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Citi in Warsaw is the oldest commercial bank in Poland and provides a range of institutional banking services throughout the country. Learn more here.

Around the World with Citi: Warsaw

In this video series, you'll meet Citi employees and learn about their lives, the cities they call home, and how they strive to be the best banking partner to their clients. Working together, our world grows smaller and easier to navigate.

Around the World with Citi

Citi is proud to work with the departments and agencies of the United Nations, and celebrated the efforts to drive forward global goals at last week’s UN Day.  Citi’s Jay Collins and Abbie Howe spoke with UNDP SDG Finance’s Marcos Neto about the importance of integrating the SDGs and ensuring  systemic solutions for today’s challenges.

United Nations (UN) Day

Citi’s Institutional Clients Group is continuously striving to find better, innovative, and sustainable ways to serve our clients. In these videos, we talk with Citi colleagues, clients and partners to hear more about innovation.

Innovation

Citi is proud to have provided financing to Konfio that  supports financial inclusion in Mexico, especially for women-owned small and medium enterprises alongside U.S. International Development Finance Corporation (DFC) and Ford Foundation.

Partnering with Konfio

Citi’s Institutional Clients Group is continuously striving to find better, innovative, and sustainable ways to serve our clients. In these videos, we talk with Citi colleagues, clients and partners to hear more about sustainability.

Sustainability

<div style="text-align: left;">Egypt's COP27 presidency vision is to move from negotiations and planning to implementation.</div>
<div style="text-align: left;">Seek to accelerate global climate action through emissions reduction, scaled-up adaptation efforts and enhanced flows of appropriate finance.</div>
<div style="text-align: left;">Aiming that progress on delivery of annual USD 100 billion will build more trust between developed and developing countries.</div>
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<h3 style="text-align: left;">Upcoming Virtual Events Live from the UNFCCC Pavillion:</h3>
<h4 style="text-align: left;">Launch of Citi GPS: Climate Finance</h4>
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<div>Wednesday 9th November 2022 | Time: 10:00-11:00 (EET - Egypt)</div>
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The session will be moderated by Bridget Fawcett, Global Co-Head of Sustainability &amp; Corporate Transitions at Citi, and speakers include the report&rsquo;s lead author, Liz Curmi, Global Thematic Analyst at Citi, Paul Bodnar, Global Head of Sustainable Investing at Blackrock, Brian O&rsquo;Hanlon, Climate-Aligned Finance Program at RMI, and Mr. Riccardo Puliti, Vice President for Infrastructure at the World Bank.
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<div><a href="https://icg.citi.com/icghome/events/cop27-citi-gps-climate-finance">JOIN EVENT</a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</div>
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<h4>Citi Oceans &amp; Climate Science Panel</h4>
<div>Thursday 10th November | Time: 14:00-15:00 (EET - Egypt)</div>
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The session will be moderated by Keith Tuffley, Global Co-Head of Sustainability &amp; Corporate Transitions at Citi, and speakers include Maria Misovicova, Head of Resource Mobilization and Partnership at UNFCCC, Professor Dr. Johan Rockstr&ouml;m, Director of the Potsdam Institute for Climate Impact Research, and the report&rsquo;s lead author, Dr Ying Qin of Citi&rsquo;s Global Insights team. We will also have opening remarks form Sylvia Earle, Marine Biologist, President of Mission Blue.&nbsp;
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<div><a href="https://icg.citi.com/icghome/events/cop27-citi-oceans-climate-science-panel">JOIN EVENT</a> &nbsp; &nbsp; &nbsp;</div>
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From 6th to 18th November, Egypt will host the 27th Conference of the Parties of the UNFCCC (COP27). 
This will take place in Sharm El-Sheikh, with a view to building on previous successes and paving the way for future ambition. 

COP27: 2022 United Nations Climate Change Conference

Please contact your Citi representative for more information. 

Citi’s Global Consumer Conference 2022

Download

<h3 class="">It is said that &ldquo;change is the only constant in life.&rdquo; This sentiment took on particular significance over the past few years as the COVID-19 pandemic raced around the globe. Whether it was personal shifts in how people worked and interacted or larger geopolitical shifts, change seemed to be all around us. As the pandemic increasingly becomes a thing of the past, there is a desire for things to go back to the way they were &mdash; get back to the office, start traveling again, and gather in large groups for holidays and events. But can the world really go back to the way it was?</h3>
 In our December 2021 Citi GPS report on <a href="https://www.citivelocity.com/citigps/global-supply-chains-2/">Global Supply Chains</a>, we noted the pandemic forced corporates and governments to quickly adjust their supply chains to deal with border closings, lockdowns that kept production sites shuttered, and sudden shifts in demand as consumers spent more on merchandise than services. The lessons learned from the experience resulted in a shift from &ldquo;just-in-time&rdquo; to &ldquo;just-in-case&rdquo; inventory and a reassessment of global supply chains in general. Governments responded by categorizing certain industries as critical and vowing to produce certain goods domestically in the name of essential security. In this new report, we look specifically at China and how change in the past few years, and before then as a result of the Great Financial Crisis, has resulted in a shift in the country&rsquo;s development path in pursuit of self-reliance. China&rsquo;s 14th Five-Year Plan, released in 2020, announced a policy framework of &ldquo;dual circulation&rdquo; economics whereby China is rebalancing from an export-led &ldquo;international circulation&rdquo; strategy to one that focuses more on its domestic market through self-reliance, or &ldquo;domestic circulation.&rdquo; This transition towards a more inward-looking growth model was given additional urgency in response to recent geopolitical events, in particular the U.S.-China trade war and tightening export controls on U.S. technology, and the sanctions imposed on Russia after the Ukraine invasion. The report focuses on three areas in which China&rsquo;s pursuit of self-reliance seems especially clear: (1) technology and self-sufficiency in semiconductor development; (2) agriculture, where China can nearly secure its supply of staple grains but relies on imports of feed grains; and (3) energy, where dependence on natural gas imports has increased as part of a decarbonization push. In order to address the challenges brought by China&rsquo;s inward tilt, the government elevated innovation to &ldquo;core status&rdquo; in its modernization. Technology decoupling amid U.S. protectionism has pushed China to focus its innovation strategy on self-reliance in technology upgrading, which may ultimately lead to China&rsquo;s Sputnik moment in innovation. Strong government spending on research and development, a large domestic market, and highly-skilled talent position China to increasingly compete with industrialized economies and a more normalized regulatory regime for platform companies should help minimize the risk of innovation being stymied. Although self-reliance is the focus of the report, positive international spillovers will continue as China&rsquo;s import demand for food and consumers goods remains strong. In addition, other economies can benefit as labor-intensive manufacturing increasingly finds locations other than China. Despite its inward turn to address the challenges of today&rsquo;s new world, China&rsquo;s global relevance will continue to only grow.Authors: Johanna Chua,Yuanliu Hu,Xinyu Ji,Xiaowen Jin, CFA,Jin-Wook Kim,David Lubin,Xiangrong Yu,

The Pursuit of Economic Self-Reliance

It is said that “change is the only constant in life.” This sentiment took on particular significance over the past few years as the COVID-19 pandemic raced around the globe. Whether it was personal shifts in how people worked and interacted or larger geopolitical shifts, change seemed to be all around us. As the pandemic increasingly becomes a thing of the past, there is a desire for things to go back to the way they were — get back to the office, start traveling again, and gather in large groups for holidays and events. But can the world really go back to the way it was?

