Citigroup pledges $100 billion in climate funding

Published 12:17 on February 19, 2015  /  Last updated at 15:29 on May 11, 2016  /  Americas, US  /  No Comments

Citigroup on Wednesday committed to lend, invest and facilitate $100 billion over the next decade to projects that cut greenhouse gas emissions and help communities adapt to climate change.

Citigroup bank on Wednesday committed to lend, invest and facilitate $100 billion over the next decade to projects that cut greenhouse gas emissions and help communities adapt to climate change.

The funds will partially be spent on renewable energy, energy efficiency and sustainable transport, the bank said in a statement.

“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,” said CEO Michael Corbat.

The U.S. bank, which is also funding fossil fuel projects, said it channeled $50 billion into climate projects over the 2007-2013 period.

“Citi will seek to finance and support activities that enable communities to adapt to climate change impacts and directly finance infrastructure improvements that increase access to clean water and manage waste, while also supporting green, affordable housing for clients, including in low- and moderate-income communities,” it said.

By Stian Reklev – stian@carbon-pulse.com