Rainforest Action Network

Citi (formerly Citigroup) is not just the world's largest bank; according to Forbes, it is the world's largest company with assets of $1.9 trillion. In 2000, RAN launched a campaign against Citi that resulted in an industry-leading investment policy that addressed many pressing environmental and human rights concerns. Many other banks have since followed suit, but now they must go farther and be held accountable for their contributions to the most urgent environmental and social problem of our time: global warming.

Citi has made headlines in recent months for its pledge to "direct $50 billion over the next 10 years to address global climate change through investments..."  If you read the fine print, Citi is really only offering $31 billion in new investments, which amounts to a paltry two percent of the company's annual revenues of $146 billion.

What is Citi doing with the other 98 percent of its revenue? Investing in climate change, fossil fuels, and dirty coal.

Fast Facts on Citigroup

Major subsidiaries and brands: Citigroup, CitiCorp, Smith Barney, Diners Club Credit Cards, BanaMex, merged with Travelers Group in 1998

Headquarters: New York, NY

2006 Revenues: $146 billion

CEO: Charles "Chuck" Prince

Web Site: http://www.citigroup.com

Known Financial Involvement with the following coal and power companies

Alpha Natural Resources,  Arch Coal,  American Electric Power,  Consol Energy (CNX),  Dominion Resources,  Duke Energy,  Dynegy,  Florida Power & Light,  Foundation Coal Holdings,  LS Power,  Massey Energy,  Mid-American Energy,  NRG Energy,  Ohio Edison Electric (FirstEnergy),  Peabody Energy,  Rio Tinto,  Southern Company,  TXU,  Xcel Energy,  WPS Resources

Download our new brief: Banks, Climate Change, and the New Coal Rush

• According to Bloomberg, Citi was the top underwriter for the coal industry in 2006, issuing twice as much money as its closest competitor.
• According to the Wall Street Journal, Citi "served as the largest arranger of corporate financing for the power and oil and natural-gas industries in 2006."

• In 2006 Citi acted as lead underwriter for Drummond Company. Drummond is facing a lawsuit for its alleged role in hiring paramilitaries to assassinate coal miners who were attempting to unionize in Colombia.

• In April 2007, Citi helped arrange a $2.5 billion loan to Florida Power & Light, who were building three coal plants in Florida, including a massive plant in the Everglades. These plants were halted after massive community and national opposition - but Citi needs to be part of that solution, not the problem.

• Despite making small steps to reduce its internal carbon footprint (e.g., the direct emissions from their offices), Citi needs to be accountable to the billions of dollars it invests in dirty energy. In order to bring about real solutions to global warming, Citi MUST set real goals for reducing the "financed emissions" from its investment portfolio.