China's Inward Turn 

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Sustainable investment is growing globally, but growth in Japan has been particularly notable in recent years. &nbsp;&nbsp;
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Indeed&nbsp;growth in sustainable investment has been accelerating, according to a survey by the Japan Sustainable Investment Forum (JSIF). Domestic sustainable investment in Japan grew from &yen;56.3trn in 2016 to &yen;514.1trn in FY2021, a CAGR of 56%, and the weighting within the total assets under management by the institutional investors that replied to the questionnaire rose from 16.8% in 2016 to 61.5% in 2021.&nbsp;&nbsp;
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Leading global and Japanese ESG indices outperformed in 2018-2020 but since 2021 performance has been in line with the benchmark.&nbsp;&nbsp;
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However, in <a href="https://www.gpif.go.jp/esg-stw/GPIF_ESGReport_FY2021_J_02.pdf" target="_blank" rel="noopener">a recent ESG report</a> (Japanese only), the Government Pension Investment Fund (GPIF) points out that over the past five years, investments in equity ESG indices have overall generated excess returns while the Sharpe ratio has been higher than TOPIX, and the GPIF has said it intends to grow investments in equity ESG funds, including active funds.&nbsp;&nbsp;
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The GPIF and other pension funds are determined to expand ESG investment, and the government has a range of policies to promote ESG investment, so Citi analysts say they expect ongoing growth in ESG investment in the Japanese equity market.
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<h4>ESG Indices: Relative Performance&nbsp; </h4>
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<h4>Japanese government&rsquo;s ESG policies&nbsp;</h4>
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The Japanese government also has multiple policies aimed at promoting the uptake of ESG investment. In the area of governance, 2021 amendments to the Corporate Governance Code include rules that companies listed on the JPX Prime Market should make disclosures of the quality and quantity outlined by the Task Force on Climate-related Financial Disclosures (TCFD) or an equivalent framework.&nbsp;&nbsp;
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Companies with March year-ends will be required to disclose climate-change related information in the corporate governance reports that they submit after June 2022 shareholders&rsquo; meetings. If they do not make the disclosures, they will have to explain the reasons.&nbsp;
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Thanks to past TCFD Consortium activities, Japan has for some time had the largest number of organizations that support the TCFD in the world (800 as of April 2022), and we expect the amendments to the corporate governance code to drive further progress. The number of companies listed on the Prime Market was 1,839 as of April 2022.&nbsp;
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In addition, the Financial Services Agency (FSA) is considering whether to make it mandatory for general companies that are required to submit annual securities filings to disclose climate change risk, and it could apply new rules from as soon as FY3/24.&nbsp;
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The FSA considerations&nbsp;center&nbsp;around making it mandatory for disclosures related to governance and risk management, which are two of the four pillars of the TCFD, but for disclosures related to strategy and indicators/targets to be discretionary.&nbsp;
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More than 4,000 companies are required to submit securities filings. The CDP (formerly known as the Carbon Disclosure Project), sends questionnaires to companies to evaluate their environmental activities based on requests from institutional investors and companies that make ESG investments. It has broadened the scope of its activity in Japan.&nbsp;
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More than 13,000 companies worldwide have responded to the CDP, and they account for more than 64% of world market cap. Of these companies, Japanese ones&nbsp;account for some 900. The questionnaires comply with TCFD guidance for disclosure categories, and given the trend towards mandatory TCFD disclosures, expect the number of Japanese companies that respond to the CDP questionnaire will also grow.&nbsp;
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<h4>Green Growth Strategy: Definition of growth areas to achieve net zero by 2050&nbsp;</h4>
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In environment-related regulation, <a href="https://www.meti.go.jp/press/2021/06/20210618005/20210618005-3.pdf" target="_blank" rel="noopener">the Ministry of Economy, Trade and Industry&rsquo;s (METI) Green Growth Strategy</a> (Japanese only), published in June 2021, identifies 14 growth areas in the push for decarbonization The overall framework calls for an expansion in renewable energy in the electric power sector, and electrification, hydrogenation, energy saving and CO2 recovery in sectors other than electric power.&nbsp;
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The METI is drafting a concrete process agenda through 2050, which will form the fundamental strategy for the consideration of support in terms of taxation and finance. Many factors remain unknown, including investments in the power transmission network and power storage systems, improvements in the cost competitiveness of renewable energy, and the restarting,&nbsp;replacement&nbsp;and construction of new nuclear power generation capacity.&nbsp;
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In October 2020, the Japanese government established the &yen;2trn Green Innovation Fund (Figure 11), aimed at accelerating the structural transformation and innovation needed in the energy and industrial sectors to achieve carbon neutrality by 2050.&nbsp;
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The Green Innovation Fund aims at having the public and private sectors share similarly ambitious and concrete goals, and to provide ongoing support to the efforts of companies etc. in R&amp;D, testing and social installation as specific business issues.&nbsp;
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Around &yen;1.6trn of the funds have already been allocated to selected projects, with the biggest being &yen;300bn for a large-scale hydrogen supply chain, &yen;194bn for the use of hydrogen in steelmaking, &yen;151bn for next-generation batteries and next-generation motors, and a substantial &yen;141bn for next-generation digital infrastructure, but there have also been allocations to a broad range of other projects.&nbsp;
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The full note goes into greater depth on Japan&rsquo;s decarbonisation strategy and looks at ESG investment strategies for Japanese equities. For more information on this subject and if you are a Citi Velocity subscriber, please see&nbsp;<a href="https://www.citivelocity.com/t/r/eppublic/2UEZQ" target="_blank" rel="noopener">Japan Equity Strategy - State of and debate on ESG investment in Japan&rsquo;s equity market</a>&nbsp;
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Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click&nbsp;<a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here.</a>&nbsp;
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A new report by Citi Research’s Ryota Sakagami examines the growth of sustainable investing in Japan, and prospects for the future.

The state of debate on ESG in Japan

Built in partnership with Mastercard, the Travel Agency Card by Citi is designed to specifically secure, streamline and automate global travel payments by:
<ul>
<li>Maximizing payment acceptance by paying suppliers using their preferred virtual card product</li>
<li>Optimizing cash flow, leveraging a Citi credit line to maximize working capital benefits</li>
<li>Reducing FX fees by paying suppliers in their local currency</li>
<li>Automating payment creation and reconciliation</li>
</ul>
The new Travel Agency Card by Citi complements Citi&rsquo;s existing local virtual card issuance capabilities in 46 countries and 30+ currencies globally, including markets such as Brazil, India and South Africa, all of which are accessed via Citi&rsquo;s global proprietary API technology. This combined with Citi&rsquo;s flexible credit funding model and dedicated 24/7 support make Citi the virtual cards issuer of choice for the travel industry, and the ideal partner to help global travel buyers grow their business.
&ldquo;The events of the past few years have enormously impacted the travel sector, and as these professionals continue to navigate disruption related to the pandemic, we are empowering global travel buyers with greater flexibility to more effectively run their businesses,&rdquo; says Gonca Latif-Schmitt, Global Head of Commercial Cards, Citi Treasury and Trade Solutions. &ldquo;We are excited to expand our focus on wholesale payments and products in collaboration with Mastercard, as we continue to help clients grow their businesses and make Citi the partner of choice for the travel sector.&rdquo;
&ldquo;Providing organizations across the travel sector with the tools they need to grow is more important than ever&rdquo; said Chris Fendley, Executive Vice President, Enterprise Partnerships at Mastercard. &ldquo;By leveraging Mastercard&rsquo;s virtual card technology within its products, Citi&rsquo;s travel agency customers will gain greater control and enhanced protection over their wholesale payments which will enable them to drive efficiency across their operations and focus on future growth&rdquo;.
The Travel Agency Card by Citi, in association with Citi&rsquo;s world-leading domestic and cross-border payments capabilities, lending solutions, FX products, and cash management services, creates a truly powerful combination to help the Travel Industry thrive. The Travel Agency Card by Citi is available to all travel buyers, from online travel aggregators, travel management companies and corporate T&amp;E departments. Additional information about the Travel Agency Card by Citi can be found&nbsp;<a href="https://www.citibank.com/tts/sa/commercial_cards/travel-agency-card/" target="_blank" rel="noopener">here.</a>

Dublin – Citi has launched the Travel Agency Card by Citi, its new wholesale travel virtual card product, aimed at providing smarter payments for the global travel industry. 

Travel Agency Card by Citi Empowers Global Travel Buyers with Greater Flexibility and Control

Stani believes curiosity makes finance better and creates a space to innovate. Web3 and Blockchain can enable &ldquo;decentralized&rdquo; finance and bring benefits of transparency, non-custodial access, creating global liquidity markets, market check based execution and community governance. However, for mass adoption, we need institutional adoption of DeFi, which today is quite nascent. Stani also talked about the Lens Protocol, a decentralized social media platform, wherein users have sovereign ownership of their profile and can choose what experiences and algorithms that serve them the most rather than bartering their data/attention in return for ads/experiences. Furthermore, DAOs are a good way to govern protocols, networks, public goods but is slower or ineffective when governing a company or building a specific product.

Stani Kulechov, Founder & CEO, Aave joined us to discuss various use-cases of Web3 & Blockchain in finance and social media.

