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March 05, 2024

Citi pledges $1 trillion to sustainable finance by 2030

Global bank Citi has committed $1 trillion to sustainable finance by 2030, according to a Filipino executive.

“Our commitment to a more sustainable future cuts across our businesses, functions and teams. Citi pledged $1 trillion to sustainable finance by 2030, which aligns with the United Nations’ Sustainable Development Goals,” Citi Philippines CEO Paul Favila said during the 2024 National Microinsurance Forum.

“Of this amount, $500 billion is committed to environmental finance. Citi has committed to achieving net zero emissions associated with our financing activities by 2050, and net zero emissions for our operations by 2030,” he said.

The National Microinsurance Forum was held at the Manila Hotel in celebration of the National Microinsurance Month. It provides a platform to discuss the challenges and opportunities facing the microinsurance industry.

The event was organized by the Microinsurance MBA Association of the Philippines Inc. (MiMAP) also known as RIMANSI, in partnership with the Insurance Commission, and with the support of the Citi Foundation, ICMIF Foundation, CARD Mutually Reinforcing Institutions and CARD Pioneer Microinsurance Inc.

About 385 representatives of microinsurance-mutual benefit associations (Mi-MBAs), microfinance institutions (MFIs), Cooperatives (Csoops), partner government and private sector institutions, and microinsurance providers and promoters in the country attended the forum.

Among the topics discussed are ways to foster a microinsurance ecosystem that not only advances financially sustainable microinsurance operations but also enhances potential for delivering greater social impact.

Attendees listened to discussions on strategies and initiatives for dealing with climate challenges and disasters, using digital technologies and improving customer experience to create a future where microinsurance not only adapts to change but also helps build a resilient and sustainable world.

Favila shared the various financial inclusion programs supported by Citi Foundation and Citi initiatives that support climate action. “We are working together to contribute to Citi’s commitment globally, as well as to the Environmental, Social and Governance (ESG) goals of the Philippines,” he said.

Philippine Insurance Commissioner Atty. Reynaldo Regalado discussed the strategic directions for microinsurance in the country, focusing on the institutionalization of financial literacy, collaboration, growth, and digitalization.

He also cited the role of the microinsurance sector in recovery and rebuilding efforts, “It is important for us to have the mechanisms and services that will help secure the financial stability and resiliency of our people especially those who are in the marginalized sector of our society,” he said.