Citi is committing $1 trillion (£0.72tn) to sustainable finance by 2030, aligned with the UN’s Sustainable Development Goals (SDGs).
It intends to finance and facilitate a wide array of climate solutions, including renewable energy, clean technology, water conservation, green buildings and sustainable agriculture and land use.
It will also finance many other activities in support of the SDGs outside of environmental finance, including education, affordable housing, health care, community finance, international development finance and gender equality.
The investment includes extending its current environmental finance target from $250 billion (£182bn) by 2025 to $500 billion (£363bn) by 2030.
The commitment follows Citi’s 2025 Sustainable Progress Strategy unveiled in July 2020 and its 2050 net zero emissions goal announced last month.
Ed Skyler, Head of Global Public Affairs at Citi said: “Given our global footprint and our role in supporting economic activity around the world, Citi has a role to play in achieving the SDGs – and in this moment as we look towards emerging and rebuilding from the COVID-19 pandemic, it’s more crucial than ever that we address these priorities together.
“While there is still much to do and the challenges are immense, our goals are both ambitious and urgent and our commitment to collective action – with governments, clients and competitors — is stronger than ever.”