Use Cases of Web3 and Blockchain

Download Volume 1

Download Volume 2

Citi GPS

<h3 class="" style="">As world leaders trekked to COP26 in Glasgow in November 2021 there was a feeling of enthusiasm in the air. Commitments made under the Paris Agreement in 2015 were an important first step in addressing climate issues, but now it was time to turn promises into global action and recommit to tackling the climate crisis. At the same time, concerns over the COVID-19 pandemic were fading, economies were recovering, and there was a general feeling things were getting back to &ldquo;business as usual.&rdquo;</h3>
 By all accounts, COP26 was a success as ambitious targets were agreed to on reducing greenhouse gas emissions and funding climate action for developing countries. Consensus was forming around the idea that net-zero carbon could be achieved by 2050. And financing mechanisms were being put in place by developed countries to honor their $100 billion commitment to developing nations to help fund the Energy Transition. And just as it felt like things were going back to &ldquo;business as usual,&rdquo; the Omicron variant of COVID-19 took hold and the Russia-Ukraine conflict erupted. Suddenly we were spilling into a world of rising inflation, supply constraints in fuel and food, and a deteriorating political backdrop. Combined, these headwinds threatened to derail the push for decarbonization as governments focused on energy security and short-term economic issues. On the regulation side, three major economies &mdash; the U.S., the EU, and China &mdash; have taken action to significantly accelerate the Energy Transition: (1) The U.S. passed the Inflation Reduction Act in August 2022 with $369 billion in investment earmarked for energy security and climate change sectors; (2) the EU&rsquo;s REPowerEU plan, unveiled in May 2022, forced an upgrade to its already ambitious Energy Transition goals from the prior &ldquo;Fit-for-55&rdquo; package; and (3) China reiterated its commitment to see peak CO2 levels by 2030 and net zero by 2060. Technology and innovation in energy storage systems; carbon capture, utilization, and storage; and alternative energy such as biofuels/sustainable aviation fuel, nuclear, and hydrogen, will drive energy security and independence. On the financial side, carbon pricing schemes and carbon credits for hard-to-abate sectors can help internalize the cost of pollution, thus giving an economic incentive to switch to more sustainable approaches. More importantly, multilateral development banks, and supranational institutions can step up to create blended finance at scale, can facilitate the Energy Transition in areas of the world that need it most. Given the scale of the issue, we have published Energy Transition in two volumes. Volume I &mdash; Mixed Momentum on the Path to Net Zero &mdash; looks at (1) where we are on the commitments agreed to last year at COP26 given recent geopolitical and climate events, and (2) what needs to be done to keep momentum on track in the Energy Transition. Volume II &mdash; Building Bridges to Renew Momentum &mdash; focuses on the funding requirements and tools required to ensure a successful Energy Transition.Authors:

Momentum Stalled in 2022 A deteriorating economic and political backdrop in 2022 has slowed the process of decarbonization as the focus turns to one of energy security and short-term economic issues.




A deteriorating economic and political backdrop in 2022 has slowed the process of decarbonization as the focus turns to one of energy security and short-term economic issues.




Momentum Stalled in 2022

Sustainable Financing Is Also Slowing  Momentum in the Energy Transition was building ahead of the COP26 meeting in November 2021. Sustainable debt issuance (including for social and other areas not directly part of the Energy Transition) increased from $320 billion to $1.7 trillion from 2018 through 2021. However, momentum in 2022 has slowed, with volumes reaching just $740 billion in the first half of 2022, a 16.8% year-over-year decline.

Momentum in the Energy Transition was building ahead of the COP26 meeting in November 2021. Sustainable debt issuance (including for social and other areas not directly part of the Energy Transition) increased from $320 billion to $1.7 trillion from 2018 through 2021. However, momentum in 2022 has slowed, with volumes reaching just $740 billion in the first half of 2022, a 16.8% year-over-year decline.

Sustainable Financing Is Also Slowing 

Solutions to Accelerate the Energy Transition  Despite the slowdown in momentum, recent global events have increased the drive for energy security and independence, and will likely accelerate the uptake path to economic viability of many new and existing technologies, as well as innovative financial solutions.

Despite the slowdown in momentum, recent global events have increased the drive for energy security and independence, and will likely accelerate the uptake path to economic viability of many new and existing technologies, as well as innovative financial solutions.

Solutions to Accelerate the Energy Transition 

Fiscal Stimulus Required for Renewable Energy Supply and Infrastructure According to the Network for Greening the Financial System (NGFS), the total capital investment necessary to achieve a net zero future requires over $275 trillion by 2050. Given the staggering amount of investment capital necessary for the Energy Transition, fiscal stimulus to catalyze commercially viable renewable energy supply and infrastructure is essential.

According to the Network for Greening the Financial System (NGFS), the total capital investment necessary to achieve a net zero future requires over $275 trillion by 2050. Given the staggering amount of investment capital necessary for the Energy Transition, fiscal stimulus to catalyze commercially viable renewable energy supply and infrastructure is essential.

Fiscal Stimulus Required for Renewable Energy Supply and Infrastructure

Momentum Stalled in 2022 A deteriorating economic and political backdrop in 2022 has slowed the process of decarbonization as the focus turns to one of energy security and short-term economic issues.


 Sustainable Financing Is Also Slowing  Momentum in the Energy Transition was building ahead of the COP26 meeting in November 2021. Sustainable debt issuance (including for social and other areas not directly part of the Energy Transition) increased from $320 billion to $1.7 trillion from 2018 through 2021. However, momentum in 2022 has slowed, with volumes reaching just $740 billion in the first half of 2022, a 16.8% year-over-year decline. Solutions to Accelerate the Energy Transition  Despite the slowdown in momentum, recent global events have increased the drive for energy security and independence, and will likely accelerate the uptake path to economic viability of many new and existing technologies, as well as innovative financial solutions. Fiscal Stimulus Required for Renewable Energy Supply and Infrastructure According to the Network for Greening the Financial System (NGFS), the total capital investment necessary to achieve a net zero future requires over $275 trillion by 2050. Given the staggering amount of investment capital necessary for the Energy Transition, fiscal stimulus to catalyze commercially viable renewable energy supply and infrastructure is essential.

Gaining Momentum on the Path to Net Zero

As world leaders trekked to COP26 in Glasgow in November 2021 there was a feeling of enthusiasm in the air. Commitments made under the Paris Agreement in 2015 were an important first step in addressing climate issues, but now it was time to turn promises into global action and recommit to tackling the climate crisis. At the same time, concerns over the COVID-19 pandemic were fading, economies were recovering, and there was a general feeling things were getting back to “business as usual.”

Energy Transition

<h3 class="">Around the globe, nearly a third of us worry about where our next meal is coming from, and one in ten of us suffer from hunger or malnutrition. How is that possible in a modern society? While we are having high-level debates about the possible dystopian effects on society from advanced technology, artificial intelligence, and quantum computing, we seem to be missing a simple and embarrassing truth &mdash; we have failed in our moral responsibility to ensure no one goes hungry.</h3>
 It is easy to write off our current situation by pointing to a slew of one-off events that came together to create a &ldquo;perfect storm&rdquo; &mdash; droughts, armed conflict, skyrocketing inflation, supply chain issues. But even accounting for this tumultuous year, nearly a billion people around the world, some far away and some literally next door, have gone without food and experienced hunger for at least one day in 2022. Food insecurity has serious social and geopolitical implications and throughout history has been a driver of civil unrest and migration. It also carries a hefty price tag &mdash; the UN&rsquo;s Food and Agriculture Organization estimates the costs of malnutrition to the global economy to be as high as $3.5 trillion per year. And while finding a solution will also be costly, the economic benefits to society could reach $10.5 trillion per year. In the report that follows, we first look at what is driving the recent increase in food insecurity and find that although the Russia-Ukraine conflict fanned the flames of the crisis, it was not the sole cause. Environmental factors such as more frequent extreme weather events are making crop production more volatile and increasing the vulnerability of the agriculture sector. Higher energy prices have raised the cost of food production. Rising inflation has forced families to make trade-offs between food and other monthly expenses. And conflict in general has caused disruptions to supply chains and transportation hubs. <img class="alignnone size-full wp-image-11389" src="https://www.citivelocity.com/citigps/wp-content/uploads/2022/11/Chart-for-website.png" alt="" width="805" height="242" /> Although some of these issues will fix themselves in 2023, there is a scenario where higher-than-normal agriculture prices persist with continued high fertilizer prices. The recent increase in protectionist trade policies, including export bans, is also exacerbating the problem. So how do we fix this? How do we ensure we are making out best effort to reduce the number of hungry people? The proposed solutions can be bucketed into four categories: social, technological, economic/financial, and governmental. Society can make small changes to eliminate food waste or shifting to a more plant-based diet, which would increase the amount of available food. Technological innovation in alternative proteins and indoor farming as well as automation and robotics can help in ensure food self-sufficiency for regions reliant on imports and improve the food ecosystem. Financing vehicles such as blended finance and hedging facilities can help facilitate investment in infrastructure. And government is needed to help push the agenda forward with targeted policy and regulation as well as provide humanitarian aid and sustained investment in global agriculture. Big problems take big solutions and big efforts.Authors: Jason Channell,Ying Qin,Elizabeth Curmi,Adam Bergman,Aakash Doshi,John B Finnigan,Emma Hampton,Dustin Oliver Ling,Julie Monaco,Harlin Singh Urofsky,Georgi Yordanov,

No Room for Complacency Around the globe, nearly a third of us worry about where our next meal is coming from, and one in ten of us suffer from hunger or malnutrition. How is that possible in a modern society? While we are having high-level debates about the possible dystopian effects on society from advanced technology, artificial intelligence, and quantum computing, we seem to be missing a simple and embarrassing truth — we have failed in our moral responsibility to ensure no one goes hungry.

