Strong Progress on Global Climate-Related Projects Leads Citiís 2008 Citizenship Report
From offsetting carbon emissions for passengers of a European airline through hydro-power in South America to financing the largest wind farm in the United States, Citi is making strong progress towards reaching its 10-year, $50 billion climate change initiative targets set in 2007. In Citiís 2008 Citizenship Report released today, the bank announced that the value of its wide-ranging portfolio of climate-related activities had reached $17.78* billion.
Citiís eighth annual Citizenship Report also focuses on the bankís global performance through its business activities, the Citi Foundation, its employee volunteers and diversity. The report is available online only at http://www.citigroup.com/citi/citizen/annualreport08.htm.
The projects counted as part of the 2008 commitment total $3.98* billion and include:
* The Nobel Environmental Power project, which is the USís largest wind financing deal to date. The $741 million 15-year construction and term loan financed three separate wind parks in New York State. Over the next 20 years, Nobel projects that these three projects, combined, will bring in over $150 million to their respective local economies and provide enough energy to power approximately 110,000 homes annually;
* the Green Energy Community Investment Fund, created by Helio Micro Utility and Citi Community Capital, financed up to four megawatts of solar electricity production in 2008 to help fund the solar installation of power systems for commercial buildings, apartment buildings and public sector facilities through the United States, with an emphasis on reaching underserved communities; and
* retail clients in 28 counties, from Colombia to Korea, Turkey and Thailand, have signed on to Citiís e-statement program, ĎProject Green,í thereby reducing energy Ė and related greenhouse gas emissions Ė and materials used to produce, print and mail paper statements.
Andrew Ditton, Co-head of Citi Community Capital, said, ĎThe creation of the Green Energy Community Investment Fund, along with Helio Micro Utility, provides us with an opportunity to bring affordable green energy solutions to low and moderate income areas. Energy is a major concern across all communities, especially in light of the current economic climate; renewable energy solutions, such as solar-power adoption, are crucial to stabilizing energy costs.í
Other highlights of the report include:
* Community relations: has helped approximately 440,000 homeowners since 2007 through proactive loss mitigation and innovative loan modification programs;
* Financial Education and Asset Preservation: $28 million, towards the 2004 goal of investing $200 million, in funding was granted to 73 countries and U.S. territories;
* Citi Microfinance: more than 100 microfinance institutions, global networks and investors in 35 countries were served by Citi businesses;
* Environment: Citiís Environmental and Social Risk Management Unit reviewed 380 transactions across products and geographies for material environmental and social risks and advised clients on how best to manage those risks;
* Diversity: at the end of 2008, Citi had 44 employee networks representing about 13,400 employees;
* Volunteerism: more than 55,000 employees, their family and friends participated in 1,000 volunteer activities as part of Global Community Day 2008; and
* Global giving: Citi and the Citi Foundation gave more than $139 million in 89 countries and territories.
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