citi's chief sustainability officer

In an interview with Kristen Sullivan, Deloitte & Touche LLP Audit & Assurance partner and Sustainability and KPI services leader, Smith discusses what it takes to integrate Citis new five-year 2025 Sustainable Progress Strategy into its businesses. Chief Sustainability Officer @ Citi; Managing Director and Chief Sustainability Officer @ Citi; Managing Director and Global Head, Corporate Sustainability @ Citi; see more Director, Corporate Sustainability @ Citi; Manager, Corporate Sustainability @ Houston Advanced Research Center (Harc) Policy Advisor @ National Audubon Society As one of the largest financiers of carbon intensive sectors such as oil & gas, power and industrials, we know that this ambition to bring our business and the global economy into alignment with the Paris Agreement will not be easy. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. By 2025, we are aiming to achieve representation in our vice-president population of 40% women globally, 7% Black professionals in the Americas and the UK, and 9% Hispanic/Latinx professionals in the Americas and to double the number of campus-analysts hires from HBCUs. So the momentum has been pretty incredible. It needs to be embraced as a leadership priority and driven by teams. Val Smith | U.S. Chamber of Commerce Foundation So what's both challenging and exciting is that it's up to us, who occupy these roles, to define them. The Morning Download delivers daily insights and news on business technology from the CIO Journal team. But does a bank need one? We have also developed green criteria and established a robust process to determine which transactions can count toward that goal. Sustainability and ESG issues have become C-suite issues faster than many expected. That work also enabled us to issue our second green bond last April, in the midst of the pandemic. These additional tasks are causing many people to look for help managing stress. Looking ahead, what are some key ESG challenges for Citi and how are you addressing them? While we're a global bank, our mission is simple: We responsibly provide financial services that enable growth and economic progress. The past 18 months have brought a lot of process creation like COVID safety protocols and the transition to remote work. She joined Citi in 2004 and oversees Citis global sustainability initiatives, including leading the banks Sustainable Progress Strategy and $100 Billion Environmental Finance Goal. and @ValCookSmith. Business leaders who focus on financial, technological, or operational aspects of a company used to call most, if not all, of the shots in corporate America. All Rights Reserved. We're trying to create and build tools in our toolbox to help us do excellent work and collaborate effectively a big part is ensuring our employees know they have a voice in the room. How this role is different from others in the C-Suite: The chief-knowledge-officer role is quite different from a chief data officer which typically focuses on building systems to manage, manipulate, and make accessible all the data within an organization. Success metrics for this role: In 2019, Goldman Sachs set aspirational goals for representation when hiring analysts and entry-level associates of 50% women, 11% Black professionals, 14% Hispanic/Latinx in the US, and 9% Black professionals in the UK. Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. Treasury worked in close partnership with my team, environmental and social risk management, and the green and sustainability bonds team to develop our Green Bond Framework, which established the criteria for the portfolio of projects that would be financed or refinanced supporting our first green bond issuance in January 2019. Through fact-based research, technology perspectives and analyses, case studies and more, Deloitte Insights for CIOs informs the essential conversations in global, technology-led organizations. by Andy Marks, Deloitte Services LP, senior writer, Deloitte Insights in The Wall Street Journal. Chief sustainability officers She serves on the boards of the UN Global Compact US Network and the New York League of Conservation Voters Education Fund, and is a member of the Aspen Institute Leaders Forum. If you care about the future CEOs Are Changing the C-Suite by Adding New Smith: Weve been on this journey for well over a decade. Audrey thank you both so much for joining us. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Why the C-suite needs this role: We're in an environment in which many organizations are struggling to retain talent. More and more consumer products companies have sustainability officers, as do fashion houses, grocery store chains, and car makers. Citigroup, for one, says yesin part, because shareholders are demanding it. Shareholder expectations of what banking and the private sector can do has never been higher, says Val Smith, whom Citi promoted to chief sustainability officer on September 9. Smith, 49, is based in New York. We have set a $250 billion environmental finance goal to help our clients achieve their sustainability and environmental ambitions, and we can leverage a suite of green finance products to do this. this could be the hottest job at Citi in Singapore Now these issues are front and center in business strategy, and our challenge instead is to help our economy transform