Around the globe, nearly a third of us worry about where our next meal is coming from, and one in ten of us suffer from hunger or malnutrition. How is that possible in a modern society? While we are having high-level debates about the possible dystopian effects on society from advanced technology, artificial intelligence, and quantum computing, we seem to be missing a simple and embarrassing truth — we have failed in our moral responsibility to ensure no one goes hungry.

No Room for Complacency

A Perfect Storm A perfect storm of conflict, environmental, and social, political, and economic shifts is worsening global food insecurity. The Russia-Ukraine conflict highlighted the risk of depending on too few countries for food and on physical chokepoints for the transport of key commodities. While some effects may be alleviated in 2023, food prices may remain elevated for some time, even if further inflation looks less likely.

A perfect storm of conflict, environmental, and social, political, and economic shifts is worsening global food insecurity. The Russia-Ukraine conflict highlighted the risk of depending on too few countries for food and on physical chokepoints for the transport of key commodities. While some effects may be alleviated in 2023, food prices may remain elevated for some time, even if further inflation looks less likely.

A Perfect Storm

Global Implications While this is, first and foremost, an immediate human tragedy, the economic and social/geopolitical implications of food insecurity have material macroeconomic impacts. Disruptions in food production have employment consequences while the economic impact from malnutrition could be as high as $3.5 trillion per year. In particular, history suggests high food prices can lead to civil unrest and displacement, e.g., the Arab Spring in 2011.



While this is, first and foremost, an immediate human tragedy, the economic and social/geopolitical implications of food insecurity have material macroeconomic impacts. Disruptions in food production have employment consequences while the economic impact from malnutrition could be as high as $3.5 trillion per year. In particular, history suggests high food prices can lead to civil unrest and displacement, e.g., the Arab Spring in 2011.



Global Implications

Potential Solutions Although imperfect, we propose an integrated approach to ease food insecurity, hunger, and malnutrition in the short-medium term, and aim to eradicate it in the longer term. Key actors — the public, private, and financial sectors, as well as civil society — all play a role in tackling these challenges.

Although imperfect, we propose an integrated approach to ease food insecurity, hunger, and malnutrition in the short-medium term, and aim to eradicate it in the longer term. Key actors — the public, private, and financial sectors, as well as civil society — all play a role in tackling these challenges.

Potential Solutions

No Room for Complacency Around the globe, nearly a third of us worry about where our next meal is coming from, and one in ten of us suffer from hunger or malnutrition. How is that possible in a modern society? While we are having high-level debates about the possible dystopian effects on society from advanced technology, artificial intelligence, and quantum computing, we seem to be missing a simple and embarrassing truth — we have failed in our moral responsibility to ensure no one goes hungry. A Perfect Storm A perfect storm of conflict, environmental, and social, political, and economic shifts is worsening global food insecurity. The Russia-Ukraine conflict highlighted the risk of depending on too few countries for food and on physical chokepoints for the transport of key commodities. While some effects may be alleviated in 2023, food prices may remain elevated for some time, even if further inflation looks less likely. Global Implications While this is, first and foremost, an immediate human tragedy, the economic and social/geopolitical implications of food insecurity have material macroeconomic impacts. Disruptions in food production have employment consequences while the economic impact from malnutrition could be as high as $3.5 trillion per year. In particular, history suggests high food prices can lead to civil unrest and displacement, e.g., the Arab Spring in 2011.

 Potential Solutions Although imperfect, we propose an integrated approach to ease food insecurity, hunger, and malnutrition in the short-medium term, and aim to eradicate it in the longer term. Key actors — the public, private, and financial sectors, as well as civil society — all play a role in tackling these challenges.

Tackling the Current Crisis and Building Future Resilience

Food Security

<h3 class="" style="">At the UN Climate Change Conference (COP26) in November 2021, world leaders came together and set a global agenda on a path to net zero emissions. Pledges were made to further cut carbon dioxide emissions, reduce the use of coal, lower methane emissions, and stop deforestation. Importantly, an actionable framework was put around the promises made in the Paris Agreement.</h3>
 There are volumes of literature explaining why the world needs to focus on lowering greenhouse gas emissions. Countless experts list the devastating effects rising global temperatures will have on weather, crops, biodiversity, migration, and health. And a continuous stream of politicians and public figures tell us how important it is to support a green agenda. But unfortunately, there has been little focus on what is likely the most important subject &mdash; how do we pay for global action on climate change? In the report that follows, we aim to answer two questions: (1) What investment is needed in different regions and countries for climate mitigation and adaptation? and (2) How can we mobilize this investment efficiently to enable the world to reach its climate goals while still growing in population and developing the economy? Overall, it is estimated that $125 trillion will be needed for the world to reach net zero by 2050. From 2021-25, that equates to $2.6 trillion per year, rising to $3.8 trillion from 2026 through 2030. Although climate finance has increased over the past decade, it is still significantly below the levels required for us to be on the path to net zero. Average annual climate finance flows in 2016-20 were estimated at between $600 billion and $900 billion meaning there is a $1.7 trillion gap between what the world has been delivering each year towards climate financing and what is required through 2025. Alarmingly, no single country or region is currently on track to meet its individual climate financing targets. <img class="alignnone size-full wp-image-11404" src="https://www.citivelocity.com/citigps/wp-content/uploads/2022/11/Climate-Finance-Gap.png" alt="" width="775" height="442" /> Mobilizing climate financing is a challenge as there is no one global solution. The public sector, including governments and development finance institutions, has played an extremely important role in mobilizing finance and the private sector has contributed 49% of investment funds. Unlocking private sector capital for climate finance is crucial as private actors could provide 70% of the $2.6 trillion needed in investment every year (on average in 2021-25) to put the world on a path to net zero by 2050.<a href="#_ftn1" name="_ftnref1">[1]</a> Financial instruments, such as blended finance, in conjunction with development finance institutions can increase private sector investment in developing economies. And green banks, which develop clean project pipelines, are using innovative financing to accelerate the transition to clean energy. Collaboration &mdash; between developed and developing economies as well as the public and private sectors &mdash; is key to making this a just transition. <a href="#_ftnref1" name="_ftn1">[1]</a> UNFCCC Race to Zero campaign with support and analysis from Vivid Economics, &ldquo;<a href="https://www.gfanzero.com/netzerofinancing/">Financing Road Maps</a>,&rdquo; accessed November 2, 2022.Authors: Elizabeth Curmi,Jason Channell,Ying Qin,Amy Thompson,

Climate Finance Gap Climate-related projects mobilized between $600 billion and $900 billion on average annually in 2016-20. The IEA Net Zero Scenario estimates $125 trillion is required to reach net zero over the next 30 years. Therefore, getting on a path to net zero requires an additional annual investment of $1.7 trillion in 2021-25 in mitigation alone. Developing countries especially need support as they do not have the fiscal capacity to invest in climate action.

Climate-related projects mobilized between $600 billion and $900 billion on average annually in 2016-20. The IEA Net Zero Scenario estimates $125 trillion is required to reach net zero over the next 30 years. Therefore, getting on a path to net zero requires an additional annual investment of $1.7 trillion in 2021-25 in mitigation alone. Developing countries especially need support as they do not have the fiscal capacity to invest in climate action.

Climate Finance Gap

Substantial Investment Scale Is Needed Across All Regions Current climate investment flows need to be scaled up substantially as no region is currently on track to deliver enough investment to meet their climate finance needs. For example, investments need to reach $170 billion in Africa, $1.1 trillion in Asia Pacific, and $500 billion in North America annually between 2021 and 2025 in order to build low-carbon economies and adapt to climate change, with even higher needs in 2026-30. In all three regions, current investment flows are substantially below what is needed.

