Citi suggests the sustainable transportation market could be one of many sectors that benefit from a new $100 billion financing initiative.
The bank has announced a commitment to lend, invest and facilitate a total of $100 billion within the next 10 years to finance activities that reduce the impacts of climate change. Citi's previous $50 billion goal was announced in 2007 and was met three years early in 2013.
The company says it will build on its financing efforts in renewable energy and energy efficiency to engage with clients to identify opportunities to fund greenhouse-gas reductions and resource efficiency in other sectors, such as sustainable transportation.
Citi will also seek to support increased access to clean water, waste management, and green, affordable housing for clients, including in low- and moderate-income communities.
‘Citi has demonstrated its deep commitment to not only taking environmental consequences into account, but also finding innovative ways to finance projects that lead to sustainable growth,’ says Michael Corbat, CEO of Citi.
‘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.”