Citi GPS & Poverty Eradications

Tackling SDG1 – No Poverty

The first ever goal of UN SDGs is to end poverty all over the world. Over the past 30 years we could see some reduction in absolute rates of global poverty, yet we need to tackle a high rate of remaining poverty worldwide. Poverty is not an isolated or specific problem; it is still around us and Citi along with SOPHIA Oxford is trying to tackle this problem. To make progress towards poverty reduction, we need to consider ways to mobilize more investors and businesses to adopt this goal.

A collaboration between Citi and SOPHIA Oxford, which was formed by Oxford University as a not-for-profit partner of the Oxford Poverty and Human Development Initiative (OPHI) to develop a multidimensional approach to focus mainly on the poverty and well-being and continuous improvement for the same. The OPHI multidimensional poverty approach has been adopted in official measures of poverty by the United Nations Development Programme, the World Bank, and more than 30 countries.

A more effective way of evaluating poverty is the Multidimensional Poverty Index (MPI) by which we can calculate the various forms of poverty such as how the public is experiencing the poverty and the depth of that poverty. 

Food Security Improvement Movement by Citi

As a continuation to its Poverty eradication movement, on February 22,2023 Citi Foundation announced its first ever Global Innovation Challenge to improve the food security. For the improvement of Financial and Mental Health of the low-income families and communities, this challenge supports with $25 million to 50 organizations.

To meet this proposal, Citi is prioritizing in four areas:

Ø  Access: Access to healthy food.

Ø  Affordability: By reducing finance burden improve food affordability.

Ø  Availability: Creation of new jobs and business by addressing challenges in food supply chain.

Ø  Resilience: Increase available resources and respond to disruptions in food security during the crisis.

Most recently in Europe, financial support from the Foundation helped nutritional support for premature infants in Ukraine amidst the conflict.

Reference

·       Eliminating poverty: The importance of a multidimensional approach in ... (no date). Available at: https://sophiaoxford.org/wp-content/uploads/2022/02/ELIMINATING-POVERTY-The-Importance-of-a-Multidimensional-Approach-in-Tackling-SDG-1.pdf (Accessed: March 16, 2023).

·       Citi Foundation Announces Inaugural Global Innovation Challenge to empower nonprofits improving food security around the world (no date) Global Investment Bank and Financial Services. Available at: https://www.citigroup.com/global/news/press-release/2023/citi-foundation-announces-inaugural-global-innovation-challenge-to-empower-nonprofits-improving-food-security-around-the-world (Accessed: March 16, 2023).