Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
BankTrack is the international tracking, campaigning and support organisation focused on banks and the activities they finance.
We aim to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices.
Citigroup Inc., doing business as Citi, is a major American financial services company based in New York, NY. Citigroup was formed from a merger between Citicorp and financial conglomerate Travelers Group. Citigroup is active in 107 countries with approximately 12,000 offices worldwide.
Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive bailout by the U.S. government.
399 Park Avenue
NY 10043 New York
Mr. Michael Corbat |
Global Citizenship Report 2016|
Annual Report 2016
listed on NYSE Euronext & Tokyo Stock Exchange
An overview of Citi's policies can be found here.
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Citi adopted the Equator Principles in 2003.
Citi reports annually on their implementation of the Equator Principles. The 2015 report can be found here.
Citi further reports on its portfolio of projects financed under the Equator Principles on the Equator Principles website, here.
Citi is involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
BankTrack has assessed Citi on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Citi is assessed as a Front runner, with a total score of 7.5/12.
Citi is reporting on the implementation here.
In May, Bank of America and Crédit Agricole became the first major banks to announce plans to stop financing coal mining. These announcements marked a hugely significant win and a breakthrough moment in the fight to end financing for the coal industry. The second half of 2015, in the run-up to the make-or-break UN climate change conference in Paris, then saw important coal finance restrictions being announced by institutions including Citi, Natixis, Goldman Sachs, Société Générale, BNP Paribas, ING and RBS. All these moves are captured here – significantly, a number of banks have chosen not just to get out of coal mining, but are also extending into ending their support for coal power.