Current climate investment flows need to be scaled up substantially as no region is currently on track to deliver enough investment to meet their climate finance needs. For example, investments need to reach $170 billion in Africa, $1.1 trillion in Asia Pacific, and $500 billion in North America annually between 2021 and 2025 in order to build low-carbon economies and adapt to climate change, with even higher needs in 2026-30. In all three regions, current investment flows are substantially below what is needed.

Substantial Investment Scale Is Needed Across All Regions

Making It Happen Mobilizing climate finance is challenging, but we need to start looking at climate action as an opportunity versus a cost. Making this happen will require mobilizing the private and public sectors to work together, to create projects that are bankable, and to ensure a just transition. Since not one solution applies to all countries, we outline which key actors and financial institutions can scale up climate finance for countries at different levels of economic development.

Mobilizing climate finance is challenging, but we need to start looking at climate action as an opportunity versus a cost. Making this happen will require mobilizing the private and public sectors to work together, to create projects that are bankable, and to ensure a just transition. Since not one solution applies to all countries, we outline which key actors and financial institutions can scale up climate finance for countries at different levels of economic development.

Making It Happen

Climate Finance Gap Climate-related projects mobilized between $600 billion and $900 billion on average annually in 2016-20. The IEA Net Zero Scenario estimates $125 trillion is required to reach net zero over the next 30 years. Therefore, getting on a path to net zero requires an additional annual investment of $1.7 trillion in 2021-25 in mitigation alone. Developing countries especially need support as they do not have the fiscal capacity to invest in climate action. Substantial Investment Scale Is Needed Across All Regions Current climate investment flows need to be scaled up substantially as no region is currently on track to deliver enough investment to meet their climate finance needs. For example, investments need to reach $170 billion in Africa, $1.1 trillion in Asia Pacific, and $500 billion in North America annually between 2021 and 2025 in order to build low-carbon economies and adapt to climate change, with even higher needs in 2026-30. In all three regions, current investment flows are substantially below what is needed. Making It Happen Mobilizing climate finance is challenging, but we need to start looking at climate action as an opportunity versus a cost. Making this happen will require mobilizing the private and public sectors to work together, to create projects that are bankable, and to ensure a just transition. Since not one solution applies to all countries, we outline which key actors and financial institutions can scale up climate finance for countries at different levels of economic development.

Mobilizing the Public and Private Sector to Ensure a Just Energy Transition

At the UN Climate Change Conference (COP26) in November 2021, world leaders came together and set a global agenda on a path to net zero emissions. Pledges were made to further cut carbon dioxide emissions, reduce the use of coal, lower methane emissions, and stop deforestation. Importantly, an actionable framework was put around the promises made in the Paris Agreement.

Climate Finance 

Virtual reality versus the real-life buzz of high-level sport. You might think it&rsquo;s a no-contest.
Can virtual reality &ndash; life through a lens &ndash; ever compete with those breath-taking moments of live sports that move and inspire us? &nbsp;
On an emotional level, the answer is probably not. But importantly, another part of the answer is &ndash; that&rsquo;s not the point.
Because in sport, virtual reality doesn&rsquo;t need to be about replacing the thrill of being there. Rather, it&rsquo;s about enhancing the experience for certain fans and for deepening fan engagement and loyalty. It&rsquo;s about expanding the audience for games and events. It gives those who can&rsquo;t travel &ndash; or afford to travel &ndash; to the stadium (virtually) the best seat in the house.
Additionally, VR is about making the athletes or competitors themselves better, through its use in coaching at an elite level.
According to a global report, published by Sheer Analytics and Insights, the total market for VR in sports and entertainment was valued at $2.3bn in 2020 and is expected to reach $56.7bn by 2031 at a CAGR of 32.5% through the forecast period.
Some sports like ice hockey and basketball are particularly well suited to virtual reality enhancements of the fan experience, and incremental revenue generation as a result of VR may be possible. For a full explanation of our thinking on this, see the full report.
<h4>VR headset weight is gradually decreasing (bubble size: price)</h4>
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/636a5ffb98f69f64f9fa1e2b" alt="" width="516" height="282" />
Source: Citi Global Insights&nbsp;
&nbsp;
But, in short, we attempt to aid thinking in this area by exploring possible scenarios for different sports based on a somewhat subjective, but we think methodical, look at their suitability for VR.
The existing TV audience could be used as a base to estimate the potential VR audience, assuming this is the very group of people to whom VR viewing will most appeal. That&rsquo;s based on VR viewing as an experiential enhancement to TV viewing given it affords multiple perspectives and more interaction opportunities among fans.
In Citi&rsquo;s Metaverse and Money GPS report (March 2022), we estimated the total addressable market for the Metaverse to be between $8 trillion and $13 trillion by 2030. The report also pointed out that total VR/AR users could reach 900 million to 1 billion by 2030 with AR expected to be more ubiquitous given its less-invasive user experience compared to VR.
VR hardware penetration will probably stay a limiting factor for VR viewing by 2030.
Citi Research&rsquo;s Global Technology report on the Metaverse, published on June 10, 2022, forecasted global VR devices to reach 66 million units by 2030, a penetration rate of 1% of online users, the vast majority of whom would be in developed markets. &nbsp;To help dimension the suitability of a sport for VR viewing, we narrowed down a pool of 80 sports from all over the world to 26 sports based on their popularity.
Then four criteria were considered: Duration, Popularity. Technical Feasibility and Audience Engagement
After considering VR suitability for different sports, we put them into three categories, high medium and low, each of which is likely to have different VR penetration rates.
Most sports fans with access to VR headsets will use them sparingly for now because the tech isn&rsquo;t yet that comfortable. A UK government report estimated 30 minutes as the time limit for a single viewing experience for current VR devices.
However, with continuous improvement on the hardware side, we expect the time limit for a single viewing to extend to at least 90 minutes by 2030, enough to cover the duration of most sporting contests.
To access the full report, if you are a Velocity subscriber, please find it here <a href="https://www.citivelocity.com/cv2/go/MarketBuzz/X19GUl9fqntvl02g8ken" target="_blank" rel="noopener">log in here</a>.
Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here</a>.
&nbsp;

A new report by Citi’s Anuj Gangahar looks at how virtual reality is transforming sport – from watching, to playing, coaching and beyond. 

Unreal: How Virtual Reality is Transforming Sport

Former US Treasury Secretary Larry Summers in late September described the UK as an &lsquo;emerging market turning itself into a submerging market&rsquo;.
The comment was made before the country&rsquo;s latest change in leadership that saw Rishi Sunak installed in 10 Downing Street.
But Citi Research analysts argue is that it may be considered unfair to EM to think that &lsquo;irresponsibly loose fiscal and monetary policy&rsquo; is a point of connection between today&rsquo;s EM and the recent situation in the UK. In fact, they say policy discipline is, broadly speaking, a hallmark of many emerging economies these days.
The UK&rsquo;s most fundamental structural problem, the analysts say, is its very low savings ratio, which at around 14% compares badly with almost everyone, including EM.
The UK savings ratio is super-low, so it&rsquo;s very difficult for the economy to grow without generating a current account deficit&hellip;
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6372b8c8957e7407146dbe08" width="503" height="315" />
&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.
Source: Citi Research
&nbsp;
&hellip;and we&rsquo;ve had a recent reminder within EM of how current account deficits can be associated with currency deprecation
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6372b911957e7407146dbe0c" width="490" height="309" />
&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.
Source: Citi Research
&nbsp;
Since the flip side of a very low savings ratio is a persistent current account deficit, the UK&rsquo;s dependence on external financing is perhaps the most obvious way of making the comparison between the UK and an emerging market.
Emerging markets crises in the past 40 years have almost always been the result of excessive dependence on external financing, and since the UK&rsquo;s current account deficit currently exceeds 8% GDP-- a level which in an EM context would be considered exceptionally large--concerns about vulnerability are perfectly natural.
Indeed, the vulnerability of countries with large external financing needs is perfectly highlighted in the chart on the right above, which shows, for EM, the relationship between the trade-weighted exchange rate and the size of the current account deficit that&rsquo;s not financed by (relatively stable) net FDI inflows.
This relationship is not constant: there are occasions when large current account deficits can be associated with appreciating currencies, for example when the deficit is a function of large capital inflows. But in an environment such as this one, where risk appetite globally is quite fragile, deficits and fx depreciation are natural companions.
The institutional problem in the UK was, Citi analysts say
<ol style="list-style-type: lower-roman;">
<li>the finance minister&rsquo;s decision to sack the head of the permanent civil service within the UK Treasury on his first day in office, and</li>
<li>the failure of the government to back its 23 September &lsquo;fiscal statement&rsquo; with any accompanying framework from the independent Office for Budget Responsibility.</li>
</ol>
Both these actions suggested an arbitrariness in policymaking and a disregard for the institutions of fiscal policy, which some might consider an &lsquo;emerging markets-type problem&rsquo;, in the sense that one of the reasons why, for example, sovereign rating agencies consider EM more risky than DM is existence of countries in EM which lack robust institutional frameworks for policymaking.&nbsp;&nbsp;
Public debt in DM is higher than in most EMs and has also increased at a faster rate&hellip;
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6372b94227a7e2141f872aff" />
&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.
Source: Citi Research
&nbsp;
.&hellip;leaving DM debt paths more vulnerable to higher real rates 
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6372b970957e7407146dbe10" />
&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.
Source: Citi Research
&nbsp;
The weakness of the UK&rsquo;s policy mix was that, against a background where the inflation-adjusted UK policy interest rate was exceptionally low, a fiscal expansion in an environment of weak external demand growth could only add to the UK&rsquo;s external financing requirement with very little in the Bank of England&rsquo;s monetary framework to attract the capital inflows necessary to finance the bigger deficit. Hence the sell-off in gilts and sterling.
For more information on this subject, and if you are a Velocity subscriber, please see <a href="https://www.citivelocity.com/t/r/eppublic/2W5Ta" target="_blank" rel="noopener">Emerging Markets Economic Outlook &amp; Strategy - Why EM isn&rsquo;t the UK</a>
Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here</a>.

