Citi Bank Announces $100 Billion Program to Fight Climate Change, Increase Sustainability & Encourage Green Energy and Housing
Citigroup will help fund green projects by committing $100 billion over the next 10 year, the company said.
The company is doubling its investment goal of $50 billion it made in 2007. That goal was met in 2013, according to BusinessWire.
Citi plans to help finance renewable energy, promote energy efficiency and encourage greenhouse gas reductions with this program, NASDAQ reports.
"Citi has demonstrated its deep commitment to not only taking environmental consequences into account, but also finding innovative ways to finance projects that lead to sustainable growth," Citi CEO Michael Corbat said. "For more than 200 years, Citi's mission has been to enable progress by facilitating economic growth and financing transformative projects. 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."
Through Citi's investment, the company will help communities adapt to climate change and reduce waste. Citi will also help with infrastructure to ensure communities have access to clean water.
In addition, Citi will help clients find affordable, green housing even in low and moderate-income communities.
Citi is also setting a five-year goal to remain a sustainable business on their own. The company wants to reduce greenhouse gas emissions by 35 percent, reduce energy and water consumption by 30 percent and reduce waste by 60 percent. They want to reach this goal by 2020.
Citi will ask for platinum LEED certification for their offices at 388/390 Greenwich Street in New York. LEED certification means the building is considered a green building by the U.S. Green Building Council. Once the building is completely renovated, Citi will make it their global headquarters.
In 2013, Citi was able to meet 2015 goals two years early by reducing greenhouse gas emissions by 25 percent and reducing the amount of waste that goes to landfills by 41 percent.
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