Commercial, Energy Efficiency, GHG Emissions - August 3, 2020
Citi to finance $250 billion in climate projects
Citi announced July 29 their new five-year 2025 Sustainable Progress Strategy, including a goal to finance $250 billion in environmental and climate change-focused projects globally.
The financial institution completed their previous goal of financing $100 billion in projects last year, four years early. Their new strategy focuses on three key areas: low-carbon transition, climate risk and sustainable operations.
“If there’s one lesson to be learned from the COVID-19 pandemic, it is that our economic and physical health and resilience, our environment and our social stability are inextricably linked,” Michael Corbat, CEO of Citi, said in a statement. “ESG has been front and center in Citi’s response to this health crisis, and evermore present in conversations with clients and partners. With our $250 billion goal, we want to be a leading bank in driving the transition to a low-carbon economy, which we anticipate will accelerate as businesses of all kinds shift to a more sustainable future.”
The first part of this strategy includes financing and facilitating activities in renewable energy, clean technology, water quality and conservation, sustainable transportation, green buildings, energy efficiency, circular economy, and sustainable agriculture and land use. Secondly, they will measure and manage the climate change risks associated with their own portfolios
The last component includes decreasing their footprint using emissions and energy reduction strategies and implementing sustainable building solutions. Citi is committed to reducing their CO2 emissions 45% by 2025 and sourcing 100% renewable energy by the end of 2020.
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