A new report from Citi Research’s David Lubin, says that comparing the U.K.’s recent fiscal and monetary policy woes to emerging economies does a disservice to recent policy discipline across emerging economies. 

U.K. Comparison Unfair to EM Fiscal Discipline

The World Economic Forum 53rd Annual Meeting will take place January 16 &ndash; 20 in Davos-Klosters, Switzerland. As a proud Strategic Partner of the World Economic Forum, Citi is part of a global community of Strategic Partners selected for their commitment to improving the state of the world. &nbsp;&nbsp;
&nbsp;
In addition to the Citi Delegation (below), Citi Global Industry and Regional Heads will be present and look forward to engaging in thought leadership programs, meetings, and networking events.&nbsp; To inquire about meeting with Citi in Davos, please contact <a href="mailto:carly.rowand@citi.com" target="_blank" rel="noopener">carly.rowand@citi.com</a>.

The World Economic Forum 53rd Annual Meeting will take place January 16 – 20 in Davos-Klosters, Switzerland.  As a proud Strategic Partner of the World Economic Forum, Citi is part of a global community of Strategic Partners selected for their commitment to improving the state of the world.   

Citi at The World Economic Forum Annual Meeting 2023

Transcript

For consumers, money needs to move instantaneously. Making payments &ndash; and getting paid on time &ndash; has been streamlined down to a science, with 4 in 5 Americans routinely using digital payments. But what goes into making sure every transaction happens as seamlessly as customers have come to expect? Hint: a huge amount of work in scaling, development, and technology.
&nbsp;
Hear from two digital payments specialists - Shahmir Khaliq, Citi&rsquo;s Global Head of Treasury and Trade Solutions, and David Nicholls, who specializes in Business Development and Global Payments at Uber &ndash; on the major changes that digital payments have brought to commerce, and the innovations still being made so that transactions meet both consumer and business needs worldwide.
&nbsp;
The views expressed herein are those of the speakers and&nbsp;do not&nbsp;necessarily reflect the&nbsp;views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change&nbsp;without notice. Neither the information&nbsp;provided&nbsp;nor any opinion expressed constitutes&nbsp;a solicitation for the purchase or sale of any security. The expressions of opinion&nbsp;are not&nbsp;intended to be a forecast of future events or a guarantee of future results.
&nbsp;
Citibank N.A. and Uber are not affiliated and are independent companies. Citibank has onboarded Uber as a client for payment solutions.&nbsp; The speaker&rsquo;s views are their own and are not associated or may not necessarily reflect the views of Citi or any of its affiliates.
5

Bio: David Nicholls, Global Business Development and Global Payments at Uber David Nicholls manages Uber’s Global Business Development activities for payments. This spans oversight for all commercial work Uber is doing with partners across payment processing for spenders, funds disbursement to earners and card issuing across the Uber marketplace. Prior to joining Uber, over the last 20 years, David has held a variety of executive roles

David Nicholls manages Uber’s Global Business Development activities for payments. This spans oversight for all commercial work Uber is doing with partners across payment processing for spenders, funds disbursement to earners and card issuing across the Uber marketplace. Prior to joining Uber, over the last 20 years, David has held a variety of executive roles

Bio: David Nicholls, Global Business Development and Global Payments at Uber

Bio: Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi Shahmir Khaliq is the Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally.  This multi-billion dollar business is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions.
Citi Treasury and Trade Solutions (TTS) helps enable clients succeed by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Shahmir joined Citibank in 1991 in Pakistan as a Management Associate in the Institutional Bank – he left the bank in 1993 to pursue his post graduate education in 1993 and rejoined Citi Pakistan (Banking) in 1995.
During his career at Citi, he has held leadership roles within Banking, Country Management (CCO), Markets & Securities Services, and Treasury services.
Previous to his appointment as the Global Head of TTS in 2021, he was Head of Operations and Technology for the Treasury and Trade Services (TTS) business. Prior to taking this role, Shahmir was the Global Head of Direct Custody & Clearing within Markets and Securities Services since 2017.
Previously, Shahmir led the North America Investor Services business, covering Prime Finance, Futures and the Securities Services franchise for four years (2014-2018). Post the financial crisis (2012-2013), he was the global business lead optimizing the ICG’s global client footprint. He has spent time in country and regional leadership roles – serving as Country (CCO) / Cluster Head for Citi’s Central European business based out of Prague / Bucharest from 2005 through 2012. Shahmir also ran the Energy and Metals Corporate Bank franchise for CEEMEA for almost three years (2003/2005) prior to taking on his CCO role.
Shahmir is a Senior Credit Officer (Business SCO Level 2) since 2004 for Citi - and has degrees in finance and economics from the London Business School (Msc) and London School of Economics in addition to an MBA from the University of Karachi.

Shahmir Khaliq is the Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally.  This multi-billion dollar business is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions.
Citi Treasury and Trade Solutions (TTS) helps enable clients succeed by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Shahmir joined Citibank in 1991 in Pakistan as a Management Associate in the Institutional Bank – he left the bank in 1993 to pursue his post graduate education in 1993 and rejoined Citi Pakistan (Banking) in 1995.
During his career at Citi, he has held leadership roles within Banking, Country Management (CCO), Markets & Securities Services, and Treasury services.
Previous to his appointment as the Global Head of TTS in 2021, he was Head of Operations and Technology for the Treasury and Trade Services (TTS) business. Prior to taking this role, Shahmir was the Global Head of Direct Custody & Clearing within Markets and Securities Services since 2017.
Previously, Shahmir led the North America Investor Services business, covering Prime Finance, Futures and the Securities Services franchise for four years (2014-2018). Post the financial crisis (2012-2013), he was the global business lead optimizing the ICG’s global client footprint. He has spent time in country and regional leadership roles – serving as Country (CCO) / Cluster Head for Citi’s Central European business based out of Prague / Bucharest from 2005 through 2012. Shahmir also ran the Energy and Metals Corporate Bank franchise for CEEMEA for almost three years (2003/2005) prior to taking on his CCO role.
Shahmir is a Senior Credit Officer (Business SCO Level 2) since 2004 for Citi - and has degrees in finance and economics from the London Business School (Msc) and London School of Economics in addition to an MBA from the University of Karachi.

