Citigroup sets US$100B financing goal for climate projects

Financial Post

Citigroup Inc. plans to lend, invest and facilitate deals worth US$100-billion by 2025 to support projects that will fight climate change and protect the environment.

Citigroup expects to focus on renewable power, energy efficiency and sustainable transportation opportunities, the New York-based lender said Wednesday in a statement.

The effort builds on an earlier goal to arrange US$50-billion in deals that the bank set for itself in 2007 and achieved in 2013, three years ahead of schedule. Citigroup’s new target puts it well ahead of other financial companies, including Bank of America Corp., which said in 2012 it would support US$50-billion in deals for low-carbon initiatives, and Goldman Sachs Group Inc., which announced a US$40-billion program the same year.

“It sends a strong signal,” to other companies, Val Smith, Citigroup’s director of corporate sustainability, said in an interview. “We have a long history of setting and meeting these goals.”

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