Citigroup invest £65bn to curb emissions
Chief Executive of Citi incorporates sustainable improvements into 10 year business plan
Citigroup has confirmed it will invest £65bn in efforts to cut greenhouse gases, resource efficiency projects and sustainable transport technologies in order to meet their target by 2020.
Citi announced yesterday their plan for energy efficiency and renewable energy projects over the next 10 year period as a part of a commitment to tackle climate change, while celebrating the achievement of meeting their target three years early than expected in 2013.
The bank is seeking to finance a wide range of GHG emission reductions, resource efficiency projects and sustainable transport.
It will also look to invest in projects that could assist communities to adapt to the impacts of climate change such as flooding and drought.
According to the Chief Executive of Citi, Michael Corbat, the commitment was intended to emphasise the reduction of carbon emissions and enhance carbon resilience for businesses and the world’s largest cities.
He says “The core mission hasn't changed, but the way we approach it has. Incorporating the principles of sustainability into everything we do improves our own operations, enhances our clients' work, and contributes to a better world”.
The bank confirmed targets to cut its GHG by 35 per cent by 2020, control energy and water use by 30 per cent and reduce water waste by 60 per cent.
President of green investment NGO Ceres, Mindy Lubber said “Climate change is expected to impact virtually every sector of the economy. The financial services industry has a big role to play in scaling up global clean energy investments, and we applaud Citi's leadership as the company continues to innovate and expand its efforts”.
