Citigroup, the third largest US investment institution, announced they will invest $100 billion to finance green initiatives and sustainable growth. Citigroup will support a wide range of mitigation efforts that reduce greenhouse gas (GHG) emissions as well as adaptation projects that help communities to adapt to the impacts of climate change.
They plan to incorporate sustainability principles into everything they do and assist their clients to address environmental risks. Their efforts will cut GHG emissions through resource efficiency, sustainable transport, energy efficiency, renewable energy, green housing, and water waste reduction.
These new initiatives are designed to help them meet their 2020 environmental impact targets which include slashing GHGs by 35 percent, reducing energy and water use by 30 percent and cutting water waste by 60 percent. In 2007 the committed to invest 50bn in green investment by 2016. They met this goal in 2013, three years earlier than expected.
However, critics point to Citibank’s fossil fuel investments, particularly those associated with coal, which undermine the value of these sustainability initiatives.