Yes, you read that right, it’s billion, with a B, like a thousand million… Now this is further proof that cleantech and renewables DO make sense financially. Otherwise, why would such a bank invests so much in them ?
The Guardian has more information on this :
Citigroup, the third largest US financial institution, on Wednesday said it will invest a whopping $100bn over the next decade to reduce the impacts of climate change. The bank said it will use the money the finance green initiatives and sustainable growth.
(…) The money will be used to finance large renewable-energy projects, for example, to aid greener affordable housing and to finance municipal infrastructure to reduce water waste and more, says Valerie Smith, director of corporate sustainability at Citigroup.
It will also be used to help Citigroup reduce the environmental impacts of its global operations and supply chain, and to help its clients address environmental risks, according to Corbat’s prepared statement.
This isn’t the first time Citigroup has committed money to tackling climate change. The company in 2007 set a similar goal of making $50bn in green investments by 2016, a goal which it met three years early. Now it is doubling down.
I guess it’s important to stress WHY Citibank invests this much money on energy efficiency, renewables, or sustainability. It would be Corporate Responsibility or Public Relations if it were a few millions.
It’s not. It’s BUSINESS ! Low carbon energy sources are financially great investments while fossil fuels are on their way out. (too expansive, too polluting, too much greenhouse gases…)
Image credits : Flickr.