One of the world’s biggest finance corporations, Citi Group, has announced a five-year plan with new investments to be made towards sustainable business growth and low-carbon economy. According to the announcement, Citi will invest around $250 billion in environmental finance in the next five years. Being a leader in the banking sector, the organization aims to direct this triple-digit billion-dollar investment towards the 2025 Sustainable Progress Strategy plan and the goal is to fund climate solutions around the world.
In the next few months, the bank would be running all its establishments across the world on 100% clean energy through renewable electricity and by the end of 2020, all buildings owned by CitiGroup and its subsidiaries across the world would be running on sustainable green power.
The planned $250 billion environment investment will be diversified into sustainable operations, climate risk mitigation, and low-carbon transitions.
Sustainable Operations: This strategy sets some fourth-generation goals focused on operating businesses with clean energy, reusable water, controlled GHG emissions, waste reduction, and sustainable building solutions. By 2030, the organization aims to trim the global CO2 emissions by 45% and accelerate its work in the timeline after 2025.
Climate Risk Mitigation: The organization plans to manage, measure, and reduce its operational portfolio and clientele on the climate. By encouraging low-carbon transition, the organizations would invest majorly in sustainable business portfolios over high-profit carbon-heavy propositions. Citi will also participate in the Partnership for Carbon Accounting Financials, a global network of financial institutions that checks and reveals the CO2 emissions of every lending portfolio through standardizing carbon accounting methods.
Low-carbon Transition: The principal goal of this plan is to offer finance and facilitation services to renewable energy businesses only. Citi will fund businesses supporting green technology, clean energy, high water quality, improved resource conservation, and eco-friendly transportation. It will also promote the adoption of green buildings, zero-carbon economy, and energy-efficient solutions on land use and agriculture.