Citi affirms its commitment to the principles of sustainability by offering innovative solutions to clients as well as to actively work with both the public and private sectors to develop long-term solutions that leads to building a more sustainable future.
In March 2021, Citi made a commitment to reach net zero greenhouse gas emissions by 2050, including its own operations by 2030. For a global financial institution like Citi, a net zero commitment means working with their clients and helping them in their own low-carbon transitions.
Panelists for the first session on Investment Opportunities from PETP include (from left) Gerry P. Magbanua, Daniel C. Aboitiz, DOE USec Rowena Cristina L. Guevara, BSP Assistant Governor Pia Bernadette Roman Tayag and John Eric T. Francia
Citi Philippines took its commitment a step further by supporting the Bangko Sentral ng Pilipinas (BSP), together with the Department of Energy (DOE), in organizing the Knowledge Exchange (KX) Forum on Financing the Philippine Energy Transition Program (PETP) held last August 30, 2024. This is the maiden session of the BSP KX Series on Inclusive Sustainability. The event was top billed by BSP Governor Eli Remolona Jr., DOE Secretary Raphael Lotilla and Philippines Citi Country Officer and Banking Head Paul Favila.
The forum put a spotlight on the opportunities and challenges around financing the transition to a cleaner and more energy-secure Philippines. The event gathered around 160 participants including high-level representatives from the government, energy market players, and financial institutions.
According to Favila, “There is tremendous opportunity for partnership and collaboration between public and private – governments, industries, financial institutions, civil society organizations, and consumers – to mobilize and enable the country’s journey towards a clean and secure energy future.”
He adds, “We are honored to have the opportunity to partner with the BSP and the DOE for the Knowledge Exchange Forum. It is critical for all of us to continue working toward achieving our energy transition goals and pursuing our climate-related targets through engagement opportunities, expansion of our financing efforts, including directing capital toward innovative, clean energy technologies and the necessary infrastructure for a more sustainable and inclusive energy transition.”
The forum featured two panel sessions. The first session discussed clean energy projects as well as policy insights to further boost project viability. The panel was composed of John Eric T. Francia, President and Chief Executive Officer (PCEO) of ACEN; Daniel C. Aboitiz, PCEO of AboitizPower; Gerry P. Magbanua, PCEO of Alternergy; and DOE Undersecretary Rowena Cristina L. Guevara. BSP Assistant Governor for Strategy, Innovation and Sustainability Pia Bernadette Roman Tayag moderated the session.
Panelists for the second session on Mobilizing Finance for PETP include (from left) Crispian Cuss, Luis M. Chua, Elizabeth E. Coronel, Rustico Noli. D. Cruz, Jean-Marc Arbogast and BSP Assistant Governor Lyn I. Javier
The second session discussed energy financing from the viewpoint of the following funders and regulator: Assistant Governor for BSP Policy and Specialized Supervision Lyn I. Javier; Luis M. Chua, President of the Bank of Makati; Rustico Noli D. Cruz, Vice President and Head of the Program Development and Management Group of the Development Bank of the Philippines; Elizabeth E. Coronel, Executive Vice President for Corporate Banking of the Rizal Commercial Banking Corporation; and Jean-Marc Arbogast, Country Manager for the Philippines of the International Finance Corporation. The session was moderated by Crispian Cuss, Citi’s Asia Pacific Sustainability Head, who also provided an overview of the energy transition in the region.
Cuss explained that their session delved into how banks, development financing institutions, and regulators can support the country’s transition financing requirements.
He adds, “The opportunities still outweigh the challenges. At Citi, sustainable progress is driven by our commitment to advance solutions that address climate change around the world in support of the transition to a low-carbon economy. Recognizing the need for urgent action, we have set out our Sustainable Progress Strategy focused on the low-carbon transition, climate risk and sustainable operations.”
Just last year, Citi released its 2023 Citi Climate Report, which provides an update on the progress the bank is making towards its net zero commitment, how it is managing environmental risk, and detail the impact of its climate strategy in the past year.
Citi Philippines plans to continue to work with the BSP and other industry partners in organizing more opportunities for thought leadership, sharing of best practices and even workshops to further the discussion on sustainable finance. As a global financial institution, Citi’s net zero commitment is also focused on continuing to work with their clients and helping them in their own low-carbon transitions.
More than 150 participants from the public and private sector attended the maiden session of the BSP Knowledge Exchange Series on Inclusive Sustainability, “Financing the Philippine Energy Transition Program (PETP),” the forum good received good feedback with many participants clamoring for further sessions and workshops on sustainable finance.
CITI’S THREE KEY PILLARS OF ACTIVITY
1. Financing the Low-Carbon Transition – Through our $1 trillion sustainable finance commitment, we are financing and facilitating a wide array of climate solutions that accelerate the transition to a sustainable, low-carbon economy.
2. Managing Climate Risk – Measuring, managing and reducing the climate risk and impact of our client portfolio is key to the low-carbon transition.
3. Strengthening Sustainable Operations – We’re committed to reducing the environmental footprint of our facilities around the world and strengthening our culture of sustainability across the company.
