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Citigroup plans transition to clean energy by 2020

CTBR Staff Writer Published 20 September 2017

Citigroup, a leading global bank with 200 million customer accounts in more than 160 countries, announced plans to source renewable power for its global energy needs by 2020.

Under its commitment to reduce environmental impact of its operations, the bank has decided to invest $100bn in clean energy, infrastructure and technology projects.

It plans to focus on onsite power generation, energy efficiency, power purchase agreements for energy-intensive properties such as data centers, and use of renewable energy credits.

The bank is aiming at LEED Platinum certification of the US Green Building Council for its new global headquarters being constructed in New York City.

Several groups within the bank are already involved in renewable energy projects, and Citigroup plans to utilize their expertise in implementing its strategy to source renewable energy.

Earlier this year, Citigroup signed an agreement to provide Green-e certified renewable energy to meet 50 percent of the power needs of its data center in Roanoke, Texas. The deal was the result of collaboration between Citi Realty Services and Citigroup Energy.

Citigroup has also decided to join global initiative RE100, which is led by The Climate Group in partnership with CDP, to accelerate the transition to renewable energy. RE100 is part of the ‘We Mean Business Take Action’ campaign.

Citigroup CEO Michael Corbat said: “We are right alongside our clients in supporting the growth of renewable energy development and production. We’re committed to using renewable power sources for our global operations while continuing to provide financing for our clients’ renewable energy and energy efficiency projects around the world.”