A Filipino executive of Citi unveiled the global bank’s pledge to allocating $1 trillion for sustainable financing by 2030.
“Our commitment to a more sustainable future cuts across our businesses, functions and teams. Citi pledged $1 trillion to sustainable finance by 2030, which aligns with the United Nations’ Sustainable Development Goals,” said Citi Philippines chief executive Paul Favila at the 2024 National Microinsurance Forum.
“Of this amount, $500 billion is committed to environmental finance. Citi has committed to achieving net zero emissions associated with our financing activities by 2050, and net zero emissions for our operations by 2030,” he said.
The National Microinsurance Forum at The Manila Hotel was organized in celebration of the National Microinsurance Month, providing a platform to discuss the challenges and opportunities facing the microinsurance industry.
The event was organized by the Microinsurance MBA Association of the Philippines Inc. (MiMAP) also known as RIMANSI, in partnership with the Insurance Commission, and with the support of the Citi Foundation, ICMIF Foundation, CARD Mutually Reinforcing Institutions and CARD Pioneer Microinsurance Inc.
About 385 representatives of microinsurance-mutual benefit associations (Mi-MBAs), microfinance institutions (MFIs), cooperatives, partner government and private sector institutions and microinsurance providers and promoters in the country attended the forum.
They discussed ways to foster a microinsurance ecosystem that not only advances financially sustainable microinsurance operations but also enhances potential for delivering greater social impact. Attendees also listened to discussions on strategies and initiatives for dealing with climate challenges and disasters, using digital technologies, and improving customer experience to create a future where microinsurance not only adapts to change but also helps build a resilient and sustainable world.
“We are working together to contribute to Citi’s commitment globally, as well as to the environmental, social and governance (ESG) goals of the Philippines,” said Favila.
Insurance Commissioner Reynaldo Regalado discussed the strategic directions for microinsurance in the country, focusing on the institutionalization of financial literacy, collaboration, growth and digitalization.
“It is important for us to have the mechanisms and services that will help secure the financial stability and resiliency of our people especially those who are in the marginalized sector of our society,” he said.