Bio: Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi

Bio: David Nicholls, Global Business Development and Global Payments at Uber David Nicholls manages Uber’s Global Business Development activities for payments. This spans oversight for all commercial work Uber is doing with partners across payment processing for spenders, funds disbursement to earners and card issuing across the Uber marketplace. Prior to joining Uber, over the last 20 years, David has held a variety of executive roles Bio: Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi Shahmir Khaliq is the Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally.  This multi-billion dollar business is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions.
Citi Treasury and Trade Solutions (TTS) helps enable clients succeed by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Shahmir joined Citibank in 1991 in Pakistan as a Management Associate in the Institutional Bank – he left the bank in 1993 to pursue his post graduate education in 1993 and rejoined Citi Pakistan (Banking) in 1995.
During his career at Citi, he has held leadership roles within Banking, Country Management (CCO), Markets & Securities Services, and Treasury services.
Previous to his appointment as the Global Head of TTS in 2021, he was Head of Operations and Technology for the Treasury and Trade Services (TTS) business. Prior to taking this role, Shahmir was the Global Head of Direct Custody & Clearing within Markets and Securities Services since 2017.
Previously, Shahmir led the North America Investor Services business, covering Prime Finance, Futures and the Securities Services franchise for four years (2014-2018). Post the financial crisis (2012-2013), he was the global business lead optimizing the ICG’s global client footprint. He has spent time in country and regional leadership roles – serving as Country (CCO) / Cluster Head for Citi’s Central European business based out of Prague / Bucharest from 2005 through 2012. Shahmir also ran the Energy and Metals Corporate Bank franchise for CEEMEA for almost three years (2003/2005) prior to taking on his CCO role.
Shahmir is a Senior Credit Officer (Business SCO Level 2) since 2004 for Citi - and has degrees in finance and economics from the London Business School (Msc) and London School of Economics in addition to an MBA from the University of Karachi.

Season 2

For consumers, money needs to move instantaneously. Making payments – and getting paid on time – has been streamlined down to a science, with 4 in 5 Americans routinely using digital payments. But what goes into making sure every transaction happens as seamlessly as customers have come to expect? Hint: a huge amount of work in scaling, development, and technology.

Good Things Happen Episode 4: Trends in Digital Payments

LONDON--Citi today announced that it will donate over $10 million in support of education-focused non-profit organizations as part of its 2022 e for education campaign, the highest annual amount since the initiative was launched.
With this donation, the campaign is set to donate over $66 million in aggregate since its inception in 2013, and has helped non-profit organizations support over one million young people.
Citi Markets donates a percentage of business proceeds traded electronically during the eight-week campaign from September to October.
&ldquo;As we reach a key milestone in this campaign, we wholeheartedly support our non-profit partners&rsquo; efforts to help young people unleash their talent through the power of education. Their dedication is truly an inspiration to us all,&rdquo; said Stuart Staley, Global Head of CitiFX.
Malala Yousafzai, Co-Founder and Board Chair of Malala Fund, said: "Our team at Malala Fund is so grateful to have partners like Citi that see the power of girls, invest in their education and remain committed year after year through the e for education campaign to building a more equal future for us all. With Citi's support, Malala Fund has reached millions of students through our girls' education projects and I look forward to seeing the world those young women will create."
The education-focused non-profit organizations tackle childhood illiteracy and improve access to quality education.
Since its launch in 2013, the campaign has in aggregate:
<ul style="margin-top: 0cm; overflow: hidden; margin-bottom: 0cm;" type="disc">
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;">Supported over one million young people</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;">Helped over 37,000+ schools</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;">Has spanned over 85 countries.</li>
</ul>
 Further information can be found at:&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.citifx.com%2Fe4e%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.citifx.com%2Fe4e%2F&amp;index=1&amp;md5=de29f03dd1fd2bac73922d870b27855d" target="_blank" rel="noopener">https://www.citifx.com/e4e/</a>
Citi&rsquo;s first e for education campaign originated in FX in 2013 and the campaign has been expanded across Citi&rsquo;s e-trading businesses.
Citi works with 10 non-profit partners globally that support the right to education for all children.
2022 Partners (alphabetical order):
<ul style="margin-top: 0cm; overflow: hidden; margin-bottom: 0cm;" type="disc">
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fasian-university.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Asian+University+for+Women&amp;index=2&amp;md5=a065e824fbe268f7068819d74dd372e7" target="_blank" rel="noopener">Asian University for Women</a>&nbsp;&ndash; A fully independent, regional institution dedicated to empowering women from the most marginalized communities across Asia through women's education and leadership development</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.civicbuilders.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Civic+Builders&amp;index=3&amp;md5=b7e0858e47e67cca81dcb9b588271e8c" target="_blank" rel="noopener">Civic Builders</a>&nbsp;&ndash; Develops public school buildings in historically under-resourced communities</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fus.ditchthelabel.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Ditch+the+Label&amp;index=4&amp;md5=37211acd2c130b5f59f9f64cec57a3b8" target="_blank" rel="noopener">Ditch the Label</a>&nbsp;&ndash; A leading youth charity, which runs a digital support platform that provides advice and support for young people who are experiencing a wide range of issues, including bullying and mental health</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fempowerweb.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=EMpower&amp;index=5&amp;md5=97caa58f4206733b65dacc94502d46bd" target="_blank" rel="noopener">EMpower</a>&nbsp;&ndash; Supports marginalized youth in education in emerging market countries</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.fallenpatriots.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Fallen+Patriots&amp;index=6&amp;md5=3f0c0cf4f23554e6a80fd0bfb58ea516" target="_blank" rel="noopener">Fallen Patriots</a>&nbsp;&ndash; Educates children who have lost a parent in the U.S. Military</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fmalala.org%2Fdonate%3Fgclid%3DEAIaIQobChMIzYPe-dKF8gIV_21vBB0qZwu9EAAYASAAEgICUPD_BwE&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Malala+Fund&amp;index=7&amp;md5=4587c2f0b0e5424cc8c35aa3813a6870" target="_blank" rel="noopener">Malala Fund</a>&nbsp;&ndash; Breaks down the barriers preventing more than 130 million girls around the world from going to school</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fpencilsofpromise.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Pencils+of+Promise&amp;index=8&amp;md5=990418bb1994a321f5c5efbe00a70e71" target="_blank" rel="noopener">Pencils of Promise</a>&nbsp;&ndash; A nonprofit organization whose focus is removing barriers and supporting access to quality education in Laos, Guatemala and Ghana</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.place2be.org.uk%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Place2Be&amp;index=9&amp;md5=5f6a38a852870c1fe8a415dc6c49ad89" target="_blank" rel="noopener">Place2Be</a>&nbsp;&ndash; A children's mental health charity with more than 25 years of experience providing mental health support for pupils, families and staff in U.K. schools</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.reachtheworld.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Reach+the+World&amp;index=10&amp;md5=7c358c4e64d99e3d9d568782027363dc" target="_blank" rel="noopener">Reach the World</a>&nbsp;&ndash; Makes the benefits of travel accessible to classrooms through virtual exchange, inspiring youth to become more curious and confident global citizens</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.roomtoread.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Room+to+Read&amp;index=11&amp;md5=1c754b1cdbd66bad26eb032fd1fa8f05" target="_blank" rel="noopener">Room to Read</a>&nbsp;&ndash; Creating a world free from illiteracy and gender inequality</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.teachfirst.org.uk%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Teach+First&amp;index=12&amp;md5=acc42e83de8d4e4b37162dcc02cbd3d4" target="_blank" rel="noopener">Teach First</a>&nbsp;&ndash; A charity that provides a range of school leadership programs to support teachers, leaders and schools facing the biggest challenges, serving the most disadvantaged communities</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fteachforall.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Teach+For+All&amp;index=13&amp;md5=0d150abb5a11df3e7ea2c6ea0990644a" target="_blank" rel="noopener">Teach For All</a>&nbsp;&ndash; A global network of organizations working to ensure all children have the education, support and opportunity they need to fulfil their potential</li>
<li style="margin-bottom: 3.75pt; background: #fefefe; margin-top: 0cm; margin-right: 0cm; font-size: 11pt;"><a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Funcommonschools.org%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=Uncommon+Schools&amp;index=14&amp;md5=d02390762e52034350bf967f3fdf813d" target="_blank" rel="noopener">Uncommon Schools</a>&nbsp;&ndash; Starts and manages K &ndash; 12 public charter schools that prepare students from low-income backgrounds for college and beyond</li>
</ul>
###
Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.citigroup.com%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=www.citigroup.com&amp;index=15&amp;md5=d7472842ce80003f3c397b131988dbe8" target="_blank" rel="noopener">www.citigroup.com</a>&nbsp;| Twitter:&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.twitter.com%2Fciti&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=%40Citi&amp;index=16&amp;md5=0f4a7b3b021f9a36a283ba0ba7ed7c98" target="_blank" rel="noopener">@Citi</a>&nbsp;| YouTube:&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.youtube.com%2Fciti&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=www.youtube.com%2Fciti&amp;index=17&amp;md5=ecca44aa7cf35767715a5a884430523a" target="_blank" rel="noopener">www.youtube.com/citi</a>&nbsp;| Blog:&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fblog.citigroup.com%2F&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=http%3A%2F%2Fblog.citigroup.com&amp;index=18&amp;md5=07511785b6883c41af3f90d1766ef5e0" target="_blank" rel="noopener">http://blog.citigroup.com</a>&nbsp;| Facebook:&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Fciti&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=www.facebook.com%2Fciti&amp;index=19&amp;md5=5b2273245ae1093bfdf89d8716d5308b" target="_blank" rel="noopener">www.facebook.com/citi</a>&nbsp;| LinkedIn:&nbsp;<a style="text-decoration: underline;" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fciti&amp;esheet=52973068&amp;newsitemid=20221121005094&amp;lan=en-US&amp;anchor=www.linkedin.com%2Fcompany%2Fciti&amp;index=20&amp;md5=a33524108920eaa94d419b27443bbeab" target="_blank" rel="noopener">www.linkedin.com/company/citi</a>.

