Citi has approximately 200 million customer accounts and does business in more than 160 countries. With a $100 billion purse the bank will engage with clients to identify opportunities to finance greenhouse gas reductions and resource efficiency in sectors such as sustainable transportation.
According to a Citi press release, the bank will “seek to finance and support activities that enable communities to adapt to climate change impacts and directly finance infrastructure improvements that increase access to clean water and manage waste, while also supporting green, affordable housing for clients, including in low- and moderate-income communities.”
Michael Corbat, Chief Executive Officer of Citi, said:
“For more than 200 years, Citi’s mission has been to enable progress by facilitating economic growth and financing transformative projects. The core mission hasn’t changed, but the way we approach it has. Incorporating the principles of sustainability into everything we do improves our own operations, enhances our clients’ work, and contributes to a better world."
To put a $100 billion renewable investment into perspective: Vattenfall and Stadtwerke München invest roughly $1.1 billion (EUR 1 billion) in offshore wind farm DanTysk in the North Sea.
According to Vattenfall’s investment plan for 2016 and 2017, the company will invest $1 billion (SEK 9 billion) in new wind power.