Citi today announced that it is one of the initial 14 partners to join President Obama's Better Buildings Challenge and commit to finance commercial energy efficiency projects across the country. The Better Buildings Challenge is part of the Better Buildings Initiative that the President launched in February to catalyze private sector investment in commercial building upgrades, retrofits, and innovative clean energy technologies that save money and improve productivity.
In this role, Citi will work with the Department of Energy, clients and NGO partners over the coming months to develop and offer scalable financing solutions for such projects. Citi estimates it will pursue at least $250 million in significant activity over the next 18 months through the initiative.
The Better Buildings Initiative, supported by the President's Council on Jobs and Competitiveness, aims to make the country's commercial buildings 20 percent more efficient over the next decade, saving approximately $40 billion annually in energy costs and enabling business to grow, invest in new technology and create American jobs.
Citi has built a substantial track record of leading on environmental sustainability initiatives. In 2007, Citi announced its intent to direct $50 billion over 10 years to address climate change. To date, Citi has mobilized $30 billion as part of this initiative, including energy efficiency upgrades in its own operations and financing for the renewable energy and clean technology sectors. At the end of 2010, Citi had 185 Leadership in Energy and Environmental Design (LEED) certified branches, offices and data centers around the world.