Citi announced that it will donate over $10 million in support of education-focused non-profit organizations as part of its 2022 e for education campaign, the highest annual amount since the initiative was launched.

Citi Markets to Donate Over $10 Million to Education-Focused Non-Profit Organizations

A new report by Citi Research’s Chief Global Equity Strategist Robert Buckland takes a close look at past EPS recessions.

EPS Recessions – A Backward Look 

Fortune and Citi 

Innovative financial technologies are changing how the world thinks about payments.

Powering the next generation of digital payments

<h3 class="">In the Citi GPS <a href="https://icg.citi.com/icghome/what-we-think/citigps/insights/disruptive-innovation-2">Disruptive Innovation</a> series, we have highlighted amazing new advancements in healthcare over the years &mdash; from immunotherapy, and CRISPR-based gene editing to virtual care and blood tests for cancer. One healthcare area notably absent from the innovation series is antibiotics. In the U.S., 251.1 million antibiotic prescriptions were written in 2019, making it the second most prescribed drug category behind cholesterol reducers. But half of the antibiotics commonly used today were discovered in the 1950s, and the last antibiotic class successfully introduced as treatment was discovered in 1987.</h3>
 Why is this an issue? Because bacteria are increasingly becoming resistant to today&rsquo;s antibiotics. In 2019, 4.95 million deaths were associated with bacterial drug resistance, with 1.27 million deaths directly attributed to it. If the issue of antimicrobial resistance (AMR) is not addressed, it could lead to 10 million deaths by 2050. The drivers of AMR include overuse and misuse of antibiotics in humans and animals, poor hygiene and sanitation, and a lack of research and innovation to develop novel antimicrobials. At the same time, climate change is exacerbating many health challenges. Rising temperatures have increased the frequency and intensity of outbreaks of some diseases, as well as their geographical scope. Extreme weather can also increase the burden of infectious disease. Flooding leads to increased agricultural run-off as well as sewage contamination, which both increase the risk of disease spread. And as extreme weather increases, populations become displaced as homes become uninhabitable and access to potable water is threatened. The report that follows looks at interventions that could avert the worst outcomes, and although AMR is a significant problem, many solutions are within reach. However, these solutions require the collaboration of a broad range of stakeholders, including the public and private sectors as well as civil society. The first step in addressing AMR is reducing the burden of infectious disease. This can be done through improving sanitation and developing vaccines to prevent infections in both humans and animals. The second is reducing the use of antimicrobials in humans and animals by raising awareness on AMR, reducing unnecessary antimicrobials in food production, and developing rapid diagnostics. Facilitating innovation with investment in early-stage research and drug discovery will help in the quest for new novel antimicrobials. Finally, implementing steps to curtail the spread of resistance, such as strengthening global surveillance of drug resistance and improving treatment of wastewater with attention to antimicrobials. Most importantly, the report calls for tackling AMR with the same effort as climate change. We view AMR, climate change, and biodiversity loss as closely related; this aligns with a &ldquo;One Health&rdquo; approach, which recognizes that animal, human, and environmental health should be considered holistically. &nbsp; Based on discussions with experts throughout the report, policymaking appears to be the single most effective starting point in tackling AMR. The report summarizes their views and provides key recommendations for policymakers.Authors: Anita McBain,Amy Thompson,Andrew Baum, MD,Veronika Dubajova,Georgina Smartt,Makanjuola Senbanjo,

Why is Antimicrobial Resistance (AMR) Important? If we fail to protect the current suite of antibiotics and invest in research and development into new antibiotics, we could find ourselves in a scenario where most, if not all, antibiotics no longer work. This would limit our ability to treat common infections. In 2019, an estimated 1.27 million deaths globally were directly attributed to AMR and by 2050 up to 10 million may die from AMR-related illnesses.

If we fail to protect the current suite of antibiotics and invest in research and development into new antibiotics, we could find ourselves in a scenario where most, if not all, antibiotics no longer work. This would limit our ability to treat common infections. In 2019, an estimated 1.27 million deaths globally were directly attributed to AMR and by 2050 up to 10 million may die from AMR-related illnesses.

Why is Antimicrobial Resistance (AMR) Important?

Drivers of Antimicrobial Resistance

Consequences of Antimicrobial Resistance Using two scenarios corresponding to low and high AMR impacts, World Bank simulations have quantified the potential economic losses from AMR globally between 2017 and 2050.

Using two scenarios corresponding to low and high AMR impacts, World Bank simulations have quantified the potential economic losses from AMR globally between 2017 and 2050.

Consequences of Antimicrobial Resistance

Actions to Prevent Antimicrobial Resistance 

Why is Antimicrobial Resistance (AMR) Important? If we fail to protect the current suite of antibiotics and invest in research and development into new antibiotics, we could find ourselves in a scenario where most, if not all, antibiotics no longer work. This would limit our ability to treat common infections. In 2019, an estimated 1.27 million deaths globally were directly attributed to AMR and by 2050 up to 10 million may die from AMR-related illnesses. Drivers of Antimicrobial Resistance Consequences of Antimicrobial Resistance Using two scenarios corresponding to low and high AMR impacts, World Bank simulations have quantified the potential economic losses from AMR globally between 2017 and 2050. Actions to Prevent Antimicrobial Resistance

The Silent Pandemic

In the Citi GPS Disruptive Innovation series, we have highlighted amazing new advancements in healthcare over the years — from immunotherapy, and CRISPR-based gene editing to virtual care and blood tests for cancer. One healthcare area notably absent from the innovation series is antibiotics. In the U.S., 251.1 million antibiotic prescriptions were written in 2019, making it the second most prescribed drug category behind cholesterol reducers. But half of the antibiotics commonly used today were discovered in the 1950s, and the last antibiotic class successfully introduced as treatment was discovered in 1987.

Antimicrobial Resistance 

This flagship event brings together various practitioners in the FinTech and digital money ecosystem including thought-leaders, academics, corporates, policy makers and the rising stars of the FinTech world.
&nbsp;
Join us as we discuss the Future of Finance, Web3, Blockchain applications, Neobanks, AI in Finance, the Metaverse and its Future, Crypto regulations, CBDCs, Stablecoins, Regulated Liability Networks and much more!
&nbsp;
To register please <a href="https://reg.citiglobalevents.com/oBQePZ">click here</a>.
&nbsp;
For any questions please contact <a href="mailto:kathryn1.brown@citi.com?subject=Citi's%20Digital%20Money%20Symposium" target="_blank" rel="noopener">kathryn1.brown@citi.com</a>.

We are delighted to save the date for Citi's 10th Annual Digital Money Symposium.

Citi's 10th Annual Digital Money Symposium

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 Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for companies, governments, institutions, and ultra high-net-worth investors.

Antimicrobial Resistance

Good Things Happen Episode 4: Trends in Digital Payments

Climate Finance

EPS Recessions – A Backward Look

Unreal: How Virtual Reality is Transforming Sport

Food Security

U.K. Comparison Unfair to EM Fiscal Discipline

Energy Transition

China's Inward Turn

Use Cases of Web3 and Blockchain

The state of debate on ESG in Japan

TRENDING

Powering the next generation of digital payments

Citi Markets to Donate Over $10 Million to Education-Focused Non-Profit Organizations

Travel Agency Card by Citi Empowers Global Travel Buyers with Greater Flexibility and Control

AS ONE WITH CLIENTS & PARTNERS

Around the World with Citi: Warsaw

Events

Citi’s Global Consumer Conference 2022

Citi at The World Economic Forum Annual Meeting 2023

Citi's 10th Annual Digital Money Symposium

COP27: 2022 United Nations Climate Change Conference

Citi’s Global Consumer Conference 2022

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