rapidly to become sustainable and low-carbon. These new roles are especially important as company leaders grapple with the Great Resignation. Todays challenges are much different from those we faced five years ago, when it was more of a struggle to make people recognize the importance of addressing sustainability issues such as climate change from a business-value viewpoint as well as from the ethical perspective. The Chief Administrative Officer (CAO) is a senior member of Citis Sustainability & ESG team, which is responsible for the development of Citis Sustainable Progress Strategy, driving the For example, the bank is focusing on assessing the risk that climate change poses to sectors it finances and on developing green financial products. Ive seen the value created by this level of engagement across the C-suite and the businesses over my 16 years of sustainability work at Citi. Today, integrating ESG strategy has become an organic process for us. Want to get involved? What Is a Sustainability Officer No companies are super experienced at this; even those that were flexible before the pandemic were doing so under a different set of circumstances and expectations. 1,231 Chief Executive Officer Jobs in Statesboro, GA - Zippia William Shutkin: Until just a decade ago, there was no such thing as a sustainability director or chief resilience officer for cities. That involves updating our risk management policies and specific sector standards, integrating climate scenario analysis and measurement methodologies into our portfolio analysis, and identifying client engagement opportunities that come out of that. And last year, we held a half-day investor dialogue session to get input on our TCFD implementation and reporting. While Citis green financing focus is not new, there is fresh momentum behind the push from the banks investors, whoin turnare facing internal pressure to address climate risks and integrate sustainability into their operations, Smith says. First, it helps ensure that our sustainability goals serve to further our commitment to address climate change while we advance our growth strategy and manage business risks. Photo illustration. Instead, you're trailing because there's so much coordination required to move forward at the speed that organizations need. The financial sector has an important role to play in addressing this crisis by supporting the transition to a sustainable, low-carbon economy that balances the environmental, social and economic needs of society. Thats why leading companies are managing trust as a 360-degree challenge across technology, processes, and people. Chief Sustainability Officer Welcome. We have to piece together data from many disparate sources to understand what is happening in the market. She began her career with the United States Peace Corps, where she served for two years as an environmental specialist in Honduras. Now, cities feel incomplete without them. Access your favorite topics in a personalized feed while you're on the go. Now, cities feel incomplete without them. In the past two years, Zoom and Wendy's hired chief diversity officers. Initially, the push for green products came from the banks clients, Smith says; they were looking for ways to link their financial health and their sustainability goals. You still fund fossil fuels. Sustainability and ESG issues have become C-suite issues faster than many expected. Photo courtesy of Citi. Dhaka, Bangladesh I led partnerships with purpose for Unilever, driving change for more than 20 million beneficiaries annually. This process, however, has also created client engagement opportunities; once we understand the carbon footprint of a particular clientincluding how it might perform in different climate scenarios and how aligned it is with global objectives such as the Paris Agreementthat information can create a dialogue for us to help clients identify and implement new transition opportunities. The climate crisis is one of the most critical challenges facing our global society and economy in the 21st century. By clicking Sign up, you agree to receive marketing emails from Insider The evolution of the role over time: This role will continue to evolve with the needs of the agency and industry. She began her career with the U.S. Peace Corps, where she served for two years in Honduras. Driven in part by the COVID-19 pandemics economic and societal impacts, the coming year will bring intensifying growth in video, virtual, and cloud technologies as well as in media segments such as sports, according to Deloitte Globals latest Technology, Media, & Telecommunications (TMT) Predictions report, which highlights how worldwide trends in TMT may affect businesses and consumers worldwide in 2021. Citi Creates Sustainability Chief as CEO Seeks Radical Action Weve been on this journey for well over a decade. Its based on three main pillarslow-carbon transition, climate risk, and sustainable operations. Val Smith was appointed Citis first Chief Sustainability Officer in 2019 and has been with the bank since 2004. One big challenge is that we know we have an important role in the transition to the low-carbon economy, but were always looking to improve how we measure success. Where this role falls in the organizational structure: I report to the CEO and founder of the company and work daily with the CFO, department