Citi Targets $50 Billion Over 10 Years to Address Global Climate Change
Includes Significant Increases in Investment and Financing of Alternative Energy, Clean Technology, and Other Carbon-Emission Reduction Activities
Builds on Existing $10 Billion Climate Change Activities
New York – Citi today announced that 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 $50 billion target is a realistic estimate based on market-based activities and transactions with clients as well as energy saving, “green” projects within Citi’s own operations. This target includes nearly $10 billion in activities Citi has already undertaken to address climate change to date, and is the latest example of Citi’s ongoing efforts in the broader environmental arena, including investments to control its own environmental footprint, advice to clients on risks and opportunities, and policy engagement.
“With a presence in more than 100 countries, Citi holds a unique position within the global community. This informs our commitment to bring forward the best solutions for our clients, while also benefiting the people and the communities where we operate,” said Charles Prince, Chairman and CEO of Citi.
“One area where we believe we have this opportunity is on environmental and climate issues, which pose a significant challenge to the world, to the global economy, and to clients and require forceful action,” Prince said. “The comprehensive program we are announcing today is not a wish-list, but a realistic, achievable plan that serves a critical global need and responds to an emerging investment opportunity.”
Citi has long been active on environmental issues, as evidenced by its initial and ongoing leadership in the development of the Equator Principles, which established best practices for assessing and mitigating social and environmental risks in project finance. Citi has also called for the development of global and U.S. frameworks that will help reduce greenhouse gas (GHG) emissions, drive innovation and opportunity, bring clarity and certainty to the markets and achieve a level playing field.
“As a global leader in financial services, we recognize our responsibility to confront climate change and the importance of identifying and helping implement new solutions for our clients and our businesses. We will continue to partner with environmental experts and clients as we address this issue,” Prince said.
“This new initiative is an excellent complement to Citi’s call for stronger, market-based climate policy in the United States and abroad,” said Eileen Claussen, President of the Pew Center on Global Climate Change. “Citi understands how profoundly climate change will transform the economy, and they are pioneering opportunities for the capital markets to meet the climate challenge.”
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