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23 Nov 2020

Response from Citigroup to "Complicity in Destruction III" report

Citi has had a public commitment to respect human rights across its value chain since it first issued a Statement on Human Rights in 2007... This commitment includes efforts to protect vulnerable groups, including Indigenous Peoples. Indigenous Peoples and biodiversity are also risks specifically addressed in our Environmental and Social Risk Management Policy (ESRM Policy) under our “Areas of High Caution” – one of several categories of risk that trigger enhanced environmental and social due diligence when identified during transaction review. When triggered, these risks require a thorough assessment of adverse impacts and risks and confirmation that mitigation measures have been or will be designed to comply with Citi’s policies and standards. In these cases, which typically occur in the context of project finance with clearly identified use of proceeds, we would not proceed with financing unless a thorough review determined that risks and impacts were being appropriately managed. Our approach to Indigenous Peoples and deforestation risks are described in more detail in our Environmental and Social Policy Framework and below.

... When due diligence reveals that projects could (a) involve involuntary resettlement of indigenous communities, (b) significant impacts on land and natural resources traditionally used by the community, or (c) significant impacts on critical cultural heritage, Citi expects our clients to demonstrate that they have engaged in meaningful consultation with directly affected Indigenous Peoples with the goal of achieving their Free Prior and Informed Consent (FPIC) for project-related risks... Deforestation risk is also addressed through our policies in a number of ways, including a global prohibition on illegal logging and our Sustainable Forestry Sector Standard focused on High Conservation Value or high carbon stock forests.