heads, cofounders, and account directors across the business. It makes our work very exciting and it also means that we continuously have to find and ingest the latest and freshest data to present a current view on the market. The data is irrefutable, and th The two announcements, issued separately on Wednesday, would make Bank of America and Citigroup the second and third large U.S. financial institutions to join the group, and Citis chief sustainability officer, Valerie Smith, said The first two pillars are focused on our clients. The chief people officer is an addition to the leadership team who can help focus on the company's needs to attract and retain the top talent that will drive company DTTL and each of its member firms are legally separate and independent entities. Smith: We look at climate risk through a dual lens: What are the financial risks to Citi posed by climate change, and what are the climate and other ESG risks that Citis financing might itself be contributing to? Well-being is one of the pillars of the employee experience of the future. More than seven years into this role, I feel like I'm still drinking from a firehose every day. LinkedIn has seen an influx of positions devoted to the future of work, workplace morale, and hybrid work. Insider spoke with eight executives in these new roles to explore what their responsibilities include, how they're shaping business, and how they see their roles evolving over time. She serves on the boards of the United Nations Global Compact US Network and the New York League of Conservation Voters Education Fund, and is a member of the Institute for International Finance Sustainable Finance Working Group Steering Committee, the UNEP FI Global Steering Committee, and the Aspen Institute Leaders Forum. What kind of roles are being generated in the sustainability field in Singapore? She is also an advisor and spokesperson on sustainable finance, Taskforce on Climate-Related Financial Disclosure (TCFD) implementation, stakeholder engagement, human rights, ESG integration and sustainability trends towards a net zero carbon economy. For example, last year in the green and sustainability bond space, we helped clients raise more than $7.8 billion to meet their environmental, social, and overall ESG goals. Apply for A Chief Executive Officer jobs that are part time, remote, Our ambition is to better measure, manage, and reduce risk associated with climate change across our businesses. I think it's a unique time where we're kind of in this together. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. The Office of the Federal Chief Sustainability Officer (CSO) leads development of policies, programs, and partnerships to advance sustainability and climate resilient Federal operations. A sustainability officer is an executive who monitors a company's impact on the environment and develops new policies that promote sustainability. Sign up today to receive information and event invitations from the U.S. Chamber of Commerce Foundation. She began her career at Citi as a manager in the environmental affairs unit in 2004 and previously held the job of global head of corporate sustainability for the bank. The new CSO titlefor a newly created rolereflects the extent to which the bank is integrating sustainability and climate into every aspect of its business, she says. It's OK to have cross-collaboration between companies, and it feels less competitive.This article was originally published on April 5. Today, integrating ESG strategy has become an organic process for us. Val Smith, Citis chief sustainability officer, explains how collaborative goal-setting helps align the banks commitment to climate change action and other sustainability goals with business strategy. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. The pandemic shook up the C-suite. An ESG strategy with these ambitious goals can't be planned and executed without the full buy-in and participation of finance, operations, and the business. The new measurement work that is part of our climate risk goal will provide insights about how were helping clients make that transition. In those early years, our sustainability journey was around new commitments, helping to develop industry standards, stakeholder engagement, and trying to do good disclosure. That integration requires robust data and scenario analysis as well as insights on climate risk and impact trends. The biggest challenge of the role: In the cannabis industry, our challenges are twofold. This is important from both a personal and professional standpoint. Co-Founder, Conspiracy of Love, and Good is the New Cool. A problem occurred. Try refreshing the page. Val Smith, Citi Chief Sustainability Officer. Citi recently announced a new five-year, $250 billion commitment to finance climate solutions and reduce climate risk. We have set a $250 billion environmental finance goal to help our clients achieve their sustainability and environmental ambitions, and we can leverage a suite of green finance products to do this. Field in Singapore: //www.sustainability.gov/ '' > Chief sustainability Officer in 2019 has! A leadership priority and driven by teams what is happening in the Chamber! Policies that promote sustainability Inc. All Rights Reserved future of work, workplace morale, and it less... 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