February 25, 2020

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Citigroup Reduces Environmental Impact of its Paper Practices

Submitted by: Environmental Defense Fund

Categories: Environment

Posted: Jun 24, 2003 – 12:00 AM EST


Environmental Defense Teams Up With Citigroup, Switching Financial Giant To Recycled Paper

Jun. 24 /CSRwire/ - NEW YORK, NY - Today, Citigroup and Environmental Defense announced that all of Citigroup's Citibank, Global Corporate and Investment Bank, and Global Investment Management locations in the United States have adopted 30% postconsumer recycled copy paper. The new paper will cost the same or less than the virgin paper the company had been using.

"This initiative shows that companies can improve paper practices without increasing costs," said Iris Gold, Vice President of Environmental Affairs at Citigroup. "We are hopeful that our work with Environmental Defense sets an example for other companies looking to incorporate more environmental practices into their paper purchasing."

"Switching to recycled copy paper may seem like a simple step, but the environmental benefits are real," said Jackie Cefola, project manager, Environmental Defense. "Citigroup is the world's largest financial services firm and at its rate of annual paper use, this change alone will result in potential savings of 6,700 tons of wood each year, enough to build 500 average single family homes in the United States. Environmental Defense and Citigroup now call on other financial service firms to reduce the environmental impacts of their paper use."

Virgin copy paper is currently the norm in the paper-heavy financial services industry. By working with Environmental Defense to improve purchasing practices, Citigroup successfully increased the recycled content in the copy paper it uses and secured recycled paper at price parity to virgin paper from two paper suppliers. Environmental Defense also consulted with Citigroup to develop an annual evaluation for paper suppliers that addresses manufacturing impacts, forest management practices, environmental management, and regulatory compliance. The two organizations are now cooperating together to reduce overall copy paper use.

The combined efforts of Citigroup and Environmental Defense will generate annual savings of 1,000 tons of solid waste, 19 million gallons of wastewater pollution, and 2,000 tons of greenhouse gas emissions.

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. The Citigroup Foundation focuses its grants primarily in three areas: building communities and entrepreneurs, financial education, and educating the next generation. Additional information may be found at: www.citigroup.com

Environmental Defense, a leading national nonprofit organization, represents more than 300,000 members. Since 1967, Environmental Defense has linked science, economics, law and innovative private-sector partnerships to create breakthrough solutions to the most serious environmental problems. www.environmentaldefense.org .

For more information, please contact:

Jackie Cefola Environmental Defense
Phone: +1-617 723-2996
Helen Steblecki Citigroup
Phone: +1-718 248-4694

For more from this organization:

Environmental Defense Fund


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