Citi to Finance $100bn Climate Change Projects
Citi says it will lend, invest and facilitate a total of $100 billion in the next 10 years to finance activities that reduce the impacts of climate change and benefit the environment.
The banking giant’s previous $50 billion goal, announced in 2007, was met three years early in 2013.
Citi says it will seek to finance and support activities that enable communities to adapt to climate change impacts and directly finance infrastructure improvements such as water management and waste management.
This environmental finance initiative is part of a new five-year sustainability commitment that also focuses on environmental and social risk management and sustainability goals for Citi’s own businesses and operations.
Citi has established new environmental footprint goals for 2020, including 35 percent reduction in greenhouse gas emissions, 30 percent reductions in energy and water use and 60 percent reduction in waste, all against a 2005 baseline.
The initiative also includes a longer-term 2050 GHG emissions reduction goal of 80 percent, created using a climate science-based methodology. Targeting 33 percent of its real estate portfolio to be LEED certified, Citi will also seek LEED Platinum certification for its 388/390 Greenwich Street facility in New York City, which will become the company’s global headquarters.
In 2013, the company met 2015 operational performance goals for GHG emissions and waste two years early, reducing emissions by 25 percent and waste to landfill by 41 percent, all from a 2005 baseline. Citi says it is on track to meet its 2015 goals of reducing water usage by 20 percent, and see its global real estate portfolio 20 percent more energy efficient, and 15 percent LEED certified.
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