Citi Earmarks $50 Billion For Green Activities
Citi says it will direct $50 billion over the next 10 years to address global climate change through investments, financings and related activities to support the commercialization and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations. The major announcement comes one day after Citi launched its new global, corporate brand identity advertising campaign with the theme “Let’s Get it Done.”
In March, Bank of America launched a $20 billion initiative to support environmentally sustainable business activity.
Citi says that the $50 billion target is a realistic estimate based on market-based activities and transactions with clients as well as energy saving projects within Citi’s own operations. This target includes nearly $10 billion in activities Citi has already undertaken to address climate change to date.
Among the actitivies outlined, AP reports that:
- Citi will increase tenfold, to $10 billion, its commitment to improve energy use in its own operations and reduce emissions.
- The markets and banking group will invest in and finance more than $31 billion in clean energy and alternative technology through existing activities and the launch of new client services.
- Various businesses at Citi Alternative Investments are supporting environmentally friendly investments.
- In the global consumer group, Citi “is offering climate-friendly mortgage, card and commercial finance products,” the bank said. This includes financing of home solar energy systems, it said.
- For participants in its global wealth management division, Citi research produced more than 70 climate-related notes in 2006. More are planned.
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