April 18, 2007
Pew Center Contact: Katie Mandes, (703) 516-4146
Citi Contact: Val Hendy, (212) 559-3362
CITI JOINS PEW CENTER'S BUSINESS ENVIRONMENTAL LEADERSHIP COUNCIL
Global Banking Giant Pledges to Take Immediate Action
WASHINGTON, D.C. – The Pew Center on Global Climate Change announced today that Citi has joined the Pew Center's Business Environmental Leadership Council (BELC) and its efforts to address global climate change.
One of the world's pre-eminent financial services companies, Citi has committed to a 10 percent reduction in GHG emissions by 2011, invested in and financed alternative energy and clean technology, and published equity research that highlights the relevance of climate change to various sectors of the global economy.
In a February 2007 position statement, Citi wrote that climate change poses significant potential risks to the global economy that require urgent action. Citi recognizes that climate change requires a global solution – and that U.S. national action and leadership are critical elements of a successful effort.
The company also supports a market-based national policy to reduce GHG emissions. As their February 2007 climate policy states, "Citi recognizes that establishing a price for carbon dioxide and other greenhouse gases is essential for reflecting the impacts of these emissions…Given the necessity to address emissions from all regions of the U.S. and the world, a national legislative framework will be the most effective and economically efficient response for the United States.”
"The leading financial firms have the most influential voice of any in the business community when it comes to core economic concerns,” said Eileen Claussen, President of the Pew Center on Global Climate Change. "I am delighted that Citi has committed to public leadership on this issue. By calling for a strong, market-based U.S. climate policy and new global approaches, they are protecting the long-term interests of their customers and the communities they touch.”
"Citi is honored to be joining the Pew Center's Business Environmental Leadership Council to work together with Pew and other companies on the critical issue of climate,” said Chuck Prince, Chairman and Chief Executive Officer, Citi Inc. "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.”
The BELC was established by the Pew Center in 1998, and the Center is a leader in helping these and other major corporations integrate climate change into their business strategies. The group is comprised of mainly Fortune 500 companies representing a diverse group of industries including energy, automobiles, manufacturing, chemicals, pharmaceuticals, metals, mining, paper and forest products, consumer goods and appliances, telecommunications, and high technology. Individually and collectively, these companies are demonstrating that it is possible to take action to address climate change while maintaining competitive excellence, growth, and profitability. The BELC is the largest U.S.-based association of corporations focused on addressing the challenges of climate change, with 43 companies representing over 3.8 million employees and a combined market value of $2.8 trillion.
The other members of the BELC are: ABB; Air Products; Alcan; Alcoa Inc.; American Electric Power; Bank of America, Baxter International Inc.; The Boeing Company; BP; California Portland Cement; CH2M HILL; Cummins Inc.; Deutsche Telekom; DTE Energy; Duke Energy; DuPont; Entergy; Exelon; GE; Georgia-Pacific; Hewlett-Packard Company; Holcim (US) Inc.; IBM; Intel; Interface Inc.; John Hancock Financial Services; Lockheed Martin; Marsh, Inc.; Novartis; Ontario Power Generation; PG&E Corporation; Rio Tinto; Rohm and Haas; Royal Dutch/Shell; SC Johnson; Sunoco; Toyota; TransAlta; United Technologies; Weyerhaeuser; Whirlpool Corporation; and Wisconsin Energy Corporation.
For more information about global climate change and the activities of the Pew Center and the BELC, visit www.c2es.org.