Leading global financial services company Citi announced today that it will accelerate its ESG research initiatives through a new collaboration with artificial intelligence (AI) and data mining company Truvalue Labs. The new collaboration is aimed at enabling Citi to deliver high-quality ESG research at scale.
Truvalue Labs enhances the research capabilities of investment firms by leveraging artificial intelligence to rapidly analyze and interpret massive amounts of unstructured data. The firm has been primarily focused on analytics for ESG investing.
Andrew Pitt, global head of the Research & Global Insights unit at Citi, said:
“We are excited to be partnering with Truvalue Labs to support development of our own research into the material ESG issues which companies are tackling. The ESG factors affecting companies are so dynamic in today’s complex global economy, and Truvalue will be able to provide us with real-time insights.”
Citi stated that its Research & Global Insights team is developing a materiality assessment that will combine company reported sustainability disclosure information from traditional sources with Truvalue Labs’ real-time, AI-driven ESG data. Using the tools provided by the new collaboration, research analysts will be able to quickly compare what companies say regarding their sustainability and ESG initiatives with what actions are actually being taken. The initiative is also aimed to enable Citi to better understand the ESG issues that its clients are facing as well to better manage internal risks.
Val Smith, Citi’s Chief Sustainability Officer, said:
“As part of Citi’s 2025 Sustainable Progress Strategy, we are integrating ESG analysis into our client engagements across the firm, and are working with leading ESG data providers to supplement internal expertise. The Truvalue Labs collaboration with our Research & Global Insights team is an exciting development, as it will enable us to combine internal analysis, ESG data and AI to help us gain a deeper understanding of the opportunities and risk landscapes for our clients.”
Hendrik Bartel, CEO and co-founder of Truvalue Labs, added:
“We are delighted to partner with Citi, a major bank that is at the forefront of ESG research, to help enhance their innovative, next-generation ESG research platform. We were excited to see Citi’s incorporation of our Coronavirus ESG data in a recent Global Insights report and look forward to our continued partnership as they roll out their ESG platform firmwide.”