Environmental and Social Responsibility in Lending: Citi s Journey with the Equator Principles
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1 Environmental and Social Responsibility in Lending: Citi s Journey with the Equator Principles January 30, 2007 Mumbai, India Jose Joseph Independent Risk Management Citi India
2 Why do we need to manage environmental and social risk? Why did Citi join the Equator Principles? What has Citi gained from joining the Equator Principles? How does Citi implement the Equator Principles? 2 Environmental and Social Responsibility in Lending: Citi's Journey
3 The New Global Business Environment Increasing resource scarcity Strengthening legislative, regulatory and enforcement frameworks worldwide Photo courtesy of Planet Ark Growing stakeholder awareness Photo courtesy Photo courtesy of Amazon of USDA Watch NRCS Increased transmission of global reputational risk to the financier Photo courtesy of Dirty Money.org 3 Environmental and Social Responsibility in Lending: Citi's Journey
4 There have been and continue to be criticisms of financial institutions 4 Environmental and Social Responsibility in Lending: Citi's Journey
5 How have the Equator Principles helped Citi? The Equator Principles have helped us go from purely risk and brand management...to brand enhancement and positive reputation The Equator Principles have informed and are the backbone of our broader ESRM Policy We partner better with: Clients Other Equator Principles Financial Institutions (EPFIs) Multilaterals (like the IFC), bilaterals and ECAs Civil society and NGOs Sustainability and environmental issues are now considered center-ofthe plate issues for the Firm 5 Environmental and Social Responsibility in Lending: Citi's Journey
6 How have the Equator Principles helped Citi? The business benefits are clear: We are viewed as a leader in banking & sustainability Citi ESRM Policy is viewed as a market leader Recent Position Statement on Climate, including a USD 50 billion commitment over ten years focused on climate-related issues Successive commendations from Financial Times Sustainable Banking Awards 2007 Corporate Award from International Association of Impact Assessment Citi is a leader in micro-finance 6 Environmental and Social Responsibility in Lending: Citi's Journey
7 Environmental & Social Risk Management (ESRM) at Citi is a Shared Responsibility ESRM Unit: Director, VP, and analyst (New York) ESRM Champions (London, Hong Kong, Mumbai, Sao Paulo, and Mexico City) The ESRM unit serves as a technical resource and counsel for our Markets and Banking Unit. Portfolio Banker: Continues ESRM monitoring over life of loan, in consultation with ESRM Unit, as needed ESRM Approvers: Certain senior credit officers are appointed ESRM Approvers by CMB s Chief Risk Officer. The ESRM Approvers have review and approval responsibilities for transactions with sensitive environmental and social risks Transactor: screens transactions and complies with approval, analysis, documentation and process requirements 7 Environmental and Social Responsibility in Lending: Citi's Journey
8 INDIA: Palanpur-Udaipur Toll Road How did Citi approach a challenging Indiabased Equator deal? Category A project financing Equator Principles applied, including IFC standards / Performance Standard 5 Government responsible for resettlement implementation (not Citi s client) Independent review by a qualified consulting firm the consultant helped facilitate discussions with Government agencies Monitoring: Innovative partnership with local NGO 8 Environmental and Social Responsibility in Lending: Citi's Journey
9 From a Target of Criticism to Positive Reputation in the Financial Sector From Reactive to Proactive We have been a leader in the development of the Equator Principles (partnering together with other Financial Institutions) Key leading role in the 2006 Equator Principles II Updating process We have had a broader ESRM Policy since 2003 (updated March 2006) ESRM Policy foundation: known use of proceeds We categorize Transactions according to their environmental and social risk (based on IFC process) Category A = higher risk Category B = medium risk Category C = minimal or no risk 9 Environmental and Social Responsibility in Lending: Citi's Journey
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