Citigroup Pledges $50 Billion To Fight Climate Change

May 8th, 2007

Editors Desk

Eye on The Markets

by Citigroup | Environment USA | Financial Times | 5.08.07

Citigroup has announced that will increase its spending on global climate change to US$50 billion over the next 10 years. Citigroup, the world’s largest company, will make the US$50 billion commitment through investments, financing and related activities to support the commercialisation and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations. Charles Prince, the CEO and Chairman, said that “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.”
The commitment includes: spending US$10 billion to reduce its own GHG emissions by 10 percent by 2011, advising borrowers about the environmental risk associated with projects and helping to finance more than US$30bn in clean energy and alternative technology. The announcement by Citigroup comes as increasing numbers of financial institutions recognise and seek to capitalise on the financial opportunities associated with alternative energy, energy efficiency and carbon emissions trading while reducing the risk associated with future environmental regulations. The other bank that has made an announcement recently is the Bank of America, which said that it will commit US$20 billion to support growth of environmentally sustainable business activity. Citigroup has long shown a commitment to sustainable development. It was one of the banks that led development of the Equator Principles and, along with HSBC, Credit Suisse, UBS, Westpac Banking, ANZ Banking, ABN Amro Holding, Barclays, Fortis, HBOS and ING, Citigroup is a member of the Climate Leadership Index of the Carbon Disclosure Project.

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