An Investment In Sustainable Growth
By James A. Forese, Co-President, Citi March 02, 2015 01:15 PM
The following letter was written in response to The Wall Street Journal editorial “Citi Turns Green” that ran on February 24.
Regarding your editorial “Citi Turns Green” (Feb. 24): Citigroup Inc. is responding to the very real market demand for renewable energy and the associated financing need. Many of the world’s largest companies—and an ever-increasing number of homeowners—are already saving millions by investing in clean energy. We expect this trend to continue. The International Energy Agency estimates that to combat the effects of climate change, $500 billion in investments in low-carbon energy technologies is needed each year until 2020, with that number doubling by 2030.
Our investment in sustainability is integral to our business strategy. Whether our clients’ motivation is to save money, create new business or comply with policy and regulations, we want to be the bank they call for these types of projects.
Citi has spent the last decade and a half promoting sustainability and financing sustainable growth. We will continue to invest in innovative solutions that enable progress. In addition, we intend to continue our leadership in developing standards to identify risk, while reducing the environmental impact of our own facilities and supply chain.
We will carefully allocate capital—with the objective of enhancing client relationships, helping clients manage risk and maximizing value for our shareholders.
This is a $100 billion investment in sustainable growth and our collective futures—and we’re proud of it.