Project Details
Project
Citi Sustainable Issuance Framework Second Party Opinion (2025)
Client
Citigroup
Project Type
Green Bond/Loan; Social Bond/Loan; Sustainability Bond/Loan;
Industry Group
Banks
Use of Proceeds
Renewable energy; Energy efficiency; Clean transport; Water/waste water management; Green buildings; Circular economy adapted products, production technologies and processes; Sustainable agriculture; Climate change adaptation; Affordable housing; Socio-economic advancement; Health; Education; Food security; Affordable basic infrastructure;
Location
U.S.
Evaluation Date
Dec 2025
Evaluation Summary
Citigroup Inc. has developed the Citi Sustainable Issuance Framework dated December 2025, under which it or its subsidiaries may issue benchmark notes, customer related notes, contractual deposits, commercial paper and other debt instruments to fund projects globally in 15 environmental and social categories.
We have assessed the overall Sustainability Contribution of the Framework as Significant, based on the average Sustainability Contribution of the Framework’s 15 use of proceeds categories. As per our methodology, we have applied equal weighting across categories.
Investments in Renewable Energy, Sustainable Transportation, Water Quality and Conservation, Green Buildings and Circular Economy will strongly contribute to a low carbon, resource efficient and circular economy. While undefined decarbonization pathways may pose a risk of potential carbon lock-in, energy efficiency projects in hard-to-abate companies that have decarbonization strategies aligned with transition pathways are still expected to yield some energy savings. Clean Technology projects, such as carbon capture and storage (CCS) or direct air capture (DAC) of CO2, may potentially reduce emissions but their long-term efficacy remains uncertain. Sustainable Agriculture, Land Use and Biodiversity financing will support sustainable agriculture, aquaculture and forestry; though the potential outcomes of expenditures such as alternative protein remain uncertain, particularly without clarity on sustainable sourcing. Finally, Climate Change Adaptation projects will notably contribute to enhancing resilience to climate impact across sectors.
Investments in Affordable Housing, Economic Inclusion, Healthcare and Education may not always target vulnerable groups or guarantee affordability but are nonetheless expected to notably improve access to services and infrastructure for the target populations. The broad targeting for expenditures in Food Security and Affordable Basic Infrastructure, together with the lack of affordability mechanisms, limits their overall sustainability contribution.
We have assessed the Framework as Aligned with the Green Bond Principles 2025, Social Bond Principles 2025 and Sustainability Bond Guidelines 2021.