duty to find a bank that will support America and its citizens. Website Accessibility Statement. Having carried out a climate scenario analysis and carefully considered its output the Trustee recognises that, due to its relatively low allocation to growth assets and the diversification within those growth assets, the Fund is well protected against climate risk even in the most extreme scenarios modelled. Our intention is to work with all our clients, including our fossil fuel clients, to develop credible plans and transition to net zero together. Ensuring we have the right talent is critically important to our firm's success. We work with companies to optimize their daily operations, whether they need working capital, to make payroll or export their goods overseas. (TCFD) Issued Sep 2022. Putting them out of work is not in the nation's best interest. Personal Banking and Global Wealth Management - with strong connectivity among them to bring the full power of Citi to our clients. Actual results and financial conditions may differ materially from those included in these statements due to a variety of factors, including, among others, global socio-demographic and economic trends, energy prices, technological innovations, climate-related conditions and weather events, counterparty financial health, insurance applicability . Read about FSB members commitment to lead by example in terms of their adherence to international standards. We couldnt add your email address at this time. APPLAUD CITIBANKS' BOLD NET ZERO GOALS AND PLANS! Before that, she was the Chief Executive Officer of Citigroup Latin America from 2015 to 2019. Companies are going global at a record pace. Report reviews global trends and risks in the non-bank financial intermediation (NBFI) sector for 2020, the first year of the COVID-19 pandemic. Digitization has made scale and agility a competitive necessity. in economics from Cambridge University. As part of its assessment, the Task Force reviewed publicly available reports of over 1,400 companies from eight industries and five regions to better understand current climate-related financial disclosure practices and their evolution. Reporting on risk management processes is below average but steadily improving, shown strong growth compared to the other recommended disclosures. In 2021, we also benefited from double-digit growth in deposits across our consumer franchise in the U.S. Our strategy to complement the great service we provide in our U.S. retail branches with best-in-class digital tools continued to pay off: Weve received $20 billion in digital deposits, and more than two-thirds have come from customers outside of our branch footprint, with about half of those deposits from our cardholders who did not previously have a retail relationship with us. I have been a customer for many years. Today, Citi released our 2020 climate disclosure report, highlighting our progress in implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). If we fall short, we will take decisive action and learn from our experience. More than 3,800 organisations have become supporters of the TCFD Recommendations, a number which has steadily increased since the Recommendations we er first published. That enabled us to generate net income of $22 billion on revenues of $71.9 billion, with a Return on Tangible Common Equity (RoTCE) of 13.4%. We have 200 years of experience helping our clients meet the world's toughest challenges and embrace its greatest opportunities. In our view the TCFD recommendations have two goals: to prompt companies to manage and reduce their individual risk (company risk reduction), and to allow the market to price risk (market risk reduction). In our latest Taskforce on Climate-related Financial Disclosures ("TCFD") report, Accelerating Transition, we share an interim roadmap for how we aim to deliver on our long-term commitment to align with a net zero by 2050 pathway. As COVID-19 barreled along an unpredictable path, Citi continued to help clients and customers navigate the impacts of economic lockdowns, inflationary pressures and supply chain disruptions and access the short- and long-term liquidity they've needed to manage through the pandemic. The current highly-flexible approach to TCFD disclosures . Invested over $1 billion in our Action for Racial Equity initiative to help close the racial wealth gap in the U.S. Each year, Citi reports on our Global Citizenship activities and performance. Furthermore, only short-term risk is covered for Transition Risk (other than Real Estate, it seems). Louisville, KY 40233-5005 So I will be looking to move my accounts. Going forward, we will be a firm focused on five core units - Services, Markets, Banking, U.S. Our environmental, social and governance (ESG) agenda builds on decades of leadership and is a reflection of the special responsibility we feel as a global bank to help solve many of societys toughest challenges, such as the impending climate crisis. But at Citi, we are determined to seize this moment. On May 9, 2011, Citi effected a 1-for-10 reverse stock split. Holders of Golden State Bancorp, Associates First Capital Corporation or Citicorp common stock should arrange to exchange their certificates by contacting: Computershare E-mail address: shareholder@computershare.com Our latest and historic reports Policies and statements on areas including sustainability risk, human rights and whistleblowing Details of the organisations, groups and initiatives of which we are a member Links to further information on this website on topics such as financial crime risk and green and sustainability bonds Latest reports Interesting informacion and want to learn more about the topic and the way Citi is envolved. That included the largest spin-off and second-largest M&A transaction of 2021 and successful capital raises for the IPOs of a number of high-growth companies, such as the dating app Bumble and the game developer Krafton. In its 2022 status report, the Task Force analyses the current state of disclosure practices as well as progress in firms disclosures in line with the TCFD Recommendations over the past five years.